The healthcare industry is one of the fastest-growing sectors in the United Arab Emirates, with an increasing demand for medical and surgical supplies, devices, and equipment. The UAE's healthcare sector has received increasing budget allocations, and ongoing healthcare development projects have significantly contributed to the market's continued growth.
With a Compound Annual Growth Rate (CAGR) of 8.7% between 2015 and 2020, the UAE ranks as the fourth largest medical device market in the Middle East and Africa. Although the market is highly reliant on imported medical equipment, particularly from countries such as the US, Germany, Japan, and China, the country has limited local production for prototype units, spare parts, and disposables like surgical gloves, syringes, and needles. According to reports, the UAE's medical devices market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.7% between 2020 and 2025, with a revenue estimate of over USD 2 billion in 2025.
This presents a lucrative opportunity for medical and surgical requisite traders to expand their business in the UAE. To take advantage of this opportunity, obtaining a commercial trading license in the UAE is crucial.
In this blog, we will explore how a commercial trading license in the UAE can help medical and surgical requisite traders capitalize on this growth in the market.
The blog covers:
The trading of medical products and supplies is essential to ensuring that patients have access to the medical equipment and supplies they need to improve their health and quality of life. They include:
Medical Equipment: This category includes a wide range of medical instruments and apparatuses that are used for treating various diseases and conditions. Some of the most common medical equipment traded include earphones, batteries for cardiac patients, pulse regulators, walking sticks, splints for bone fractures, medical shoes, artificial limbs, dentures, dental aligners, and more.
Surgical Requisites: These are products and equipment that are used in surgical procedures to replace damaged organs, bone joints, heart valves, and other parts of the body. Surgical requisites include artificial organs and parts, bone joints, heart valves, and more.
Surgical Supplies: Surgical supplies are essential in any surgical procedure and include products such as surgical suture bandages, plasters, and other items that are used to support and stabilize the surgical site.
The medical and surgical requisites in demand in the UAE market include advanced medical equipment such as rehabilitation aids, surgical supplies, disposables, and implants. Additionally, with the growing awareness of preventive healthcare, there is an increasing demand for diagnostic equipment such as blood pressure monitors, glucometers, and thermometers.
Surgical instruments and supplies:
Artificial organs and parts to replace damaged organs
Blood pressure monitors
Splints for bone fractures
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The United Arab Emirates (UAE) offers numerous opportunities for trading medical and surgical requisites. Here are a few reasons why:
Growing Healthcare Industry: The healthcare industry in the UAE is rapidly growing, and with it, the demand for medical, surgical articles, and requisites. The government is investing heavily in the healthcare sector, and the country is home to several leading hospitals and medical centers, providing a significant market for medical and surgical supplies.
Strategic Location: The UAE is strategically located between Asia, Europe, and Africa, making it an ideal hub for medical and surgical product trading. The country's excellent transportation links and strong logistical infrastructure make it easy to import and export medical, surgical articles, and requisites.
Favorable Business Environment: The UAE has a favorable business environment, making it easy to set up and operate a medical and surgical products trading business. The country offers a tax-free environment, low operating costs, and a streamlined process for obtaining business licenses and permits.
Growing Medical Tourism: The UAE is becoming an increasingly popular destination for medical tourism, with people from all over the world coming to the country for medical treatments and procedures. This growth in medical tourism is providing a significant market for medical, surgical articles, and requisites.
Government Support: The government of the UAE is supportive of the medical and surgical products trading industry, and has implemented several initiatives to promote the sector, such as providing financial support for small and medium-sized businesses and investing in the development of medical technology.
In the UAE, medical and surgical requisite traders are required to obtain a commercial trading license to operate legally. The license is issued by the Department of Economic Development (DED) and is mandatory for all businesses involved in commercial activities. The licensing process involves submitting the necessary documents and obtaining approvals from relevant authorities such as the Ministry of Health and Prevention. The license ensures that the business operates within the legal framework and complies with the regulations set by the government. This is important to ensure that patients receive safe and quality medical products and services, and to protect the interests of traders in the market. Failure to obtain a commercial trading license can result in penalties and legal consequences.
Medical and surgical requisite traders in the UAE can greatly benefit from a Free Zone commercial trading license. Free Zones like UAQ Free Trade Zone offer a range of advantages to businesses, including 100% foreign ownership, tax exemptions, and simplified business setup processes. The Free Zone is designed to attract international companies, and as a result, it offers state-of-the-art facilities, modern infrastructure, and excellent connectivity.
Medical and surgical requisite traders can also benefit from the strategic location of Umm Al Quwain Free Zone, which provides easy access to major markets in the region and beyond with its strategic location. Furthermore, UAQ FTZ provides a business-friendly environment, with streamlined procedures and a supportive regulatory framework that encourages entrepreneurship and innovation. All these benefits make UAQ FTZ commercial trading licenses an attractive option for medical and surgical requisite traders looking to establish their presence in the UAE.