The healthtech market in Dubai, UAE is one the rise with new startups paving the way for innovation and entrepreneurship. Healthigo, Okadoc, and KLAIM are a few companies that are driving the healthtech industry growth in the UAE. The growth is also shaped by the investments in Artificial Intelligence and other connected technologies that are enabling high quality patient outcomes while making healthcare facilities efficient and more productive. Continue reading this blog to know how the healthtech market in the UAE is coming up.

The mission of Healthigo, one of the leading UAE healthcare startups, is to make life better and simpler for care providers as well as patients. Healthigo links patients and care seekers with physicians, hospitals, clinics, medical centres, insurance companies, and so on. It does not, however, provide video consultation services.

On the one hand, Healthigo makes it simpler for those in need of medical attention to choose the best physician or clinic and schedule appointments. The business wants to provide users with the most recent medical information available.

Healthigo, on the other side, seeks to enhance operations and raise providers’ awareness within the larger health innovation ecosystem. This streamlines the booking procedure and allows medical professionals to reach new people that they were previously unable to.

Healthigo has raised $1 million in angel finance with its solution.

One of the most well-funded companies for healthtech in Dubai, UAE, Okadoc raised $10 million in a Series A investment in February 2020. The company provides a telemedicine platform that attempts to enhance the quality of healthcare by facilitating easy communication between patients and physicians. 

Patients and doctors may easily communicate online, share documents, and have virtual consultations thanks to Okadoc’s platform. Through the company’s app, users can also use a round-the-clock intelligent medical calendar system that helps doctors, clinics, and hospitals maximise bookings, draw in and interact with new patients, and enhance their online reputations.

Launched in December 2020, KLAIM is a rapidly emerging name in the local healthtech industry. It is a software as a service (SaaS) fintech platform designed to help healthcare providers predict cash flows by streamlining the medical billing processes and reduce revenue losses caused by insurance companies’ delayed and denied payments.

With $1 million in seed funding raised in March 2021 and $1.6 million in pre-series A funding raised the following September, KLAIM’s founders hope to establish themselves as the industry’s premier one-stop shop for specialised healthcare payments—the “Stripe/Paypal” of the industry.

KLAIM was chosen as one of the winners of the KPMG Private Enterprise Tech Innovator 2021 Competition and was a member of Hub71’s Q1 2021 cohort of companies.

(Source: ADSME Hub, SME 10X)

The rising healthtech market in Dubai, UAE

The digital health industry in the United Arab Emirates is anticipated to expand at a compound annual growth rate (CAGR) of 19.6% from $1.06 billion in 2022 to $4.42 billion by 2030. According to the World Health Organization’s Global Health Expenditure database, the UAE’s current health expenditure per capita increased from $2,843.78 in 2018 to $2,996.36 in 2019. As financing from the public and private sectors increases, it is anticipated that this trend will continue in the near future.

In the Middle East and North Africa (MENA) area, where local investors predominate, venture capitalists (VCs) are the primary source of investment for healthtech businesses. 80% of venture capital funding since 2016 has come from domestic investors. Nonetheless, entrepreneurs possess ample prospects to draw in capital from domestic and international investors. Since 2020, MENA-specific healthtech-focused venture capital firms have raised $0.9 billion from both domestic and foreign investors.

Both the use of remote patient monitoring tools and the need for telemedicine are growing in the area. Beyond telemedicine, virtual care transforms proactive and preventive healthcare. Since 2020, telemedicine service providers in UAE hospitals and medical facilities have begun to serve patients who live in remote places by providing a 360-degree solution with the use of a health information system that complies with regulations.

The growth of the innovative healthtech ecosystem in Dubai, UAE

There is a boom in health technology innovation in the Middle East, particularly in Dubai. Global startups use telemedicine, electronic health records, and Artificial Intelligence in healthcare, among other technologies to create change. Modern infrastructure and encouraging laws have made Dubai a centre for these innovators in health technology. Startups in Dubai are making major strides in a number of fields, including digital health records for better data management, telemedicine for increased accessibility, and artificial intelligence in diagnoses. 

The Middle East’s use of Artificial Intelligence in healthcare has been fueled by platforms that address a range of healthcare environments. Initiatives from the government have fueled the adoption of AI in the area. Treatment has not received as much attention as diagnosis, prevention, and monitoring. The AI algorithm used in the chest x-ray screening programme, which the Dubai Health Authority (DHA) and Agfa Healthcare Care collaborated on in 2018, proved to be a great success. It guaranteed a 95% accuracy rate in tuberculosis identification and led to a 28% reduction in screening time, which improved both clinical and operational efficiency.

The nation’s capital, Abu Dhabi, offers entrepreneurs and inventors a setting that is unmatched worldwide. It has drawn major international hospitals from all over the world, including Mayo Clinic, Cleveland Clinic, and Kings College London. It is home to world-class healthcare facilities and innovative software product engineering services. It provides resources that are among the best in the world together with some of the quickest review schedules in the business—just eight to fifteen days.

The pandemic’s demands have been swiftly met by this dynamic ecology. Recently, Sinopharm CNBG and Abu Dhabi-based AI and cloud computing startup G42 teamed together to create Covid-19 vaccine manufacturing capabilities in KIZAD, the free zone in Abu Dhabi, with the goal of producing at least 200 million doses annually.

Conclusion

It’s not just about changing healthcare as we stand on the precipice of the Middle East’s HealthTech revolution, with Dubai at its centre; it’s also about building a healthier, more sustainable future with healthcare in the UAE. We believe that as these HealthTech solutions emerge, they will have the capacity to greatly improve care quality and access while also promoting innovation and economic growth.

Tntra, a leading custom software development company in Dubai, is on the journey in healthtech, both here in Dubai and throughout the greater Middle East, and the road ahead is full of boundless opportunities. We’re determined to help bring about this revolutionary shift and use health technology to create a better future for everybody.

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