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The COVID-19 pandemic has forced countries to transform their healthcare infrastructure, and the result is the emergence of digital health. The Middle East has also witnessed the growth of healthtech startups, especially in the telemedicine industry.
According to a report by Grand View Research, the Middle East and Africa (MEA) telemedicine market size will be valued at USD 2.6 billion in 2021. It is expected to grow at a CAGR of 26.3% from 2022 to 2030.
The medtech industry has been on the receiving end of a lot of investment over the past two years. your story Altibbi and Okadoc are the most funded healthtech startups in the UAE by 2022, according to Gulf Edition research. Here’s what happened to these companies.
Artibi
Altibbi, an end-to-end digital health platform that provides telemedicine consultation services, raised $44 million in a Series B round this year. The round was led by DASH Ventures, Foundation Holdings, Global Ventures and Hikma Ventures.
This brings the startup’s total funding raised to $52.5 million.
Altibbi allows patients to connect with doctors 24×7 via audio calls and chat. The startup distributes medical content in Arabic online. It was co-founded in 2010 by Ayman Sharaiha, Hussein Abdelkarim and Jalil Allabadi.
Gondoc
Okadoc has raised a total of $10 million in Series B funding led by ADQ, Alesay Group, Bassem Ibrahim Hail Saeed, Builders Ventures, Bunat Ventures, Bupa Arabia, Club 49, iGan Partners and Now Invest.
The startup was founded in 2018 by Fodhil Benturquia. It is a patient engagement platform that connects patients with healthcare providers and doctors. The platform enables patients to find a multispecialty physician who accepts their insurance, as well as book appointments online, receive reminders, reschedules, cancellations and more.
The startup operates in the UAE and Saudi Arabia.
With the closing of this latest funding round, Okadoc has raised a total of $22.3 million.
Healthtech focus in the Middle East and North Africa
Saudi Arabia, Qatar, the UAE and Kuwait are at the forefront of the health tech boom.
According to the report by Grand View Research, “Advances in healthcare systems are expected to put digital health into action in these countries. Increasing digital readiness in these countries and rising spending on healthcare IT infrastructure are driving growth.”
Saudi Arabia also plans to build $13.8 billion worth of medical facilities by 2030.The plan is to invest $66.67 billion in the country’s healthcare infrastructure and increase private sector participation to 65 percent by 2030, according to arab news.
Rising life expectancy and surging population are the key trends driving the growth of the healthcare industry in the region.
A report by Consultancy-me states that by 2026, healthcare spending will reach around 6% of the UAE’s overall GDP. Key trends driving this growth include accelerated use of technology, growth of local supply chains, growth of traditional and complementary medicine, and integration of healthcare and smart cities.
“Smart cities and the Internet of Things (IoT) have enormous potential to bring healthcare and patient empowerment into homes, workplaces and leisure spaces,” the report states.
One of the reasons behind the growth of the industry is technology-enabled innovation and government support.a report bay today According to the report, healthcare spending in the UAE will reach $26 billion by 2028.
In addition, the country is also working to enhance medical tourism in the region.
The medical tourism market in the GCC countries is expected to reach $6.6 billion by 2022, according to Future Market Insights. Sales are expected to grow at a CAGR of 10% during 2022-2032.
Annual investment in healthcare digital infrastructure in the GCC alone is expected to increase from $500 million to $1.2 billion by 2023 and 2024. healthcare IT famous.
With increased investment in the health tech sector, the region is ripe for growth and many startups are capitalizing on the boom.