Australia Medical Device Market Introduction and Overview
According to SPER Market Research, the Australia Medical Device Market is estimated to reach USD XX billion by 2033 with a CAGR of 10.2%.
The report includes an in-depth analysis of the Australia Medical Device Market, including market size and trends, product mix, applications, and supplier analysis. Medical devices can be either invasive or non-invasive, and they can be used for therapeutic, diagnostic, or supportive purposes. They go through rigorous testing and regulatory approval processes to ensure safety and efficacy. Examples of medical devices include pacemakers, blood glucose monitors, and surgical instruments. The term "medical device" refers to an instrument, apparatus, machine, implant, or similar item designed for use in the diagnosis, treatment, monitoring, or prevention of diseases or medical conditions. These devices play a crucial role in healthcare and range from simple tools like thermometers to complex equipment like MRI machines.
- Braun Australia, a leading provider of innovative medical products and services to the healthcare industry, recently declared that it has formed a strategic alliance with Demic Infection Control Stations (Demic ICS) to provide a state-of-the-art hand hygiene solution for the global healthcare market. Through the partnership, B. Braun will have exclusive distribution rights for Demics ICS's Concierge hand sanitizer dispensing system in the healthcare sector. This system will use B. Braun's Softa-Man hand sanitizers.
- A new digital tool from Nanosonics, an Australian medical technology company focusing on infection control, can help an infection preventionist and quality manager improve and standardise infection control compliance. The Nanosonics AuditPro is expected to launch in the US and be used initially by the ultrasonic sector.
Market Opportunities and Challenges
The majority of medical equipment used in Australia comes from outside the country. The industrial sector of the country is run by subsidiaries of large international corporations. Australia's healthcare industry is advanced and receptive to new ideas. There is always a need for a wide range of medical devices, particularly those designed to treat and manage ailments associated with ageing. Because cost containment is a driving force in the Australian market, imported goods are often innovative and reasonably priced. There is also a growing market for devices that cure impairments, chronic pain, and promote recovery.
In terms of regulations, products that have already earned the CE Mark can be found in the Australian market with relative ease. Patients suffering from conditions like diabetes, Parkinson's disease, hearing loss, stroke, and epilepsy are receiving new treatments. The technology and portability of the advanced medical devices are key factors driving the market's growth. For example, Neofect's flagship product, the Rapael Smart Glove, is a flexible robotic glove with sensors to measure the patient's degree of finger and wrist movement and capture their motion, all while lowering costs due to the devices' smaller size. In terms of regulations, gadgets that already have CE markings can easily enter the Australian market.
However, the biggest obstacle is that, despite Australia's highly developed healthcare system, the medical device market is growing slowly. This is because medical device companies that export to Australia typically face fierce competition from manufacturers in the US, UK, and Japan who already hold significant market share. Additionally, the relatively weak Australian dollar makes it challenging for some companies to maintain profitability while satisfying Australian consumers' expectations regarding price.
Market Competitive Landscape
The major players in the Australia Medical Device Market include: 3M Company, Abbott Laboratories, Allergan Inc., Boston Scientific Corp., Cardinal Health Inc., Covidien plc., Danaher Corp., Dentsply Sirona, Dickinson and Co., Essilor International S.A., GE HealthCare, Johnson & Johnson, Medtronic Inc., Novartis AG, Philips HealthCare, Siemens AG, Stryker Corp., Toshiba Corp., Others.
Scope of the Report:
| Report Metric | Details |
| Market size available for years | 2019-2033 |
| Base year considered | 2022 |
| Forecast period | 2023-2033 |
| Segments covered | By Product Type, By Area Of Use, By End User
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| Regions covered | Central Region, Southern Region, Northern Region |
| Companies Covered | 3M Company, Abbott Laboratories, Allergan Inc., Boston Scientific Corp., Cardinal Health Inc., Covidien plc., Danaher Corp., Dentsply Sirona, Dickinson and Co., Essilor International S.A., GE HealthCare, Johnson & Johnson, Medtronic Inc., Novartis AG, Philips HealthCare, Siemens AG, Stryker Corp., Toshiba Corp., Others
|
COVID-19 Impact on Australia Medical Device Market
In Australia, the Therapeutic Goods Administration's (TGA) response to COVID-19 encompasses procedures for expeditiously assessing a range of medical equipment utilised in the disease's management. Fortunately, there was no extensive use of the critical care units. However, throughout this time, makers of medical devices with an emphasis on non-urgent cancer therapies, neuromodulation, orthopaedics, spine surgery, and other elective surgeries did not have a market. Manufacturers of devices for critical operations such as cardiac care were largely unaffected. Despite the expectation that the selling of medical devices and the provision of healthcare will restart, there has been a "hibernation" in certain areas of medical device reimbursement and ongoing transformation.
