Australia Medical Devices/Equipment Market Size, Trends, Share, By Product Type, By Area Of Choose, By End Users with Forecast 2017-2030

Australia Medical Devices Market Overview

Approximately 80% of the medical devices used in Australia are imported and the domestic manufacturing industry is controlled by subsidiaries of large, global corporations. The Australia medical device market is mature, with a well-formed regulatory system and is one of the slowest-growing markets in the South Pacific region in coming years as market recovery will be slow through 2019 due to Australia's depreciating currency. The market was valued at USD 4 billion in 2016, down from USD 5 billion in 2014. However, Australia's aging population, Federal Budget initiatives, and willingness to adopt new technologies should stabilize the market despite its modest growth.

Goldstein Market Intelligence analyst forecast the Australia medical device market size is growing at a CAGR of 10% through the forecast years (2017-2030). Intelligent medical equipments are officially endorsed by many hospitals and medical institutions, as well as by consumers themselves, are adding confidence to the Australia medical device market

Australia Medical Devices Market Segmentation

By Product Type

• Dental equipment and supplies
• Electro-medical equipment
• In-Vitro diagnostics
• Irradiation apparatuses
• Surgical and medical instruments
• Surgical appliances and supplies

By Area Of Use

• Inpatient Care
• Outpatient Care
• Special Areas
• Patient Self-Monitoring
• Relative Medical Indication

By End User

• Hospitals
• Clinics
• Diagnostic Labs
• Homecare Settings

Revenue Share by product type

Based on product type, in-vitro diagnostics (IVD) equipment dominated the Australian medical device market and accounted for the market share of 35% in 2017 owing to large number of ageing residents with multiple chronic health issues. Surgical and medical instrument is the fastest growing segment with a growing CAGR of 10.23% over the forecast period due to growing demand for devices that manage disability and chronic pain and improve recovery times.

Market Dynamics

Cost reduction through implenting AI and Virtual reality in advanced medical devices

According to our Australia market study on the basis of extensive primary and secondary research: “One trend is the rise of smart medical devices due to increase in research and development projects specific to implementation of artificial intelligence, virtual reality, etc. The implementation of big data in health care industry and ongoing digital transformation of the market has streamlined the services and emphasizes the qualitative care.”

Major driver to market growth is the portability of the devices coupled with the technology as the smaller size of the advanced medical devices also brings down costs by eliminating concerns with storage, portability, and weight, for instance, Neofect’s flagship product is the Rapael Smart Glove, a flexible robotic glove fitted with sensors to capture the patient’s motion and measure the degree of finger and wrist movement. From a regulatory standpoint, the Australian market is very accessible for devices that already carry CE Marking.   

Consistent demand for a full range of medical devices intended to treat and manage age-related diseases

Australian total healthcare spending in 2016 was over USD 137 billion and healthcare expenditures was 9.4% of total GDP which is distributed among government sector (67%) and private sector (33%). Australia's healthcare industry is sophisticated and receptive to new product. There is consistent demand for a full range of medical devices, particularly those intended to treat and manage age-related diseases. Imported devices are usually innovative and cost-effective, as the Australian market is motivated to control costs.  

Fierce competition from manufacturers from the US, the UK, and Japan

Further, the report states the biggest challenge is that despite Australia's sophisticated healthcare infrastructure, the medical device market is experiencing slow growth because medical device companies exporting to Australia tends to face fierce competition from manufacturers from the US, the UK, and Japan that already have a strong hold on the market coupled with the relatively weak Australian dollar that will make it difficult for some companies to remain profitable while meeting the price expectations of Australian buyers.  

Covered in this Australian Medical Devices Market report

The report covers the present ground scenario and the future growth prospects of the Australia medical device market for 2017-2030 along with the data of shipments of medical devices and number of labs and hospitals in Australia. We calculated the market size and revenue share on the basis of revenue generated from major players across the country. The medical device market is forecasted on the basis of revenue analysis, product benchmarking and strategic developments of key market players. The report also includes micro and macro factors essential for the existing market players and new entrants along with detailed value chain analysis.

Australia Medical Device Market Outlook 2017-2030, has been prepared based on an in-depth market analysis from industry experts. The report covers the competitive landscape and current position of major players in the Australia Medical device market. The report also includes porter’s five force model, SWOT analysis, company profiling, business strategies of market players and their business models. Australia Medical device market report also recognizes value chain analysis to understand the cost differentiation to provide competitive advantage to the existing and new entry players.

Key Market Players

Our Australia Medical device market report comprises of the following companies as the key players.

•  Johnson & Johnson
•  Philips HealthCare
•  Medtronic Inc.
•  GE HealthCare
•  Siemens AG
•  Novartis AG
•  Stryker Corp.
•  3M Company
•  Abbott Laboratories
•  Toshiba Corp.
•  Becton
•  Dickinson and Co.
•  Baxter International Inc.
•  Cardinal Health Inc.
•  Boston Scientific Corp.
•  Allergan Inc.
•  Zimmer Biomet
•  Danaher Corp.
•  Dentsply Sirona
•  Essilor International S.A.
•  Covidien plc.

 The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.

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Key questions answered in this market study

• What is the total market size by 2030 and what would be the expected growth rate of market?
• What is the revenue of total market in 2016-17 and what would be the expected demand over the forecast period?
• What are the key market trends?
• What are the factors which are driving this market?
• What are the major barriers to market growth?
• Who are the key vendors in this market space?
• What are the market opportunities for the existing and entry level players?
• What are the recent developments and business strategy of the key players?

Intended Audience

• Medical Device Suppliers
• Medical Device Manufacturers
• Research and Development (R&D) Companies
• Medical Research Laboratories
• Diagnostic Centers
• Medical Centers

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