AUSTRALIA MEDICAL DEVICES MARKET

INTRODUCTION

The Australian medical device market is developed, and its regulatory framework is well-established. However, in the upcoming years, it will have one of the South Pacific region's slowest rates of growth.

A large percentage of the medical equipment used in Australia is imported. Subsidiaries of major international firms govern the nation's industrial sector.

The healthcare sector in Australia is developed and open to new products. A wide variety of medical devices are always in demand, especially those made to treat and control illnesses linked to ageing. Since the Australian market is driven by the need to manage costs, imported products are frequently cutting-edge and economical.

Devices that treat chronic pain, and disabilities, and speed up healing are also in greater demand. From a regulatory perspective, the Australian market is relatively open to products that have previously received the CE Mark.

AUSTRALIA MEDICAL DEVICES MARKET SIZE AND FORECAST

The Australia Medical Devices Market accounted for $XX Billion in 2023 and is anticipated to reach $XX Billion by 2030, registering a CAGR of XX% from 2024 to 2030.

AUSTRALIA MEDICAL DEVICES MARKET DYNAMICS

New therapies for patients with diseases including epilepsy, Parkinson's disease, hearing loss, stroke, and diabetes are expected to go forward more quickly with the opening of Australia's first medical device development and production center in Melbourne.

The Bionics Institute and the University of Melbourne recently opened a new facility called Neo-Bionica.

It is a highly specialized laboratory that was specially designed with the most up-to-date cleanroom technology, cutting-edge robotic equipment, improved 3D printing, and highly precise equipment needed to develop prototypes and manufacture medical devices for clinical trials.

Through commercialization, innovation, and research, Texas Medical Center (TMC) and Biodesign Australia will advance health and life science research.

Founders and entrepreneurs will have access to talent, clinical trial activity, expanded funding opportunities, and market access thanks to the collaboration between TMC and Biodesign Australia.

TMC Biodesign will be able to better connect with programmes in the Biodesign Australia network as a result of this partnership.

An avenue for Australian digital health and medical device firms to interact with Texas Medical Center Innovation programmes and partners has been co-designed by the TMC | Australia Biobridge.

Baxter Healthcare (Baxter), a world leader in clinical nutrition, and Micrel Medical Devices, a medical device firm specializing in infusion treatment, have announced a partnership for the sale of the Micrel Mini Rythmic PN+ infusion pump for parenteral nutrition (PN).

According to the deal, Baxter Healthcare will be Australia and New Zealand's sole distributor of the Micrel Mini Rythmic PN+ infusion pump and its accessories.

An Australian medical technology business called Nutromics has secured millions in a pre-market investment round in which private investors took part.

The business is creating continuous molecular monitoring (CMM) platform technology, which uses a single wearable sensor to detect many targets throughout the human body.

The technology offers continuous, real-time molecular-level insights for systems for hospital-at-home care and remote patient monitoring.

It will make use of its new finances to establish a manufacturing plant and carry out the first human clinical trial for the device, which will start later this year. The US and Australia will be the first countries to offer the CMM patch.

AUSTRALIA MEDICAL DEVICES MARKET NEW PRODUCT LAUNCH

Braun Australia, a top supplier of cutting-edge medical goods and services for the healthcare sector, recently announced that it has joined forces with Demic Infection Control Stations (Demic ICS) in a strategic alliance to offer a cutting-edge hand hygiene solution for the international healthcare market.

The partnership gives B. Braun exclusive distribution rights for Demics ICS's Concierge hand sanitiser dispensing system, which will use B. Braun's Softa-Man hand sanitisers, in the healthcare industry.

For hygienic and surgical hand preparation, B. Braun's Softa-Man antiseptic hand rub has been shown to be effective against bacteria including Methicillin-resistant Staphylococcus aureus (MRSA), mycobacteria, fungi, enveloped viruses, and rotavirus.

An infection preventionist and quality manager can now improve and standardise infection control compliance with the aid of a new digital tool from Nanosonics, an infection control-focused medical technology firm with its headquarters in Australia. 

The ultrasonic market will be the first to use the Nanosonics AuditPro, and the product is anticipated to launch in the US.

Along with a browser-based app, the Nanosonics AuditPro includes a mobile scanning device, an ultrasound user app, and both.

Users of the mobile app can standardize infection control procedures to satisfy accreditation criteria and obtain best practise infection control education as part of the clinical workflow at the ultrasound console.

AUSTRALIA MEDICAL DEVICES MARKET RECENT PRODUCT DEVELOPMENT AND INNOVATION

The Australian government provides millions in partnership projects through the BMTH programme to assist in advancing novel new medical devices to the next stages of beginning human trials and early manufacturing.

Up to four well-developed initiatives that can be finished in a year may receive financing. These projects will help devices complete the process of becoming commercially viable.

