Market Insights Health Medical Technology

Medical Devices - Australia & Oceania

Australia & Oceania

The projected revenue for the Medical Devices market market in Australia & Oceania in 2024 is expected to be US$7.96bn.
Among the various markets in this market, Cardiology_Devices is the largest, with a projected market volume of US$1.12bn in 2024.
It is anticipated that the revenue in this market will experience a Compound Annual Growth Rate (CAGR 2024-2028) of 6.55%, resulting in a market volume of US$10.26bn by 2028.
In global comparison, the United States is expected to generate the highest revenue, reaching US$182.00bn in 2024.
Australia is experiencing a surge in demand for medical devices, driven by a growing aging population and advancements in healthcare technology.

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

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Analyst Opinion

The Medical Devices market in Australia & Oceania is experiencing steady growth and development driven by several factors.

Customer preferences: Customers in Australia & Oceania are increasingly demanding advanced medical devices that offer improved accuracy, efficiency, and patient comfort. They are also seeking devices that are easy to use and maintain, with a focus on user-friendly interfaces and intuitive controls. Additionally, there is a growing demand for medical devices that are portable and can be used in remote areas or in home healthcare settings.

Trends in the market: One of the key trends in the Medical Devices market in Australia & Oceania is the adoption of digital health technologies. This includes the use of telemedicine and remote patient monitoring devices, which enable healthcare professionals to monitor patients' health remotely and provide timely interventions. The increasing prevalence of chronic diseases and the need for continuous monitoring and management are driving the demand for such devices. Another trend in the market is the growing focus on personalized medicine. Medical devices that can be customized to individual patients' needs and provide personalized treatment options are gaining popularity. This trend is driven by advancements in technology, such as 3D printing and wearable devices, which allow for the creation of customized medical devices.

Local special circumstances: Australia & Oceania is known for its vast and sparsely populated areas, which present unique challenges in terms of healthcare delivery. The region has a significant rural population, and accessing healthcare services can be difficult in remote areas. As a result, there is a growing need for medical devices that can be used in these settings, such as portable diagnostic devices and telemedicine solutions.

Underlying macroeconomic factors: The Medical Devices market in Australia & Oceania is also influenced by underlying macroeconomic factors. The region has a strong healthcare infrastructure and a well-regulated healthcare system, which promotes the adoption of advanced medical devices. Additionally, the increasing aging population in Australia & Oceania is driving the demand for medical devices, as older adults are more likely to require healthcare services and medical interventions. In conclusion, the Medical Devices market in Australia & Oceania is witnessing growth and development driven by customer preferences for advanced and user-friendly devices, the adoption of digital health technologies, and the focus on personalized medicine. The unique circumstances of the region, such as its vast and sparsely populated areas, also contribute to the demand for specific types of medical devices. Moreover, the underlying macroeconomic factors, such as the strong healthcare infrastructure and the aging population, further support the growth of the market.

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.