Cardiology Devices - Australia | Statista Market Forecast

The projected revenue in the Cardiology Devices market market in Australia is set to reach US$937.00m in 2024.
Over the following four years, from 2024 to 2029, the revenue is expected to exhibit an annual growth rate (CAGR 2024-2029) of 7.71%.
This growth rate will ultimately lead to a market volume of US$1.36bn by 2029.
When comparing this market to others globally, it is worth noting that the United States is expected to generate the highest revenue, with an estimated US$25.77bn in 2024.
Australia has seen a significant increase in the adoption of innovative cardiology devices, positioning the country as a key player in the medical technology market.

Definition:
The Cardiology Devices market includes diagnostic, monitoring, and surgical devices that are used to treat heart diseases and heart-related problems.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Abbott Laboratories, Boston Scientific, Edwards Lifesciences.
Further information on the key players can be found in the Market Shares boxes.

Cardiology diagnostic & monitoring devices
Cardiology surgical devices
Implants such as pacemakers

Cardiology drugs
Cardiology supplements

The Cardiology Devices market in Australia has been experiencing steady growth in recent years.

Customer preferences: Customers in the Cardiology Devices market in Australia are increasingly seeking technologically advanced and innovative products. They are looking for devices that offer better accuracy, reliability, and ease of use. Additionally, there is a growing demand for minimally invasive procedures, which has led to an increased adoption of devices such as cardiac catheters and stents. Patients are also becoming more conscious of their health and are willing to invest in preventive measures, leading to a rise in the demand for diagnostic devices such as ECG machines and Holter monitors.

Trends in the market: One of the key trends in the Cardiology Devices market in Australia is the increasing prevalence of cardiovascular diseases. Factors such as sedentary lifestyles, unhealthy eating habits, and an aging population have contributed to the rise in cardiovascular diseases. This has created a significant demand for cardiology devices, including pacemakers, defibrillators, and implantable cardiac monitors. Another trend in the market is the shift towards remote monitoring and telemedicine. With advancements in technology, healthcare providers are now able to remotely monitor patients with cardiac conditions. This allows for early detection of any abnormalities and timely intervention, reducing the need for hospital visits and improving patient outcomes.

Local special circumstances: Australia has a well-developed healthcare system with a strong emphasis on preventive care. The government has implemented various initiatives to promote healthy lifestyles and reduce the risk of cardiovascular diseases. This includes public health campaigns, subsidies for gym memberships, and increased access to primary care services. These efforts have contributed to a greater awareness of cardiovascular health among the population and an increased demand for cardiology devices.

Underlying macroeconomic factors: The growing economy and increasing disposable income in Australia have also contributed to the growth of the Cardiology Devices market. As people have more financial resources, they are more willing to invest in their health and seek advanced medical treatments. Additionally, the government has implemented policies to support the healthcare sector, including increased funding for medical research and development. This has encouraged innovation in the field of cardiology devices and has led to the introduction of new and improved products in the market. In conclusion, the Cardiology Devices market in Australia is experiencing steady growth due to customer preferences for technologically advanced and innovative products, the increasing prevalence of cardiovascular diseases, the shift towards remote monitoring and telemedicine, the emphasis on preventive care in the healthcare system, and the growing economy and increasing disposable income. These factors are driving the demand for cardiology devices and creating opportunities for market growth.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.