Australia General Surgical Devices Market Size

Australia General Surgical Devices Market Analysis

The Australia General Surgical Devices Market is expected to register a CAGR of 2% during the forecast period.

The COVID-19 epidemic has had a significant influence on hospital activity. Since February 2020, a variety of social, economic, business, and travel limitations have been in place to prevent and reduce the spread of the coronavirus (COVID-19) and to ensure the healthcare system's adequate capacity to deal with the pandemic. According to an update in July 2022 by Australian Institutes and Health and Welfare, between 2018-19 and 2019-20, there was an 8.3% decline in elective admissions including surgery in public hospitals, and a 5.7% fall in private hospitals as a result of the restrictions on elective surgery implemented in early 2020. The proportion of patients waiting more than 365 days for elective surgery grew from 2.8% to 7.6% between 2019-20 and 2020-21, with total knee replacement (11% to 32%) and septoplasty (18% to 36%) seeing the biggest increases. As a result, this reduced the total number of surgeries performed across Australia. Thus, the pandemic has resulted in lower demand for general surgical devices, thereby impacting the market growth.

Some of the factors such as rising demand for minimally invasive devices, growing cases of injuries, and accidents are propelling the market growth. In recent years, people have been showing interest in minimally invasive procedures rather than opting for traditional open surgeries that involve long incisions made through the muscles. These muscles take a considerable amount of time to heal. The main advantage of minimally invasive surgeries (MIS) over traditional open surgeries is higher precision due to video-assisted equipment, which produces a better and magnified image of the organs or body parts being operated on, along with other significant benefits, such as less major bleeding, fewer post- operative infections, fewer complications, shorter length of stay, quicker return to normal activities, less scarring, and comparable/lower cost, among others. As a result, these procedures have become more prevalent in recent times. According to the Australian Institute of Health and Welfare, 2022, in the year 2020-2021, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had chronic heart diseases, based on self-reported data from the Australian Bureau of Statistics 2020-21 National Health Survey. An estimated 57,700 people aged 25 and over had an acute coronary event in the form of a heart attack or unstable angina - around 158 events every day. Thus, the increasing demand for minimally invasive surgical devices and rising burden of chronic diseases are triggering the market growth.

Furthermore, the strategic initiatives taken by the market players are also expected to propel the growth of the market segment. For instance, in July 2020, joimax has announced a new partnership with Australian medical device distributor, LifeHealthcare to provide a broader surgical choice for patients considering surgery with minimally invasive endoscopic spine surgery. Thus, all the above-mentioned factors are expected to boost market growth over the forecast period. However, stringent government regulation may restrain the market growth over the forecast period.