Key Target Audience
- Diagnostic Centers
- Medical Centers
- Medical Device Manufacturers
- Medical Device Suppliers
- Medical Research Laboratories
- Research and Development (R&D) Companies
- Others
Our in-depth analysis of the Australia Medical Device Market includes the following segments:
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By Product Type:
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Dental equipment and supplies
Electro-medical equipment
In-Vitro diagnostics
Irradiation apparatuses
Surgical and medical instruments
Surgical appliances and supplies
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By Area Of Use:
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Inpatient Care
Outpatient Care
Patient Self-Monitoring
Relative Medical Indication
Special Areas
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By End User:
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Clinics
Diagnostic Labs
Homecare Settings
Hospitals
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By Region:
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Central Region
Southern Region
Northern Region
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Key Topics Covered in the Report
- Australia Medical Device Market Size (FY’2023-FY’2033)
- Overview of Australia Medical Device Market
- Segmentation of Australia Medical Device Market By Product Type (Dental equipment and supplies, Electro-medical equipment, In-Vitro diagnostics, Irradiation apparatuses, Surgical and medical instruments, Surgical appliances and supplies)
- Segmentation of Australia Medical Device Market By Area Of Use (Inpatient Care, Outpatient Care, Patient Self-Monitoring, Relative Medical Indication, Special Areas)
- Segmentation of Australia Medical Device Market By End User (Clinics, Diagnostic Labs, Homecare Settings, Hospitals)
- Statistical Snap of Australia Medical Device Market
- Expansion Analysis of Australia Medical Device Market
- Problems and Obstacles in Australia Medical Device Market
- Competitive Landscape in the Australia Medical Device Market
- Impact of COVID-19 and Demonetization on Australia Medical Device Market
- Details on Current Investment in Australia Medical Device Market
- Competitive Analysis of Australia Medical Device Market
- Prominent Players in the Australia Medical Device Market
- SWOT Analysis of Australia Medical Device Market
- Australia Medical Device Market Future Outlook and Projections (FY’2023-FY’2033)
- Recommendations from Analyst
1. Introduction
1.1. Scope of the report
1.2. Market segment analysis
2. Research Methodology
2.1. Research data source
2.1.1. Secondary Data
2.1.2. Primary Data
2.1.3. SPER’s internal database
2.1.4. Premium insight from KOL’s
2.2. Market size estimation
2.2.1. Top-down and Bottom-up approach
2.3. Data triangulation
3. Executive Summary
4. Market Dynamics
4.1. Driver, Restraint, Opportunity and Challenges analysis
4.1.1. Drivers
4.1.2. Restraints
4.1.3. Opportunities
4.1.4. Challenges
4.2. COVID-19 Impacts of the Australia Medical Device Market
5. Market variable and outlook
5.1. SWOT Analysis
5.1.1. Strengths
5.1.2. Weaknesses
5.1.3. Opportunities
5.1.4. Threats
5.2. PESTEL Analysis
5.2.1. Political Landscape
5.2.2. Economic Landscape
5.2.3. Social Landscape
5.2.4. Technological Landscape
5.2.5. Environmental Landscape
5.2.6. Legal Landscape
5.3. PORTER’s Five Forces
5.3.1. Bargaining power of suppliers
5.3.2. Bargaining power of buyers
5.3.3. Threat of Substitute
5.3.4. Threat of new entrant
5.3.5. Competitive rivalry
5.4. Heat Map Analysis
6. Competitive Landscape
6.1. Australia Medical Device Market Manufacturing Base Distribution, Sales Area, Product Type
6.2. Mergers & Acquisitions, Partnerships, Product Launch, and Collaboration in Australia Medical Device Market
7. Australia Medical Device Market, By Product Type (USD Million)
7.1. Australia Medical Device Market Value Share and Forecast, By Product Type, 2024-2034
7.2. Dental equipment and supplies
7.3. Electro-medical equipment
7.4. In-Vitro diagnostics
7.5. Irradiation apparatuses
7.6. Surgical and medical instruments
