The Australian and global medtech landscape
Internationally
The global medical device and diagnostic industry, valued at more than $100 billion, is growing rapidly. Growth is driven by the increasing affluence of developed and developing countries, longer life expectancy and demand for a higher quality of life.
New fields of science and engineering research in the biomedical sphere drive this advancement, which is characterised by a convergence of physical and biological technological platforms.
According to Deloitte, the industry will be shaped by three major trends including digital health, demand for value and reform to the dynamic healthcare landscape.
Australia
Australia is poised to become a world-leader in medtech, supported by strong capabilities in areas such as genomic medicine, digital health and precision medicine.
Companies operating in the Australian medical device and diagnostics sector benefit from a distinct set of competitive advantages. They are well-positioned to develop new products and bring innovative ideas to market, thanks to a reduced time to market compared with drug discovery, a highly skilled workforce and its geographic position in the Asia-Pacific Region.
With the exception of a few industry heavyweights such as Cochlear and Cook Medical, Australian medtech companies are typically young and small. One of the key challenges in this sector is competing with large multi-national companies for market share on a global scale. In order to meet these global challenges, it is essential for industry to have the support of government and its representative organisations. AusMedtech, the national industry group representing the medical devices and diagnostics industry sector in Australia, is dedicated to preparing the local medical device industry to meet this challenge and strengthen its ability to compete on a global scale.
