Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Australia

Australia

Australia is expected to witness a significant surge in revenue within its Other Medical Devices market market.
Projections indicate that by 2024, the revenue is estimated to reach a staggering US$2.33bn AUD.
Furthermore, this market is forecasted to exhibit an annual growth rate of 5.90% (CAGR 2024-2028), leading to a substantial increase in market volume, which is anticipated to reach US$2.93bn AUD by 2028.
When compared globally, it is noteworthy that the United States is expected to generate the highest revenue in this market, reaching a remarkable US$73,490.00m by 2024.
Australia's increasing investment in research and development is driving innovation and growth in the other medical devices market.

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

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Analyst Opinion

The Other Medical Devices market in Australia is experiencing significant growth and development.

Customer preferences: Customers in the Australian market have a strong preference for high-quality medical devices that offer advanced technology and innovative features. They value products that are reliable, efficient, and easy to use. Additionally, there is a growing demand for personalized and customized medical devices that cater to specific patient needs.

Trends in the market: One of the key trends in the Australian Other Medical Devices market is the increasing adoption of digital health technologies. This includes the use of wearable devices, remote monitoring systems, and mobile health applications. These technologies enable healthcare professionals to monitor patients remotely, improve patient outcomes, and reduce healthcare costs. The demand for these devices is driven by the aging population, the prevalence of chronic diseases, and the need for more efficient healthcare delivery. Another trend in the market is the focus on minimally invasive procedures. There is a growing demand for medical devices that enable less invasive surgeries and treatments, reducing patient discomfort and recovery time. This trend is driven by advancements in medical technology, as well as the desire to reduce healthcare costs by minimizing hospital stays.

Local special circumstances: Australia has a well-developed healthcare system with a strong emphasis on quality and safety. The country has stringent regulations and standards for medical devices, ensuring that only products of high quality and safety are available in the market. This creates a favorable environment for manufacturers and suppliers of Other Medical Devices, as they can be assured of the quality and reliability of their products. Additionally, Australia has a universal healthcare system, which provides access to healthcare services for all residents. This ensures a steady demand for medical devices, including Other Medical Devices, as the population has access to healthcare services and can afford the necessary treatments.

Underlying macroeconomic factors: The Australian economy has been growing steadily in recent years, which has contributed to the development of the Other Medical Devices market. The strong economy has increased healthcare spending and investment in medical technology, driving the demand for advanced medical devices. Furthermore, the aging population in Australia is a significant factor driving the growth of the Other Medical Devices market. As the population ages, there is an increased demand for medical devices to treat age-related conditions and improve the quality of life for older adults. In conclusion, the Other Medical Devices market in Australia is experiencing growth and development due to customer preferences for high-quality and innovative products, the adoption of digital health technologies, the focus on minimally invasive procedures, the country's well-developed healthcare system, and the underlying macroeconomic factors such as economic growth and an aging population.

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.