The international community agrees on the high importance of the healthcare sector that plays a prominent role in ensuring citizens' right to a healthy life through providing high standard and professional health services. The health sector is one of the largest and fastest growing sectors in the world, with projected spending to reach around $ 8.7 trillion in 2020, according to Deloitte's report. Likewise, the Kingdom is witnessing an increasing demand for healthcare services driven by an increase in per capita spending on healthcare, demographic structure, and the spread of chronic diseases. Furthermore, the population is becoming more aware about the importance of healthcare services, all of which add to the attractiveness of investing in this promising sector.
As per the latest reports issued by of the International Monetary Fund, World Health Organization and Ministry of Health, the Kingdom has spent $13 billion on the healthcare sector in 2015. The average spending witnessed an increase in the Compound Annual Growth Rate (CAGR) that reached 7.2% between 1999 and 2005. Moreover, the average spending is expected to reached $31 billion by 2018, and will keep increasing at a CAGR of 12.3% to reach 71.2 billion in 2020, according to the Global report.
The government is looking to develop the physical healthcare industry through establishing medical facilities across the kingdom including the borders and remote areas. It is also sourcing new tools and supplies in addition to professional medical caliber to be employed in these new facilities.
And in an endeavor to decrease the healthcare cost and increase the quality of services provided, cutting edge technologies, such as electronic medical services, are being increasingly utilized in the Health field in Saudi Arabia and the region. Accordingly, Saudi HealthCare 2017 Exhibition, in its 5th edition, will be held on May 8-10, 2017, at Riyadh International Convention and Exhibition Center.
With Siemens Healthineers as the platinum sponsor, in addition to King Fahed Medical City, Saudi Health Council and the Council of Cooperative Health Insurance as Strategic partners, the exhibition is witnessing the participation of 24 countries so far, including: Canada, China, Indonesia, Italy, Netherlands and United Arab Emirates. This exhibition is considered a main platform for medical experts, governmental officials and product and healthcare services suppliers to communicate and partner in business opportunities, to benefit from the growth of the healthcare industry. It also offers an opportunity for decision makers, governmental authorities and high profile investors from Saudi Arabia, to meet and discuss issues related to the Saudi healthcare.
Riyadh Exhibitions Co. Ltd. (REC) is a Saudi company specialized in organizing local & international exhibitions, conferences and other trade events. The company caters to several activities for various economic sectors. Throughout its 36 years, REC has organized more than 440 unique and successful shows and conferences renowned for their innovation, professionalism and attention to details. REC boasts an international presence, supported by over 120 commercial & industrial bodies from more than 50 countries. Regionally, REC dominates with its wide range of events programs, serving 20 economic and financial sectors in the Middle East. REC's leading events are certified by UFI. — SG
