Market Size of Australia Patient Monitoring Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 1.23 Billion |
| Market Size (2029) | USD 1.74 Billion |
| CAGR (2024 - 2029) | 7.21 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Australia Patient Monitoring Market Analysis
The Australia Patient Monitoring Market size is estimated at USD 1.23 billion in 2024, and is expected to reach USD 1.74 billion by 2029, growing at a CAGR of 7.21% during the forecast period (2024-2029).
COVID-19 is expected to impact positively on the growth of the market in Australia. According to the article titled ' Virtual Health Care for Community Management of Patients with COVID-19 in Australia: Observational Cohort Study' published in March 2021, 81.5% of patients were monitored remotely. Thus, the sudden outbreak of COVID-19 is expected to drive the growth of the market during the forecast period.
Australia's market for patient monitoring devices is witnessing rapid growth in recent times. This is due to the advances on the technological forefront, larger patient pool, and lenient regulatory framework. Other key factors boosting the market growth are an increase in the chronic disease population and a rise in the aging population. According to data published by the Australian Government's Department of Health in September 2021, cardiovascular diseases account for 27% of all deaths in Australia. Approximately 1.2 million Australians suffer from one or more cardiac or vascular diseases. According to the estimates of the Global Cancer Observatory, in 2020, there were an estimated 200,021 new cancer cases diagnosed and 48,236 cancer deaths in Australia. According to the Australian Institutes of Health and welfare 2020 report estimated that in 2020 there were between 400,000 and 459,000 Australians with dementia, with Alzheimer's disease accounting for up to 70% of diagnosed cases. Alzheimer's dementia is the most common type of dementia that occurs in Australia. Therefore the growing burden of such diseases is expected to increase the demand for monitoring systems in the market during the forecast period.
However, the resistance from the healthcare industry professionals towards the adoption of the patient monitoring systems and lack of proper reimbursement policies is restraining the market growth
