The remote healthcare market in the MENA region that is undergoing digital transformation, is growing at 12.8% to $1.8 billion in 2024
Date: Dubai, UAE, April 11, 2022
- Digital health market is growing at a rate of 24 percent year-on-year from US$252.47 billion in 2022 to US$596.56 billion in 2026;
- Digital health start-ups worldwide attracted US$21.3 billion investment through 541 deals, dwarfing the $14.6 billion record of 2020;
- In 2022, 320 million consumer health and wearable wellness devices are expected to ship worldwide. By 2024, that figure will reach 440 million units;
- The global market for connected medical devices is expected to reach US$94.2 billion by 2026, up from US$26.5 billion in 2021.
More than 150 industry experts and officials will discuss the latest issues relating to digital healthcare in the Middle East and North Africa (MENA) region at a day-long 3rd Digital Health MENA Conference taking place on June 7, 2022, at the Le Meridien Dubai Airport Hotel, Dubai, UAE.
The 3rd Digital Health MENA Conference takes place at a time when digital health market grows at 24 percent year-on-year from US$252.47 billion in 2022 to US$596.56 billion in 2026, according to Research and Markets, a global market intelligence provider.
Organised by Cogent Solutions Event Management (CS Events), the 3rd Digital Health MENA Conference will host more than 25 expert speakers who will debate more than 20 problem-solving topics. Officials from more than 90 business entities will participate at the event.
The remote healthcare market in the MENA region was valued at $989 million in 2019, and was projected to reach $1.8 billion in 2024, growing at a CAGR of 12.8 per cent, according to the 2020 Global Ventures Digital Health report.
With approximately 400 million people in pandemic-hit MENA region lacking access to essential medical services, health technology (healthtech) solutions rose to shed the burden off traditional healthcare systems.
This significant conference will discuss many important regulatory issues relating to digital healthcare such as e-prescription, 3D printing of healthcare devices, remote diagnosis, tele-consultation, among other issues.
According to Vantage Market Research, digital health technology is designed to provide patients new method of healthcare system. This system includes concepts for saving time, boosting accuracy and cost efficiency to manage illness, health risks and promote wellness.
“Digital health, or digital healthcare, is a broad, multidisciplinary concept that includes concepts from an intersection between technology and healthcare,” it says. “Digital health applies digital transformation to the healthcare field, incorporating software, hardware and services. These enhanced capabilities of digital health technology are expected to generate revenue in coming years.”
Digital health refers to tele-healthcare, mobile healthcare (mHealth), healthcare analytics, digital health systems, etc. The digital health market is growing worldwide due to to the increasing adoption of smartphones in clinics and hospitals. The introduction of advanced technology like artificial intelligence (AI), robotics surgery, teleconsultation, big data analytics, digital disruptive solutions is expected to play a crucial role in the improvement of digital health services.
According to the World Health Organization, digital tools are giving providers a more holistic view of patient health through access to data and giving patients more control over their health. Digital health offers real opportunities to improve medical outcomes and enhance efficiency.
Global accounting firm Deloitte predicts strong demand for wearable wellness technology in 2022 with 320 million consumer health and wearable wellness devices expected to ship worldwide in 2022. By 2024, that figure will reach 440 million units, the company predicts. “This growth is likely being driven by new offerings hitting the market and more healthcare providers becoming comfortable using them,” Deloitte says.
People are increasingly using smart watches to monitor their health, not just their running pace, as new hardware, software and apps have turned them into personalized health clinics, Deloitte says. According to a recent study, the global market for connected medical devices is expected to reach US$94.2 billion by 2026, up from US$26.5 billion in 2021.
The market size, according to Vantage Market Research is growing at a Compound Annual Growth Rate (CAGR) of 16.9 percent from US$145.57 billion in 2021 to US$430.52 billion by 2028.
The 3rd Digital Health MENA Conference takes place at the backdrop of massive investment into digital health start-ups in 2021, propelled in large part by the shift to virtual care during the COVID-19 pandemic. The first nine months of 2021 alone brought in a total of $21.3 billion for digital health startups across 541 investment deals, dwarfing the $14.6 billion record of 2020, according to Rock Health, a venture fund dedicated to digital health.
That momentum is projected to continue in 2022 as digital health companies lead the way in healthcare innovation with the use of artificial intelligence, machine learning, data analytics and telehealth.
“The entire global healthcare industry is undergoing a digital transformation that changes the way we seek and avail treatment. In the next few years, the health data of every human being will become part of a number of global databases that will help doctors assess the health of a patient,” Nizam Deen, Founder and Chief Executive Officer of CS Events – organisers of the 3rd Digital Health MENA, says.
“In future, wearable devices that connect a person to the healthcare system, will give advanced signal to healthcare providers on any possible health emergency that could trigger emergency aid rushing to the consumer before illness occurs. This is how the digital health will change the healthcare industry and help people live long by offering health data on a consumer dashboard that will highlight red flags, if any.
“In this regard, the 3rd Digital Health MENA is a very significant industry event that will take note of the e-health readiness of the healthcare service providers and will help us to monitor their progress.”
Due to the COVID-19 pandemic the healthcare industry has seen wide adoption of digital transformation. Thanks to technology, patients got better treatment with virtual reality tools, wearable medical devices, telehealth, and 5G mobile technology. Understanding the importance of digital transformation healthcare providers adopted, EHR systems for digital transformation purposes in healthcare, mainly to enhance patient care, improve efficiency saving time, minimizing (the risk of) errors and improving staff productivity.
The 3rd Digital Health MENA Forum will bring together thought leaders of healthcare ecosystem from both public and private healthcare entities, including but not limited to health ministries, private healthcare institutions, digital health experts, researchers, and businesses to discuss their experiences and lessons learned and emphasise the vital role of digital health in the fight against these unprecedented times and also adopting Digital Transformation as a lifestyle to accomplish a promising future vision; namely, delivering best-quality integrated and comprehensive healthcare system.