Three years after the COVID-19 pandemic first impacted the world in 2020, it’s fair to say that one of the biggest industries that has been affected is healthcare. Multiple innovations have grown to become mainstream, and consumer habits have shifted towards being more health-conscious.
These changes mean a multitude of both developments and opportunities for the sector, in terms of providing better services, increasing access, or adapting to new technology. After all, we’ve now seen how quickly global health situations can shift – so preparation and adaptability are significant.
Qatar’s healthcare resiliency & progress
Throughout the pandemic, Qatar showed itself as having an efficient and effective healthcare system that can readily face health crises. Five of its hospitals gained worldwide recognition, as they were listed as some of the 250 best academic medical centers in the world. On a similar note, the World Health Organization called all of Qatar’s municipalities health areas, making them the first nation in the world to gain such a title.
Industrial growth was just as strong. Public hospitals grew from just six in 2011 to 16 in 2022, while hundreds of private healthcare centers also started operating by last year. Even the pharmaceutical industry is steadily improving, as Qatar Airways just announced the relaunch of its program that’ll provide solutions for pharma and healthcare product transfers. This should allow for safer and more reliable transportation of medical supplies, and can potentially make Qatar better known for its credibility in another aspect of healthcare.
Meanwhile, greater contributions to the wellness industry are also being observed in Qatar. Holistic health centers and eco-friendly farms are gaining ground in the country, which could soon paint Qatar as a destination for overall wellness and health. Some of these include Zulal which focuses on Arabic medicine and therapeutic treatments, and the eco-conscious farm Heenat Salma, located outside of the busy Doha.
Finding an opportunity to thrive
With so much development happening within Qatar comes just as many opportunities to enter the market.
The obvious choice would be to enter the space of medical facilities & hospitals, wellness centers, or pharmaceuticals. All these are in demand and are continuously growing, so businesses that fall under this umbrella will likely see success:
- Specialized hospitals or clinics
- Diagnostic centers
- Rehabilitation centers
- Fitness studios
- Pharmaceutical manufacturing or supply
Outside of those more traditional healthcare sectors are a few more advanced branches that would also make for good business ideas. One of these is telemedicine and e-health. Virtual consultations and remote health monitoring are a few trends that gained significance during the pandemic, and usage of these services will likely continue even now that we are on the tail-end of the global health situation.
Related to telemedicine is IT healthcare, another relevant subsector as it uses technology to make services better and more convenient. Solutions like electronic medical record systems, online hospital management setups, or digital health information exchange platforms will be in higher demand as medical institutions gradually move their technologies online.
A third possibility is medical tourism. Even before COVID-19, this concept was already popular. Patients would fly to European countries just to get the best medical treatments. Now that health is a larger priority for more individuals around the world, medical tourism will expectedly grow. As it stands, Qatar is already home to many leading hospitals, innovative wellness centers, and key technologies in healthcare. This is building them as a regional and global hub for medical tourism, so additional businesses to bring in more foreign patients will certainly be welcome.
Lastly, healthcare education and training also has a lot of promise. Healthcare workers more than doubled to over 46,000 as of April this year, compared to just over 20,000 in 2011. These professionals must be properly trained and updated with the newest technologies, procedures, and the likes. As such, there’s a need for educational institutions that offer specialized programs, certifications, and ongoing development courses.
Join Qatar’s bustling healthcare industry with Qincorp
The past three years have been monumental for Qatar’s healthcare sector, and it looks as if the development will continue for the foreseeable future. The Qatar Development Bank projects the local healthcare market to become valued at USD 7 billion by 2025, making it one of the fastest-growing in the world. With those numbers in mind, coupled with the huge opportunities that the sector presents, it would be a miss not to make an entry during a very advantageous period.
Fortunately, starting a business venture in healthcare can be made much easier with the assistance of business setup experts who can provide the best services and strategic guidance for both budding and seasoned investors. That’s exactly what we provide at Qincorp. To get an initial consultation for anyone interested, reach out to us today.