Medical Technology - Australia & Oceania

Australia & Oceania

In 2024, the projected revenue in the Medical Technology market market in Australia & Oceania is expected to reach a substantial amount of US$9.49bn.
Within this market, the largest market is Medical Devices, which is projected to have a market volume of US$8.15bn in the same year.
Looking ahead, the revenue in this market is expected to grow at an annual rate of 6.23% between 2024 and 2029, resulting in a market volume of US$12.84bn by 2029.
In a global perspective, the United States is anticipated to generate the highest revenue, reaching US$211.10bn in 2024.
Australia is at the forefront of medical technology innovation, with its advanced research institutions and strong government support.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in Australia & Oceania is experiencing steady growth due to several key factors. Customer preferences in the region are driving demand for innovative medical technologies that improve patient outcomes and enhance the efficiency of healthcare delivery. Additionally, local special circumstances, such as the unique healthcare challenges faced by remote and rural communities, are also contributing to the development of the market. Customer preferences in Australia & Oceania are focused on high-quality medical technologies that offer advanced features and capabilities. Patients and healthcare providers in the region are increasingly seeking out innovative solutions that can improve the accuracy and effectiveness of medical diagnoses and treatments. This has led to a growing demand for medical devices and equipment that incorporate cutting-edge technologies, such as artificial intelligence, robotics, and telemedicine. Trends in the market indicate a shift towards personalized and patient-centric healthcare. There is a growing emphasis on preventive medicine and early detection of diseases, which has led to an increased demand for diagnostic devices and screening technologies. Additionally, the aging population in Australia & Oceania is driving the need for medical technologies that can address age-related conditions and provide effective solutions for chronic diseases. Local special circumstances, such as the vast distances between healthcare facilities and the remote nature of many communities, have created unique challenges in delivering healthcare services. This has led to a greater reliance on telemedicine and remote monitoring technologies, which enable healthcare providers to reach patients in remote areas and monitor their health conditions remotely. The adoption of these technologies is expected to continue to grow in the region, as they offer cost-effective and efficient solutions to overcome the geographical barriers to healthcare access. Underlying macroeconomic factors, such as government investments in healthcare infrastructure and the increasing healthcare expenditure in Australia & Oceania, are also driving the growth of the Medical Technology market. Governments in the region are recognizing the importance of investing in healthcare technologies to improve the overall quality of healthcare services and reduce healthcare costs in the long run. This has created a favorable environment for the development and adoption of medical technologies in the region. Overall, the Medical Technology market in Australia & Oceania is experiencing growth due to customer preferences for innovative and advanced medical technologies, local special circumstances that require unique healthcare solutions, and underlying macroeconomic factors that support investments in healthcare infrastructure. The market is expected to continue to expand as the demand for personalized and patient-centric healthcare grows in the region.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.