With recent funding recipient WearOptimo announcing an agreement to produce its next generation Microwearable sensor health technology, the BMTH initiative has already had remarkable success.

The wearable device provides patients with early warning of heart attacks, heat stroke, and other potentially fatal conditions, as well as their doctors. The gadget will be produced in Brisbane and sold all around the world.

Through the BMTH programme, the government funded WearOptimo's research to create the Microwearable technology itself and subsequently to use it to track cardiac and dehydration health.

The BMTH programme is delivered by MTPConnect, a non-profit organisation that fosters innovation, collaboration, and commercialization in the medical technology, biotechnology, and pharmaceutical sectors.

An Australian-first medical device hub, supported by the Victorian Government and led by the University of Melbourne, is planned to speed up Victoria's medical technology development ecosystem and improve the State's advanced manufacturing capabilities, employment opportunities, and Australians' access to cutting-edge medical care.

The Victorian Medtech Skills and Device Hub will collaborate with industry, academic institutions, and training providers to create medtech training programmes, degrees, and internships.

It will support local businesses in developing and manufacturing medtech products domestically and increasing exports to the burgeoning global market. It will also give up to a dozen investment-ready startups and 1,000 industry-based training spots.

Victoria's medtech industry is a major player in the expanding worldwide market; this Australian-first cluster will increase local production, draw in investment, and teach the creative employees the industry needs for a bright future.

The Hub will be supported by more than 20 local medtech firms, including Neo-Bionica, Synchron, Seer Medical, and Trajan, as well as RMIT University, Swinburne University of Technology, and national peak organisation MTPConnect.

As the Hub grows, more partners will join. In order to create the Victorian Medtech Skills and Device Hub, the University of Melbourne is excited to collaborate with the Victorian Government, the Aikenhead Centre for Medical Discovery, universities, businesses, and the medical technology sector.

IndiMed Tempo 26, a line of new dried medical marijuana products with a higher THC content for patients who qualify under the MedReleaf Concession Scheme (MCS), was recently introduced by Aurora Cannabis Inc., a company that is opening the world to cannabis, and MedReleaf Australia.

In order to provide doctors with more options when prescribing medical cannabis to their patients, Tempo 26 will expand the array of products that are already offered.

Through the MedReleaf Concession Scheme, they are proud to continue to offer a wide range of premium medical cannabis products to Australian patients.

With the addition of Tempo 26, patients and doctors now have more control and options than ever before when it comes to using medical cannabis.

The Medical Cannabis Standard (MCS), which is not covered by the Pharmaceutical Benefits Scheme (PBS), was created by MedReleaf Australia and Aurora to deliver high-quality products and improve patient access.

Patients can get compassionate pricing through the MCS, especially if they have Commonwealth Seniors Health Cards, Health Care Cards, or Veterans Cards (DVA). 

It have been able to offer deeply discounted products through their MedReleaf Concession Scheme thanks to the investment of Aurora and MedReleaf Australia, which has significantly increased access for underprivileged Australian patients dealing with crippling medical conditions and expanded the prescription options available to them.

Currently, Aurora owns 10% of the privately owned, fully authorised company MedReleaf Australia. Together, they offer patients in Australia a range of cutting-edge Aurora-branded goods, including dried flowers, oils, soft gels, and resin cartridges.

COVID-19 IMPACT ON AUSTRALIA MEDICAL DEVICES MARKET

The Therapeutic Goods Administration (TGA) reaction to COVID-19 in Australia includes processes for quick evaluation of a variety of medical devices used in the disease's treatment.

Thankfully, there was no large-scale utilisation of intensive care beds. However, during this period, there was no market for medical device manufacturers who focused on elective surgeries such orthopaedics, spine, neuromodulation, non-urgent cancer therapies, and others.

Device producers who focus on urgent procedures like heart care were comparatively untouched. There has been a "hibernation" in some sectors of medical device reimbursement and ongoing change, even though the sale of medical devices and the actual delivery of healthcare are expected to resume.

THIS AUSTRALIA MEDICAL DEVICES MARKET REPORT WILL ANSWER FOLLOWING QUESTIONS

1. How many Medical Devices are manufactured per annum in  Australia? Who are the sub-component suppliers in this regions?
2. Cost breakup of a  Australia Medical Devices and key vendor selection criteria
3. Where is the Medical Devices manufactured? What is the average margin per unit?
4. Market share of  Australia Medical Devices market manufacturers and their upcoming products
5. Cost advantage for OEMs who manufacture  Australia  Medical Devices in-house
6. key predictions for next 5 years in  Australia Medical Devices market
7. Average B-2-B Medical Devices market price in all segments
8. Latest trends in Medical Devices market, by every market segment
9. The market size (both volume and value) of the Medical Devices market in 2024-2030 and every year in between?
10. Production breakup of Medical Devices market, by suppliers and their OEM relationship