Australia Cardiovascular Devices Market Size
|Study Period:||2018 - 2028|
*Disclaimer: Major Players sorted in no particular order
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Australia Cardiovascular Devices Market Analysis
The Australia cardiovascular devices market is expected to register a CAGR of 6.1% during the forecast period.
- The impact of COVID-19 in its initial phase was adverse due to the postponement of elective procedures, including cardiovascular surgeries, which had a negative effect on market growth. For example, an article published in the Elsevier Public Health Emergency Collection in September 2021 revealed that in Australia, elective cardiac surgeries were postponed during the first four months of the pandemic. During the initial Australian wave of the COVID-19 pandemic, there was a 21% reduction in cardiac surgical cases from a single center. However, as surgical procedures resumed in the latter phase of the pandemic, the market gained traction.
- According to the Australian and New Zealand Society of Cardiac and Thoracic Surgeons Cardiac Surgery Database, 2021, a total of 9,581 coronary artery bypass graft (CABG) procedures, 3,396 aortic valve surgeries, 1,159 mitral valve surgeries, 316 aortic dissections, and 2,675 other cardiac procedures were performed in 2020 in Australia. Therefore, although the impact of COVID-19 on the market in the initial phase was adverse, the market is expected to achieve its pre-pandemic growth rate over the coming years.
- Furthermore, the increasing burden of cardiovascular diseases, growing preference for minimally invasive procedures, and technological advancements are driving the growth of the studied market. According to the Australian Bureau of Statistics, as of March 2022, the prevalence of heart disease in Australia was 4.0%, representing 1.0 million people in 2020-21. Heart diseases, such as angina, heart attack, stroke, and other cardiovascular diseases, were more common in males than females (4.9% compared to 3.1%).
- Heart disease increased with age, from 2.3% of people aged 45-54 years to 23.2% of people aged 75 years and over. Males aged 65-74 years were more than twice as likely as females to have heart disease. The same source stated that in 2020–2021, 375,800 individuals (1.5%) of all ages had chronic obstructive pulmonary disease. The high burden of cardiovascular diseases in the country is expected to drive the demand for cardiovascular devices for the diagnosis and management of these diseases, thereby augmenting the market growth.
- Moreover, advancements in technology, increasing product approvals, and research and development activities undertaken by key market players are contributing to the market's growth.
- For instance, in November 2021, EBR Systems, a cardiovascular medical device company, raised an Initial Public Offering on the Australian Securities Exchange (ASX). The funds raised were used to complete its pivotal study, targeting a United States Food & Drug Administration (FDA) submission for approval in 2023, followed by the commercial launch of its WiSE leadless pacemaker technology in the United States, Australia, and other key markets. The WiSE leadless pacemaker technology is being developed and tested in clinical trials by the company. Such technological advancements and clinical trial activities are expected to increase the demand for cardiovascular devices in the country, thereby propelling the market growth.
- Therefore, owing to the rising prevalence of cardiac diseases and technological advancements in cardiovascular diseases, the studied market is expected to witness growth over the analysis period. However, stringent regulatory policies and product recalls are potential impediments to market growth.
Australia Cardiovascular Devices Industry Segmentation
As per the scope of the report, cardiovascular devices are used to diagnose and treat heart disease and related cardiovascular problems. Cardiac devices offer monitoring services to hospitals and physicians to take care of the patients with the help of the data collected by cardiac monitors.
The Australia cardiovascular devices market is segmented by device type (diagnostic and monitoring devices (electrocardiogram, remote cardiac monitoring, and other diagnostic and monitoring devices) and therapeutic and surgical devices (cardiac assist devices, cardiac rhythm management devices, catheters, grafts, heart valves, stents, and other therapeutic and surgical devices)).
The report offers the value (in USD million) for the above segments.
|By Device Type|
Australia Cardiovascular Devices Market Trends
Electrocardiogram (ECG) Segment is Expected to Witness Growth Over The Forecast period
- The electrocardiogram (ECG) segment is expected to experience substantial growth in the studied market, primarily due to the rising incidence of cardiac complications, the surge in product launches, and the increasing technological advancements in ECGs. ECGs, also known as electrocardiographs, record the heart's electrical signals and are commonly used equipment in operating rooms and ambulances. Personal devices such as smartwatches also offer ECG monitoring. ECGs can detect irregular heart rhythms, blocked or narrowed arteries in the heart, previous heart attacks, and the functioning of certain heart disease treatments such as pacemakers.
- The growth of the segment is being further boosted by increasing product launches, partnerships, and acquisitions in the country. For instance, in May 2021, Apple launched its ECG application for its Series 4, 5, and 6 Apple Watch in Australia. Additionally, Apple Watch Series 3 and later models have an abnormal rhythm alert feature that detects atrial fibrillation. The company has also tested its irregular rhythm notification feature on over 400,000 participants, which has received approval from the United States Food and Drug Administration. Such developments are expected to drive the segment's growth in the country during the forecast period.
- Moreover, funding provided to the Australian government to expedite clinical trial developments in cardiovascular devices is projected to further boost the segment's growth. In February 2021, the Australian Cardiovascular Alliance (ACvA) received USD 200,000 in funding from MTPConnect's Industry Growth Centre Project Fund Program to enhance Australia's participation in clinical trials for research into cardiovascular devices.
