The last 10 years has seen the Australian medical and health industry grow exponentially. What can we expect in the next 10 years for this dynamic industry?
Over the past decade, Australia’s health and medical industry has grown dramatically in size and reputation for its world leading technology, innovation, high professional skills, advanced research, development and robust health system.
It is characterised by a small number of global multinational companies (approximately 20 per cent of the industry) and a large number of small and medium-sized enterprises (80 per cent of the industry).
The health and medical industry is represented by manufacturers, specialised in niche applications in the fields of cardiovascular, diagnostic, hearing, orthopaedic, respiratory devices, as well as health IT, health infrastructure, services and clinical trials. The industry is also expected to advance rapidly into new fields of science, engineering, and nanotechnology to facilitate new innovations in the biomedical sphere and an increasing convergence of physical and biological technology platforms.
The key growth areas are:
- Medical and surgical equipment and devices
- Health IT
- Health infrastructure and services
- Clinical trials
Medical and surgical equipment and devices
- Imaging/monitoring equipment
- Biomedical devices and implants
- Surgical equipment, general hospital supplies
- Diagnostic devices
- Laboratory equipment
- Dental equipment
- Health-related software
- Drug delivery