Market Insights Health Medical Technology

Medical Devices - Australia

Australia

The Medical Devices market market in Australia is forecasted to achieve a revenue of AUD US$6.73bn in 2024.
Among the various markets, Cardiology_Devices is anticipated to be the largest, with a projected market volume of AUD US$0.94bn in the same year.
It is expected that the market will experience a steady annual growth rate of 6.66% from 2024 to 2028, resulting in a market volume of AUD US$8.71bn by 2028.
When compared globally, the United States is expected to generate the highest revenue, reaching US$182.00bn in 2024.
Australia's medical device market is rapidly growing, driven by a strong demand for innovative and advanced healthcare technologies.

Key regions: Spain, Japan, United States, Europe, United Kingdom

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Analyst Opinion

The Medical Devices market in Australia is experiencing steady growth and development due to various factors.

Customer preferences: Customers in the Medical Devices market in Australia are increasingly demanding innovative and technologically advanced products. They are looking for devices that provide accurate and reliable results, improve patient outcomes, and are user-friendly for healthcare professionals. Additionally, there is a growing preference for devices that are portable and can be used in home healthcare settings, allowing patients to monitor their health conditions more conveniently.

Trends in the market: One of the prominent trends in the Medical Devices market in Australia is the increasing adoption of digital health technologies. This includes the use of wearable devices, remote patient monitoring systems, and telemedicine platforms. These technologies enable healthcare providers to remotely monitor patients' vital signs, track their health conditions, and provide timely interventions. The COVID-19 pandemic has further accelerated the adoption of telemedicine and remote monitoring solutions, as it allows patients to receive healthcare services without visiting hospitals or clinics. Another trend in the market is the focus on personalized medicine. With advancements in genetic testing and molecular diagnostics, there is a growing demand for medical devices that can provide tailored treatment options based on individual patients' genetic profiles. This includes the development of precision medicine devices, such as genetic testing kits and targeted therapy devices.

Local special circumstances: Australia has a well-established healthcare system with a strong emphasis on universal healthcare coverage. This means that a large portion of the population has access to medical devices through government-funded programs or private health insurance. The government also plays a significant role in regulating the Medical Devices market to ensure the safety and efficacy of the products available in the country.

Underlying macroeconomic factors: The Australian economy is characterized by stable economic growth, a high standard of living, and a strong healthcare infrastructure. These factors contribute to the growth of the Medical Devices market in Australia, as they provide a conducive environment for healthcare investments and innovation. Additionally, the aging population in Australia is driving the demand for medical devices, as older individuals require more healthcare services and devices to manage chronic conditions. In conclusion, the Medical Devices market in Australia is experiencing growth and development due to customer preferences for innovative and technologically advanced products, the adoption of digital health technologies, the focus on personalized medicine, the country's well-established healthcare system, and underlying macroeconomic factors. These factors create opportunities for both local and international players in the market to introduce new and advanced medical devices that cater to the needs of Australian consumers.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.