KUALA LUMPUR: Healthcare spending in Gulf Cooperation Council (GCC) countries is estimated to reach US$135.5 billion in 2027, up 5.4 per cent from US$104.1 billion in 2022 at a compound annual growth rate (CAGR).
In comparison to its GCC counterparts, the United Arab Emirates (UAE) is predicted to experience the highest growth rate of 7.4 per cent due to its rapidly growing population, broader coverage of mandatory health insurance, and a high rate of medical inflation.
According to Razida Hanim Abdul Razak, director of lifestyle and life sciences at Malaysia External Trade Development Corporation (Matrade), as part of their efforts to diversify their economies, GCC nations keep pushing the region as a centre for medical tourism.
Matrade aims to enhance the marketing of healthcare services and medical devices manufactured in Malaysia, not just in the GCC but throughout the Middle East and North Africa (MENA) region.
According to Razida, Malaysia has become a major exporter of medical gloves and catheters, two essential products in the medical device category, and has thus helped the country's medical devices gain international recognition over time.
Due to their consistent high quality and competitive pricing, Malaysian goods and services are highly sought after by tourists looking for goods in a particular market niche.
In keeping with its mission to give Malaysian businesses a global stage, Matrade is holding Arab Health 2024 in Dubai from January 29 to February 1, 2024.
Arab Health is a healthcare trade event in the Middle East, providing opportunities for business, learning, and networking.
An important healthcare trade show in the Middle East, it offers chances for networking, education, and business.
Razita said that 14 Malaysian companies with expertise in biotechnology, pharmaceuticals, medical devices, and digital healthcare solutions will be present at the event.
According to her, the platform helps them build relationships, stay up-to-date on the newest technological advancements in the market, and connect with international suppliers and buyers across a range of product categories.
She said that, according to an Ipsos study from 2023, Malaysia has the third-highest global ranking for healthcare system trust, behind Singapore and Switzerland.
"Observing current trends, we anticipate steady global demand for Malaysian high-quality healthcare products in 2024, while the MENA region offers high potential export opportunities for Malaysia.
"Various local government policy programmes, such as the UAE Vision 2040 and the Saudi Vision 2030, outline long-term strategies to expand the role of the private healthcare sector and create additional capacity for their growing markets.
"The anticipated rise in investments from these sectors is expected to generate robust demand for pharmaceutical products, medical equipment and supplies, hospital services, and healthcare professionals," she said in a statement.
Arab Health 2024 is expected to be visited by over 110,000 global visitors.