Instruments, machinery, apparatus, or implants intended for use in the detection, prevention, monitoring, treatment, or alleviation of disease or injury are referred to as medical devices. These contraceptive devices have an effect on the body’s physiology and anatomy, and they can be used for contraception. From simple bandages and tongue depressors to complex surgical equipment and advanced diagnostic technology, the term “medical device” encompasses a wide range of products.
According to SPER market research, ‘Australia Medical Device Market Size- By Product Type, By Area Of Use, By End User – Regional Outlook, Competitive Strategies and Segment Forecast to 2033’state that the Australia Surgical Equipment Market is predicted to reach USD XX billion by 2033 with a CAGR of 10.2%.
The majority of medical equipment used in Australia is imported, managed by subsidiaries of global corporations. The Australian healthcare sector is advanced and receptive to innovative ideas, particularly in the realm of medical devices catering to aging-related conditions. The emphasis on cost containment in the Australian market results in the availability of imported devices that are both creative and cost-effective. There is a growing demand for devices addressing disabilities, chronic pain, and rehabilitation. Regulatory ease is observed in finding products with prior CE Mark approval in Australia. The market’s growth is further fueled by advanced technology and enhanced mobility in sophisticated medical devices, catering to conditions like diabetes, epilepsy, Parkinson’s disease, hearing loss, and stroke.
Moreover, the primary obstacle is that the medical device market in Australia is growing slowly, even with its advanced healthcare system. This is because medical device exporters to Australia often face intense competition from manufacturers in the US, UK, and Japan who already hold significant market share. Additionally, the relatively weak Australian dollar makes it challenging for some businesses to maintain profitability while satisfying Australian consumers’ expectations regarding price.
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Impact of COVID-19 on Australia Medical Device Market
Furthermore, the Covid-19 pandemic had a major effect on the medical equipment sector. Initially, surgical procedures in France were postponed in order to give priority to Covid-19 patients. Surgical volumes recovered to pre-pandemic levels by 2022. Hospital resources were taxed by the outbreak, which led to a sharp drop in sales of other medical products but a spike in demand for Covid-related commodities. During the peak of pandemic waves, many firms experienced substantial slowdowns in sales or even stopped operating entirely.
Australia Medical Device Market Key Players:
Additionally, some of the market key players are 3M Company, Abbott Laboratories, Cardinal Health Inc., GE HealthCare, Johnson & Johnson, Medtronic Inc., Siemens AG, Others.
Australia Medical Device Market Segmentation:
The SPER Market Research report seeks to give market dynamics, demand, and supply forecasts for the years up to 2033. This report contains statistics on product type segment growth estimates and forecasts.
By Product Type: Based on the Product Type, Australia Medical Device Market is segmented as; Dental equipment and supplies, Electro-medical equipment, In-Vitro diagnostics, Irradiation apparatuses, Surgical and medical instruments, Surgical appliances and supplies.
By Area Of Use: Based on the Area Of Use, Australia Medical Device Market is segmented as; Inpatient Care, Outpatient Care, Patient Self-Monitoring, Relative Medical Indication, Special Areas.
By End User: Based on the End User, Australia Medical Device Market is segmented as; Clinics, Diagnostic Labs, Homecare Settings, Hospitals.
By Region: This research also includes data for Central Region, Southern Region, Northern Region.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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