The Australia MedTech market size reached US$ 7.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 11.1 Billion by 2028, exhibiting a growth rate (CAGR) of 6.7% during 2023-2028.
MedTech refers to products, services, or solutions that utilize medical technology for preventing, diagnosing, monitoring, and treating diseases. It includes numerous types, such as telehealth, EMR and HER, medical apps, healthcare analytics, medical wearables, etc. MedTech devices assist healthcare providers in disease diagnosis and treatment procedures with higher accuracy, accessing health records, preparing a diagnosis history, eliminating the need for duplicate tests, and saving total healthcare expenditures. Owing to this, they are widely used across the healthcare sector for several clinical and non-clinical applications.
Australia MedTech Market Trends:
The high prevalence of numerous chronic diseases along with the escalating demand for advanced healthcare services is primarily driving the Australia MedTech market. In addition to this, the increasing utilization of innovative digital solutions, including healthcare apps and wearable devices, that enable patients to self-monitor heart rate, glucose, blood pressure, etc., is further augmenting the growth of the market. Moreover, the elevating requirement for mobile health (m-Health) services that assist in call conferencing and live consultation features with healthcare professionals is also stimulating the regional market. Besides this, the emerging popularity of MedTech services due to the sudden outbreak of coronavirus infection (COVID-19) for disease management, remote patient monitoring, providing feedback, and suggesting adequate medication is positively impacting the market growth. Furthermore, the growing adoption of personalized treatment options and point-of-care (POC) testing solutions is creating a positive outlook for the Australia market. Additionally, the introduction of favorable policies by the Australian government, such as extending medicare reimbursement to cover remote consultations for encouraging the use of digital health solutions, is acting as another growth-inducing factor. Apart from this, several key players are making significant investments in AI in Healthcare technologies which offer greater precision, ensure proper storage and monitoring of patient information, and enhance the overall user experience. This, in confluence with continuous digital innovations, such as the introduction of robotic surgery units, 3D printing, portable ultrasound, digital tomosynthesis, etc., is anticipated to drive the Australia MedTech market in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each segment of the Australia MedTech market report, along with forecasts at the country and regional levels from 2023-2028. Our report has categorized the market based on type, component, deployment type, application and end user.
Breakup by Type:
- Medical Wearables
- EMR/EHR Systems
- Medical Apps
- Healthcare Analytics
Breakup by Component:
Breakup by Deployment Type:
Breakup by Application:
- Sleep Apnea
Breakup by End User:
- Healthcare Providers
- Healthcare Payers
- Pharmaceutical Companies
Breakup by Region:
- Western Australia
- New South Wales
- Rest of Australia
The competitive landscape of the industry has also been examined with some of the key players being Alcidion Group Limited, Anatomics Pty Ltd, Artrya, AusBiotech, Avanade Australia (Accenture), Cochlear Limited, Ellex, ResMed Inc., Schott AG and Sirtex Medical Limited.
|Base Year of the Analysis
||Type, Component, Deployment Type, Application, End User, Region
||Western Australia, New South Wales, Queensland, Victoria and Rest of Australia
||Alcidion Group Limited, Anatomics Pty Ltd, Artrya, AusBiotech, Avanade Australia (Accenture), Cochlear Limited, Ellex, ResMed Inc., Schott AG and Sirtex Medical Limited
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Key Questions Answered in This Report:
- How has the Australia MedTech market performed so far and how will it perform in the coming years?
- What has been the impact of COVID-19 on the Australia MedTech market?
- What are the key regional markets?
- What is the breakup of the market based on the type?
- What is the breakup of the market based on the component?
- What is the breakup of the market based on the deployment type?
- What is the breakup of the market based on the application?
- What is the breakup of the market based on the end user?
- What are the various stages in the value chain of the industry?
- What are the key driving factors and challenges in the industry?
- What is the structure of the Australia MedTech industry and who are the key players?
- What is the degree of competition in the industry?