Australia’s bold $65.5 million investment in biomedical and medical technologies (medtech) marks a strategic shift toward healthcare innovation and self-reliance. By boosting domestic R&D and manufacturing, the country aims to improve patient outcomes and reduce import dependency. With additional funding for chronic disease solutions, Australia is positioning itself as a hub for next-generation medical device development and commercialisation, says GlobalData.
The government has also recently allocated an additional $7.9 million to support the development of domestically produced medical devices and medicines for cardiovascular disease and diabetes, which are among the leading causes of morbidity and mortality worldwide.
Against this backdrop, GlobalData forecasts Australia’s medical devices market is projected to grow at 5 per cent compound annual growth rate (CAGR) between 2024 and 2034.
Pratibha Thammanabhatla, Medical Devices Analyst at GlobalData, comments, “Such investments are expected to substantially influence the nation’s medical device market by enabling small and medium-sized enterprises (SMEs) to commercialise innovative solutions. Consequently, this will lead to enhanced competitiveness of Australian SMEs within the global medical device market.”
With a focus on biomedical advancements, disease research and domestic manufacturing, the nation stands ready to enhance health outcomes via innovative treatments and technologies. This commitment not only supports groundbreaking research but also reduce the reliance on foreign companies.
Thammanabhatla concludes, “Australia’s ongoing commitment to investing in the healthcare sector promises to deliver extensive benefits to the nation’s healthcare system. This strategic focus is poised to provide Australians with access to cutting-edge medical treatments and technologies, specifically designed to meet their needs. These investments also showcase the dual benefit of improving public health and fostering economic development.”