Medical technology sector will drive growth of Middle East economies

She said that new research has revealed that 94% of regional healthcare experts and economists predict that demand for medical technology will rise considerably during the next three years.

Meanwhile, 90% of respondents pegged the emerging markets of Eastern Europe and the Middle East and Africa as the growth hotspots for the global medical industry.

"The Middle East is a very attractive market for foreign investments right now, especially in the medical technology sector which, at best, can be described as being at the 'grass root stage'."

She said that with the right infrastructure in place, the region can become a hub for manufacturing focused on medical devices that comply with international standards.

"The region could become a true medical centre; a hive of activity for new medical discovery,"

Farley stated.

She concluded that innovation in medical devices and pharmaceuticals will create knock-on effect on jobs, increase wealth and improve the overall health of the region's population.

The Ascent Medical Technology Fund II, L.P. (the Fund) was established in 2006 and is dedicated to advancing medical innovation through investing in early-commercialisation stage companies based in the US and the Middle East that have sufficient technologies to positively effect dramatic changes in the treatment of serious global health issues such as cardiovascular disease and cancer.

Results of new research from a survey conducted on behalf of Eucomed by McKinsey & Company. MedTech Forum is a landmark event in medical technology industry in Europe - 'MedTech Week', under the patronage of Commissioner Verheugen (Vice-President of the European Commission, responsible for enterprise and industry).