According to the latest report by IMARC Group, titled “Australia MedTech Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the Australia MedTech market size reached US$ 7.5 Billion in 2022. MedTech, also known as medical technology, is a combination of technology and medical interventions that help patients overcome injuries and chronic illnesses. It relies on various medical devices, such as tongue depressors, surgical gloves, thermometers, insulin pumps, and pacemakers. It also includes laboratory and imaging tests, like CT scans, biopsy, endoscopy, ultrasound, and blood and urine tests. It helps accelerate patient recovery and keeps people healthy. At present, MedTech is widely used in the healthcare industry for performing numerous clinical and non-clinical applications across Australia.
Australia MedTech Market Trends:
The growing prevalence of acute and chronic health conditions, especially among the aging population, represents one of the key factors driving the market in Australia. Additionally, the rising utilization of healthcare apps and wearable devices to self-monitor heart rate, glucose, and blood pressure is creating a positive outlook for the market in the country. Along with this, the increasing sales of the Internet of Things (IoT)-integrated smartwatches that ensure accurate monitoring of patient health conditions is strengthening the growth of the market. The rising adoption of mobile health (m-Health) services featuring call conferencing and live consultation facilities with healthcare professionals is also driving the market. Furthermore, continuous investment in research and development (R&D) activities by leading MedTech companies of Australia for the development of advanced medical devices is accelerating the growth of the market. Looking forward, the market value is projected to reach US$ 11.1 Billion by 2028, expanding at a CAGR of 6.7% during 2023-2028.
- Based on the type, the market has been segmented into telehealth, medical wearables, EMR/EHR systems, medical apps, healthcare analytics, and others. Telehealth currently dominates the market.
- On the basis of the component, the market has been divided into software, hardware, and service. At present, software accounts for the majority of the market share.
- Based on the deployment type, the market has been segregated into on-premises and cloud-based.
- On the basis of the application, the market has been classified into cardiology, diabetes, neurology, sleep apnea, oncology, and others. Presently, cardiology represents the largest market segment.
- On the basis of end user, the market has been categorized into healthcare providers, healthcare payers, and pharmaceutical companies. Healthcare providers hold the largest market segment.
- Region-wise, the market has been segregated into Western Australia, New South Wales, Queensland, Victoria, and the Rest of Australia. Amongst these, New South Wales enjoys the leading position in the market.
- The competitive landscape of the market 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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