Middle East healthcare expansion opens doors for ASX stocks
The Middle East healthcare sector is undergoing rapid expansion presenting opportunities for ASX-listed companies.
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Middle East healthcare sector undergoing rapid expansion presenting opportunities for ASX-listed companies
ImpediMed has a distributor in Qatar for its SOZO bioimpedance spectroscopy (BIS) device for early detection and prevention of lymphoedema
The Middle East is emerging as a key market for Imricor, which received regulatory approval in Qatar and the Kingdom of Saudi Arabia in 2024
The Middle East healthcare sector is undergoing rapid expansion presenting opportunities for ASX-listed pharmaceutical medical device and wellness companies.
The healthcare and wellness market in the Middle East is forecast to grow at a rate of 6.5% (CAGR) until 2032, making it roughly $570 billion in value, according to NSW Invest which led a delegation of companies from the state to World Health Expo in Dubai in January.
"Nations such as the United Arab Emirates (UAE), Saudi Arabia and Qatar have made substantial investments in state-of-the-art healthcare facilities and public and private healthcare systems are experiencing strong and healthy growth," NSW Invest said.
"The recently concluded Australia-UAE Comprehensive Economic Partnership Agreement will simplify market access and provide an optimal gateway to enter the wider region for health and medical technology companies."
With an ageing and expanding population, along with the increasing prevalence of lifestyle diseases, the healthcare sector has emerged as priority for Gulf Cooperation Council (GCC) countries, including Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the UAE – heavily in healthcare infrastructure as they also work to diversify their economies away from a reliance on oil production.
Multinational drugmakers such as Pfizer, Novartis, and AstraZeneca have made significant advances in recent years in the Middle East, leveraging partnerships with local distributors, contract manufacturers and research institutions.
The region’s focus on self-sufficiency in drug production, particularly after the Covid-19 pandemic, has also led to increased joint ventures and licensing agreements with local firms.
Furthermore, efforts are underway to streamline regulatory pathways in the Middle East.
Approvals in regions or countries with stringent regulatory authorities such as the European Medicines Agency (EMA) or the US Food and Drug Administration (FDA) can support fast track approval in Middle East markets.
With a focus on innovating their health sectors, the Middle East is shaping up to be one of the most attractive emerging markets for drug makers and device manufacturers.
Here are some of the ASX companies making inroads in the region…
ImpediMed (ASX:IPD)
ImpediMed's lead product SOZO is the only US FDA-cleared, clinically validated bioimpedance spectroscopy (BIS) device for the early detection and prevention of lymphoedema.
Lymphoedema causes swelling of certain parts of the body, usually limbs and can be a painful condition that affects many cancer sufferers.
CEO and managing director Dr Parmjot Bains is well aware of the opportunities the Middle East presents for healthcare companies. Before taking up her role at ImpediMed in 2024 she was Pfizer’s Gulf Cluster Country Manager based in Dubai.
The medical doctor and seasoned healthcare executive led a sizeable team across six countries in the Middle East and six therapeutic areas.
"ImpediMed technology already supports patients with lymphoedema early detection in Qatar, and we are looking to expand our presence in the region given the innovation and access to high quality healthcare in the region," Bains told Stockhead.
Dimerix (ASX:DXB)
The clinical-stage biopharmaceutical company announced in May 2024 it had inked an exclusive licensing deal for the commercialisation of its phase III kidney disease drug candidate DMX-200 in several Middle Eastern countries.
Saudi company Taiba acquired the exclusive rights to register and commercialise DMX-200 for the treatment of focal segmental glomerulosclerosis (FSGS) kidney disease in the United Arab Emirates (UAE), Saudi Arabia, Oman, Kuwait, Qatar, Bahrain and Iraq following regulatory approval.
Taiba also has a right to negotiate a licence to develop and commercialise DMX-200 in any additional indications in the licensed territories that Dimerix may achieve for DMX-200.
The minimum term for the deal is 15 years, or until the last valid patent claim covering the product expires.
Sigma Healthcare (ASX:SIG)
Discount pharmacy chain Chemist Warehouse, which officially listed on the ASX this month through its merger with pharmaceutical distributor Sigma, has also seen potential in Middle East markets.
Chemist Warehouse, which has more than 650 stores across Australia, New Zealand, Ireland, China and the UAE, opened its first stores in Dubai in 2024 as part of its global expansion strategy.
Imricor Medical Systems (ASX:IMR)
Imricor is developing MRI-compatible consumable devices, such as single-use ablation catheters, required to perform cardiac ablations in an interventional cardiac magnetic resonance imaging (iCMR) lab.
The Middle East is emerging as a key market for Imricor, which received regulatory approval in Qatar and the Kingdom of Saudi Arabia in 2024.
After working with its distributor partners to bring MRI-guided ablations to leading hospitals in the Middle East, the company made its first sale in Qatar in December.
Imricor said it expected further sales this year in Saudi Arabia where ~50,000 cardiac ablations are performed each year and where Imricor is well aligned to the growth objectives of Saudi Vision 2030’s Health Sector Transformation Program.
"The Middle East is an exciting market for Imricor where there is a focus on adopting leading healthcare technologies supported by world-class physicians," Imricor’s chair and CEO Steve Wedan said.
"We are looking forward to establishing the first iCMR lab in Qatar and expanding into Saudi Arabia and beyond in 2025."
Mach7 Technologies (ASX:M7T)
The Middle East is also a key market for this medical imaging technology provider which develops data management and image viewing solutions for healthcare organisations.
Mach 7 was an exhibitor at the 2025 Arab Health Medical Expo in Dubai in January and has had a long-standing presence in the region.
At Stockhead, we tell it like it is. While Dimerix and Imricor Medical Systems are Stockhead advertisers, the companies did not sponsor this article.
Disclosure: The journalist held shares in Mach7 at the time of writing this article.
Originally published as Middle East healthcare expansion opens doors for ASX stocks
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