Market Trends of Australia Cardiovascular Devices Industry
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.
