Doha’s healthcare expenditure is slated to touch $13bn by 2030, showing a 14% compound annual growth rate (CAGR) and molecular diagnostics market is to reach $19.2mn by 2030, at a 4.4% CAGR, as the country shows a “solid” growth potential for the biotechnology sector, according to Invest Qatar.
Estimating healthcare expenditure to rise from $6bn in 2024 to $13bn by 2030; Invest Qatar said healthcare expenditure in Qatar is vital for the biotech sector as it supports research, innovation and the development of advanced medical solutions.
Highlighting that molecular diagnostics is a powerful engine for biotech sector growth because it directly links scientific innovation to clinical impact; the report said it is expected to reach $19.2mn by 2030 in Qatar.
Qatar’s drug market is poised for growth with strong efforts put in place to expand local production, it said, forecasting 3.1% CAGR to $1.8bn between 2024 and 2030.
“Pharmaceutical demand drives biotech growth by creating a need for advanced therapies, precision medicine and bio-manufacturing solutions that traditional drugs alone cannot fulfill,” it said.
In the case of Medtech, Invest Qatar report said it is expected to show a 5.6% CAGR between 2024 and 2030 to touch $332mn.
“Medtech fuels biotech by enabling research, diagnostics and advanced treatment delivery. Qatar’s Medtech sector is growing rapidly, driven by expanding medical devices and implants markets,” it said.
Stressing that four factors drive Qatar’s biotechnology sector; it said long-term national development plans prioritise science and technology as key pillars for future growth. Financial incentives and favourable business regulations are attracting both local and international investors to the biotech sector in Qatar, it added.
Another aspect was innovation and global partnerships as collaborations with international institutions and firms are enhancing local capabilities and technology transfer.
Stressing about talent ecosystem; the report said Qatar’s emphasis on knowledge-based industries is accelerating biotech progress supported by a high-quality talent pool.
The fourth angle was infrastructure development as expanding healthcare and research facilities, labs and industrial zones are providing the physical foundation needed for biotech activities, it said.
Qatar’s biotechnology sector is experiencing “significant” growth, bolstered by strategic global partnerships that enhance local capabilities and facilitate technology transfer; it said.
Qatar Biomedical research Institute partners with both key local entities and international entities including – the King Hussein Cancer Centre, the University College of London, the Silverstein Foundation, F. Hoffman-La Roche, Sultan Qaboos University, Cleveland Clinic Foundation and Lundbeck – to advance biomedical research, it highlighted.
Qatar has launched an investment package worth QR20bn to support investments in biotechnology, artificial intelligence and future technologies, in parallel with stimulating joint investments with venture capital firms and promoting public-private partnerships.
The country has been fostering its biotechnology sector through strategic collaborations facilitated by key entities such as the Qatar Science and Technology Park (QSTP) and the Qatar Free Zones Authority (QFZ).
QSTP supports biotech firms like Prorenata Biotech, GPTBots.ai and GE Healthcare to drive innovation and QFZ partners with BIOCAD and Evonik to boost biotech manufacturing and R&D (research and development) in Qatar.
Elaborating on the infrastructure development, it said Qatar Precision Health Institute — an umbrella entity that brings together existing strengths in health sciences and genomics within Qatar Foundation’s Qatar Biobank and Qatar Genome Programme — has supported 508 projects involving hundreds of researchers from 20 healthcare institutions in Qatar.
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