(MENAFN) Qatar's healthcare sector is poised for solid growth in the coming years, expected to expand at a mid-single-digit rate, thanks to the government's investment in state-of-the-art infrastructure.
Analysts within the country foresee significant advancements in Qatar's healthcare market throughout 2024, indicating a positive outlook for growth. According to data from Fitch Solutions, healthcare expenditure is projected to increase at a compound annual growth rate (CAGR) of 5.2 percent by 2028.
This optimistic forecast is supported by the government's commitment to prioritizing the healthcare sector over the medium term. Despite lower projections for oil revenues in 2024, Qatar's overall spending budget has seen a notable uptick, rising by 1 percent to reach USD55.1 billion (QR200.9 billion) this year.
Within this budgetary increase, healthcare allocations maintain a significant portion, constituting 11 percent of the total budget. This allocation percentage remains consistent with last year's figures, demonstrating a continued emphasis on healthcare initiatives. These increased allocations align closely with the healthcare objectives outlined in Qatar's National Vision 2030 plan, which aims to improve access to healthcare services, foster research and development (R&D), and drive the industry's digital transformation.
The report said “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.”
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