The Medical Device Market inAustralia
Australia is one of the richest healthcare markets in the Asia-Pacific region. The market ranks as the 11th largest in the world, while per capita spending is on a par with European markets such as Germany or the Netherlands.
Around 75% of the market is located in the three states of New South Wales, Victoria and Queensland, situated on the south and east coasts. Much of the rest of the country is very sparsely inhabited.
Healthcare provision is a mixture of public and private. Public expenditure is largely funded by the Commonwealth (central) Government, while private expenditure is largely funded through insurance. The current government is keen to expand private care, and has developed tax breaks to boost insurance coverage.
While there are a few small high tech manufacturers, local production tends to concentrate on basic hospital supplies. The market is therefore predominantly supplied by imports, which have grown rapidly since 2001. Imports are principally supplied by the USA, with which Australia has developed close trading links.