Pharmaceutical products market to grow to Dh5.03b
Growth in sector due to larger population and increased awareness
Dubai: Consumer expenditure on pharmaceutical products, medical appliances and equipment in the UAE has experienced a strong increase and is forecast to be valued around Dh2.87 billion by 2014, a recent Dubai Chamber of Commerce and Industry study has indicated.
Released on the sidelines of the Arab Health Exhibition and Congress 2015, it has also forecast to increase at a Compound Annual Growth Rate, CAGR, of about 9.78 per cent from 2014 to 2020. By then, the value of consumer expenditure on pharmaceutical products, medical appliances and equipment is expected to increase to around Dh5.03 billion.
The increase, the study found, has come in light of the growth in income and population, together with increased awareness of the importance of healthy living across the Mena region and South and East Asia, and has created demand for medical services, generating potentially lucrative opportunities for Dubai to become the hub for medical tourism for these regions.
