Market Size of Australia Neonatal and Prenatal Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 4.50 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Neonatal & Prenatal Devices Market Analysis
The Australian neonatal and prenatal devices market is expected to register a CAGR of 4.5% during the forecast period.
Despite having a strong health system that includes national strategies and models for outbreak control, Australia's healthcare system suffered during COVID-19. Most of the healthcare workforce was directed to emergency rooms to help individuals infected with the virus. This had a significant influence on elective operations and had an adverse impact on the growth of the studied market within Australia. Moreover, initiatives by the key market players are also expected to increase the market growth as both neonatal and prenatal devices are expected to regain their pre-pandemic demand over the forecast period of the study.
The significant factors for the market growth include the rising incidence of preterm births and increasing awareness of prenatal and neonatal care. Initiatives by public and private organizations are expected to increase the market growth. In April 2021, the Australian government invested around USD 12 million to support and expand the Heart of Australia program, including delivering mobile medical clinic services across northern Queensland. The mobile medical clinic provides access to cardiology, cardiac monitoring, and other services. Such support from the government in providing cardiovascular services will raise demand for neonatal monitoring devices and drive market growth.
Similarly, in June 2021, Healthcare technology supplier Hospital Products Australia (HPA) distributed Mindray's innovative medical devices and solutions in the Australian market following the announcement of a partnership between the two companies. Thus, owing to the above-mentioned factor,s it is expected to drive market growth during the forecast period. However, the low birth rate in the country is expected to hinder the market's growth.
