Middle East: A rising powerhouse in Medtech and Diagnostics.

The Middle East's medtech and diagnostics sector is undergoing a dynamic transformation, fuelled by rapid technological advancements and strategic healthcare investments.

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Garima Malhotra, Associate Partner, Healthcare and Lifescence, Praxis Global Alliance

This burgeoning industry is poised for significant growth, driven by a convergence of regional and global trends. As the region continues to embrace innovation and prioritise healthcare, it is well on its way to becoming a global hub for medtech and diagnostics, attracting investment, fostering collaboration, and driving advancements that will shape the future of healthcare.

The global medtech market, valued at an impressive $640 billion, is on track to surpass $960 billion by 2030 growing at a CAGR of 7 per cent, signalling transformative growth in healthcare innovation. Amid this surge, the Middle East is emerging as a key player, with its medtech market projected to grow from $18 billion to over $27 billion by 2030 at a robust CAGR of 7 per cent. Similarly, the region's diagnostics market, currently worth $6 billion, is expected to exceed $8 billion by 2030, driven by a 6.5 per cent CAGR. This remarkable growth is fuelled by rising healthcare expenditures, a growing prevalence of chronic diseases, and government-led initiatives to modernise healthcare infrastructure.

Countries like Saudi Arabia and the UAE are spearheading this transformation with dedicated healthcare spending plans and a focus on cutting-edge technologies. Diagnostic imaging, minimally invasive surgery, and wearable devices are revolutionising healthcare delivery. Furthermore, advancements in artificial intelligence (AI) and telemedicine are reshaping the region's healthcare landscape.

Addressing regional needs