- The Victor Chang Cardiac Research Institute and the Charles Perkins Centre at the University of Sydney are two industrial sponsors of the consortium conducting clinical trials for cardiovascular devices. Such collaborative initiatives are expected to encourage medical device research and development in Australia and accelerate the commercialization of cardiovascular devices developed through this R&D, ultimately boosting the segment's growth during the forecast period.
- Therefore, due to the increasing technological advancements in ECGs and the rise in product launches, the studied segment is anticipated to experience significant growth over the forecast period.
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Catheters Segment is Anticipated to Witness a Growth in the Australia Cardiovascular Devices Market Over the Forecast Period
- The catheter segment is expected to hold a significant share of the market during the forecast period, driven by several factors, including the rising incidence of cardiac diseases, government initiatives, and technological advancements in cardiac catheters. For example, in April 2021, the Australian Government invested approximately USD 12 million in expanding the Heart of Australia program, which offers mobile medical clinic services across northern Queensland, including access to cardiology, cardiac monitoring, and other services. This government support for cardiovascular services is expected to increase demand for catheters and drive market growth.
- The growth of the catheter segment in Australia is also being fueled by increasing product launches, partnerships, acquisitions, and collaborations. For instance, in February 2022, Vantari VR, an Australian medical virtual reality company, partnered with an internationally renowned cardiologist to develop a Virtual Right Heart Catheter Course to revolutionize clinician training. Such developments are expected to further boost the growth of the catheter segment in the country during the forecast period.
- Moreover, approvals and product launches of new cardiac catheters are expected to drive market growth. In August 2022, Millar, Inc., a medical device manufacturer and OEM solutions partner, received approval from the Therapeutic Goods Administration (TGA) in Australia for its Mikro-Cath Pressure Catheter, a single-use pressure catheter designed for medical research and diagnostic purposes. These types of developments in cardiac catheters in Australia are expected to contribute to market growth during the forecast period.
- Therefore, with the increasing number of catheter product launches and the rising incidence of cardiac complications, the catheter segment in Australia is expected to witness significant growth over the forecast period.
Australia Cardiovascular Devices Industry Overview
The cardiovascular devices market in Australia is somewhat fragmented due to the presence of multiple companies operating in the region. The competitive landscape includes an analysis of several international and local companies that hold significant market share and are well-known in the industry. Key players in the market include Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., Edwards Lifesciences, General Electric Company (GE Healthcare), W. L. Gore & Associates, Inc., Medtronic PLC, Biotronik, Siemens Healthineers AG, Canon Medical Systems Corporation, and B. Braun SE.
Australia Cardiovascular Devices Market Leaders
Boston Scientific Corporation
B. Braun SE
Cardinal Health Inc.
*Disclaimer: Major Players sorted in no particular order
Australia Cardiovascular Devices Market News
- June 2022: Teleflex Incorporated, a leading global provider of medical technologies, launched its Arrow Pressure Injectable Midline Catheter in Australia. The addition of the pressure injectable catheter further enhances the Midline portfolio to meet the expanded needs of clinicians and is designed to improve patient safety. The new 20 cm Arrow Pressure Injectable Midline with brightly colored yellow hubs and labeling will help clinicians overcome catheter identification confusion, which can lead to infusion mistakes that can harm patients.
- March 2022: The Regional Ministerial Budget Statement 2022-23 indicated that the Australian government is allocating USD 17.2 million over four years to operate five mobile health clinics that will provide consultations and diagnosis in various medical specialties, including cardiology, in Queensland.
Australia Cardiovascular Devices Market Report - Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Burden of Cardiovascular Diseases
4.2.2 Increased Preference for Minimally Invasive Procedures and Technological Advancements in Cardiovascular Devices
4.3 Market Restraints
4.3.1 Stringent Regulatory Policies and Product Recalls
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Device Type
5.1.1 Diagnostic and Monitoring Devices
184.108.40.206 Electrocardiogram (ECG)
220.127.116.11 Remote Cardiac Monitoring
18.104.22.168 Other Diagnostic and Monitoring Devices
5.1.2 Therapeutic and Surgical Devices
22.214.171.124 Cardiac Assist Devices
126.96.36.199 Cardiac Rhythm Management Devices
188.8.131.52 Heart Valves
184.108.40.206 Other Therapeutic and Surgical Devices
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Abbott Laboratories
6.1.2 Boston Scientific Corporation
6.1.3 Cardinal Health Inc
6.1.4 Edwards Lifesciences
6.1.5 General Electric Company (GE Healthcare)
6.1.6 W. L. Gore & Associates, Inc
6.1.7 Medtronic PLC
6.1.9 Siemens Healthineers AG
6.1.10 Canon Medical Systems Corporation
6.1.11 B. Braun SE
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia Cardiovascular Devices Market Research FAQs
What is the study period of this market?
The Australia Cardiovascular Devices Market is studied from 2018 - 2028.
What is the growth rate of Australia Cardiovascular Devices Market?
The Australia Cardiovascular Devices Market is growing at a CAGR of 6.1% over the next 5 years.
Who are the key players in Australia Cardiovascular Devices Market?
Abbott Laboratories, Boston Scientific Corporation, Medtronic PLC, B. Braun SE, Cardinal Health Inc. are the major companies operating in Australia Cardiovascular Devices Market.
Australia Cardiovascular Devices Industry Report
Statistics for the 2023 Australia Cardiovascular Devices market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia Cardiovascular Devices analysis includes a market forecast outlook to for 2023 to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.