Australia Cardiovascular Devices Market Size

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.