7.7. Surgical appliances and supplies
8. Australia Medical Device Market, By Area Of Use (USD Million)
8.1. Australia Medical Device Market Value Share and Forecast, By Area Of Use, 2024-2034
8.2. Inpatient Care
8.3. Outpatient Care
8.4. Patient Self-Monitoring
8.5. Relative Medical Indication
8.6. Special Areas
9. Australia Medical Device Market, By End User (USD Million)
9.1. Australia Medical Device Market Value Share and Forecast, By End User, 2024-2034
9.2. Clinics
9.3. Diagnostic Labs
9.4. Homecare Settings
9.5. Hospitals
10. Australia Medical Device Market Forecast, 2019-2033 (USD Million)
10.1. Australia Medical Device Market Size and Market Share
11. Australia Medical Device Market, By Product Type, 2019-2033 (USD Million)
11.1. Australia Medical Device Market Size and Market Share By Product Type (2020-2027)
11.2. Australia Medical Device Market Size and Market Share By Product Type (2027-2034)
12. Australia Medical Device Market, By Area Of Use, 2019-2033 (USD Million)
12.1. Australia Medical Device Market Size and Market Share By Area Of Use (2020-2027)
12.2. Australia Medical Device Market Size and Market Share By Area Of Use (2027-2034)
13. Australia Medical Device Market, By End User, 2019-2033 (USD Million)
13.1. Australia Medical Device Market Size and Market Share By End User (2020-2027)
13.2. Australia Medical Device Market Size and Market Share By End User (2027-2034)
14. Australia Medical Device Market, By Region, 2019-2033 (USD Million)
14.1. Australia Medical Device Market Size and Market Share By Region
(2019-2026)14.2. Australia Medical Device Market Size and Market Share By Region (2027-2033)
14.3. Central Region
14.4. Southern Region
14.5. Northern Region
15. Company Profile
15.1. 3M Company
15.1.1. Company details
15.1.2. Financial outlook
15.1.3. Product summary
15.1.4. Recent developments
15.2. Abbott Laboratories
15.2.1. Company details
15.2.2. Financial outlook
15.2.3. Product summary
15.2.4. Recent developments
15.3. Allergan Inc.
15.3.1. Company details
15.3.2. Financial outlook
15.3.3. Product summary
15.3.4. Recent developments
15.4. Boston Scientific Corp.
15.4.1. Company details
15.4.2. Financial outlook
15.4.3. Product summary
15.4.4. Recent developments
15.5. Cardinal Health Inc.
15.5.1. Company details
15.5.2. Financial outlook
15.5.3. Product summary
15.5.4. Recent developments
15.6. Covidien plc.
15.6.1. Company details
15.6.2. Financial outlook
15.6.3. Product summary
15.6.4. Recent developments
15.7. Danaher Corp.
15.7.1. Company details
15.7.2. Financial outlook
15.7.3. Product summary
15.7.4. Recent developments
15.8. Dentsply Sirona
15.8.1. Company details
15.8.2. Financial outlook
15.8.3. Product summary
15.8.4. Recent developments
15.9. Dickinson and Co.
15.9.1. Company details
15.9.2. Financial outlook
15.9.3. Product summary
15.9.4. Recent developments
15.10. Essilor International S.A.
15.10.1. Company details
15.10.2. Financial outlook
15.10.3. Product summary
15.10.4. Recent developments
15.11. GE HealthCare
15.11.1. Company details
15.11.2. Financial outlook
15.11.3. Product summary
15.11.4. Recent developments
15.12. Johnson & Johnson
15.12.1. Company details
15.12.2. Financial outlook
15.12.3. Product summary
15.12.4. Recent developments
15.13. Medtronic Inc.
15.13.1. Company details
15.13.2. Financial outlook
15.13.3. Product summary
15.13.4. Recent developments
15.14. Novartis AG
15.14.1. Company details
15.14.2. Financial outlook
15.14.3. Product summary
15.14.4. Recent developments
15.15. Philips HealthCare
15.15.1. Company details
15.15.2. Financial outlook
15.15.3. Product summary
15.15.4. Recent developments
15.16. Siemens AG
15.16.1. Company details
15.16.2. Financial outlook
15.16.3. Product summary
15.16.4. Recent developments
15.17. Stryker Corp.
15.17.1. Company details
15.17.2. Financial outlook
15.17.3. Product summary
15.17.4. Recent developments
15.18. Toshiba Corp
15.18.1. Company details
15.18.2. Financial outlook
15.18.3. Product summary
15.18.4. Recent developments
15.19. Others
16. List of Abbreviations
17. Reference Links
18. Conclusion
19. Research Scope