Australia Ultrasound Devices Market Size

Australia Ultrasound Devices Market Analysis

The Australia Ultrasound Devices Market size is estimated at USD 195.13 million in 2024, and is expected to reach USD 261.94 million by 2029, growing at a CAGR of 6.05% during the forecast period (2024-2029).

The outbreak of COVID-19 impacted the ultrasound devices market in Australia. During the initial phase of the pandemic, the country witnessed a decline in diagnostic imaging services, adversely impacting the market. For instance, according to the NCBI study published in April 2022, during the first wave of COVID-19 in Australia, there was a significant reduction in overall diagnostic imaging services, with variable impacts across imaging modalities. The same source also reported that between January 2020 and June 2020, over 12.9 million diagnostic imaging services were performed. A statistically significant decrease in total imaging services in Australia was noticed in March 2020 (13.1%), April 2020 (32.4%), and May 2020 (21.4%). In addition, there were statistically significant decreases in ultrasound services performed in March 2020 (13.3%), April 2020 (30.5%), and May 2020 (22.3%) in Australia compared to previous years. Thus, the market witnessed slow growth during the pandemic's initial phase. However, with the resumption of radiology services in Australia due to the declining cases of COVID-19, the market started to gain traction and is expected to maintain an upward trend over the forecast period.

The increasing burden of chronic diseases such as cardiovascular diseases and cancer, coupled with the rising healthcare investment in the country and technological advancements, are the major drivers for the market. According to Cancer Australia 2021, around 3,830 new cases of thyroid cancer were diagnosed (1,070 males and 2,760 females) in Australia. The same source also stated that by age 85, a person's probability of being diagnosed with thyroid cancer is projected to be 1 in 83 (or 1.2 %) (1 in 145 or 0.69 % for males and 1 in 58 or 1.7 % for females). Ultrasound is the ideal imaging modality for detecting and evaluating a thyroid nodule. It is easy to perform, widely available and does not involve ionizing radiation. Thus, increasing cases of thyroid cancer in the country are expected to surge the demand for ultrasound devices, propelling the market growth.

Furthermore, the increasing funding by the Australian Government to strengthen imaging services in the country is expected to drive market growth. For instance, the Heart of Australia program, which includes providing mobile medical clinic services across northern Queensland, received backing and expansion funding from the Australian Government in April 2021, totaling about USD 12.0 million. Heart monitoring and other services are accessible through the mobile medical clinic. The Government's assistance in delivering cardiovascular care will increase demand for ultrasonic equipment, helping expand the market. Furthermore, technological advancement in Australia related to ultrasound is also expected to boost market growth. For instance, in February 2021, - See-Mode Technologies, a MedTech startup, received CE Mark and Therapeutic Goods Administration (TGA) approval for AI-powered Augmented Vascular Analysis (AVA) software. AVA can analyze a full vascular ultrasound scan, minimizing the need for manual drawings. This helps to augment the clinical workflow, resulting in greater overall productivity, accuracy, and improved patient outcomes. Therefore, considerable market growth is expected over the forecast period.

However, stringent regulations related to ultrasound devices in Australia may restrain the market growth over the forecast period.