Doha, Qatar: The healthcare sector is expected to increase at a mid-single-digit rate over the medium term supported by the world-class infrastructures built by the government.
Analysts in the country predict robust growth in the market, with ongoing developments witnessed across Qatar in 2024. The health expenditure, however, is anticipated to grow at a compound annual growth rate (CAGR) of 5.2 percent by 2028, according to a data by Fitch Solutions.
This is backed by the government’s prioritising of the sector over the medium term. Amidst lower expectations for oil revenues in 2024, the Qatari government’s overall spending budget surged by 1 percent to reach $55.1bn (QR200.9bn) this year.
Within this, healthcare allocations account for 11 percent of the total budget, a percentage consistent with last year’s allocation for the sector. Increased allocations over the last two years largely fall in line with the healthcare goals within Qatar’s National Vision 2030 plan, which seeks to enhance access to care, drive R&D, and carry out the industry’s digital transformation.
The report stated “Public expenditure will continue to dominate, however, the government’s ongoing push for privitisation will see private spending outpace public expenditure. We expect this dynamic to continue as the government seeks to gradually reduce expenses and costs of the healthcare sector in the state over the medium term.”
This year, the government also focuses primarily on the infrastructures to host numerous events and mega platforms in the forthcoming years. Furthering Qatar’s healthcare infrastructure development plans involves augmenting investment into Qatar’s Medical City, a medical complex situated in the capital city Doha, and managed by the Hamad Medical Corporation, Qatar’s principal public healthcare provider.
Several hospitals and specialty centers are located within the Medical City and it also represents a primary component of Qatar’s vision to become a world-class in the field of medicine and medical research in the Middle East and across the Gulf Cooperation Council (GCC) area.
The report remarked that an increasing focus on specialty secondary and tertiary care will also witness a portion of the 2024 budget earmarked for the enhancement of Qatar’s National Cancer Hospital and the establishment of a psychiatric hospital, which specialises in the mental health area.
