Despite a well publicised drop in the oil price, healthcare services throughout the Gulf region are still thriving with more than 700 projects (valued at over $65bn) currently in the process of being developed.
Value of Healthcare Market in the Gulf
It is expected that the value of the healthcare market in the region (which covers Saudi Arabia, Kuwait, The UAE, Qatar, Bahrain, and Oman) will rise to a staggering $71.3bn by the year 2020 - a growth of over $30bn compared to the current figure - with this mainly being as a result of continual population growth and an increasing cost of treatment.
According to reports the inpatient market is the leading factor in the growth of the figures - with it estimated to rise by 76% to $28.9bn over the next 5 years.
Whilst public sector healthcare is strong in many of the GCC countries, it is forecast that much of the future investment will come through the private system - which is continuing to expand at an impressive rate. Further to this it is also projected that hybrid public/private systems will become more widespread in the near future, with local governments struggling to cope with the increasing demand and cost of modern, advanced methods of treatment.
Throughout the Gulf region mandatory health insurance is becoming more and more widespread to prevent the state system from becoming overworked. The cost of this to the individual is linked to their salary, and in certain cases will be fully covered by the employer, to ensure that high quality of healthcare remains within the reach of everyone.
As other markets start to slow down in the Middle East, the healthcare industry is continuing to expand unlike anywhere else on the planet.
With more job opportunities than ever for medics within the Middle East, come along to our International Medical Careers Forum on October 15th in London to discover how a move to the region could help to enhance your career.
Book tickets now on http://www.imc-forum.com/