Australia’s medical devices market to grow 5% annually through 2034

Thanks to a $65.5m investment by the government.

Australia’s medical devices market is expected to expand at a compound annual growth rate of 5% through 2034, according to a GlobalData report.

The sector’s growth is driven by a $65.5m government investment in biomedical and medical technologies, alongside an additional $7.9m to support locally produced medical devices and medicines for heart disease and diabetes.

These investments are expected to support small and medium-sized enterprises (SMEs) in commercialising new medical technologies, said Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData.

“Consequently, this will lead to enhanced competitiveness of Australian SMEs within the global medical device market,” Thammanabhatla added.