BMI View : Investment in Australia's research infrastructure will support development of the country's medtech sector and contribute to growth in the medical device market. We have revised up our medical device market forecasts on the back of key drivers such as ageing demographics, the increasing prevalence of chronic diseases contributing to rising hospital admissions and the government's commitment to innovation. However, a further weakening of the Australian dollar means that in US dollar terms the market will remain one of the slowest performers within the Asia region.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We forecast that the market will increase at a CAGR of 1.8% in US dollar terms over the 2015-2020 period, with growth ranging from 1.0% for diagnostic imaging to 2.6% for orthopaedics & prosthetics. The low dollar growth rate reflects a weak AUD, which will continue to depreciate against the US dollar in 2016 and 2017, following a sharp fall in 2015.
Imports increased by 1.7% y-o-y to USD1.1bn over the three months to April 2016 and we are optimistic that this is a precursor to modest growth in 2016, a view strengthened by the increased allocation for health in the government's May budget.
We expect a comparatively weak export performance in 2016 despite the competitive advantages of a depreciating Australian dollar coupled with an unexpected sharp rise in exports in April 2016 which was responsible for a 5.9% rise to USD486.1mn for the three month period to April 2016.
The Medical Technology Association of Australia has welcomed the launch of a consultation on Australia's future research infrastructure priorities citing the need for greater co-ordination to ensure the country's medtech sector is competitive with other medtech industries across the globe.
The Australia Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Australia provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Australia Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Australia, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Australia.
- Target Business Opportunities in the Australia Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Australia.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.