MENA medtech market to reach $11bn by 2021

Ritika Sharma / Emirates business

Medical Technology (MedTech) industry in the Middle East and North Africa region, which employs more than 140,000 people, is preparing for a strong growth in coming years.
The MedTech market which includes developers and suppliers of medical devices and diagnostics is presently worth over $7 billion and is expected to reach the mark of $11 billion by 2021.
Considering the scope of growth in the region, it is notable that as many as 27 out of 30 top MedTech companies have a base in MENA.
Talking about the above figures, Anandit Goel, Abu Dhabi based independent market research analyst told Emirates Business, “The segment is growing at a substantial pace. Here we are talking about almost 5 percent increase per year. The demand for newest technology in healthcare is driving the growth of this sector. Nations like UAE are playing a major role in shaping this industry and setting higher standards.”
Testimony to the growth of this sector is the fact that Mecomed, an association working towards bringing together all healthcare stakeholders and the MedTech industry for raising the standards of people’s health in ethical, clinical and economical ways in the region is expecting an increase in the number of MedTech multinational members.
The association, which currently includes 28 multinational MedTech companies as registered members from across 21 countries in the region, is expecting 35 members by the end of this year. Mecomed, is set to implement the region’s first Conference Vetting System, which determines the appropriateness of the MedTech companies to sponsor healthcare professionals to participate in educational events.
Mecomed Chairman, Rami Rajab said in an official statement, “Mecomed plans to develop training modules to ensure compliance and execution of the vetting system for third party educational events by all stakeholders, including medical technology organisations, their local partners, distributors, event organisers, medical societies and healthcare professionals.”