Australia Biomaterials Healthcare Market is expected to witness growth from $1.87 Bn in 2022 to $5.61 Bn in 2030 with a CAGR of 14.70% for the forecasted year 2022-30. The demand for biomaterials in Australia is being driven by the rising prevalence of diseases like periodontal disease, tooth decay, oral cancer, halitosis, and dental caries, which is anticipated to spur development in the country's biomaterial healthcare market. The market is segmented by type and by application. Some key players in this market include Anatomics, PolyNovo, OPED Australia, BASF SE, Johnson and Johnson, Medtronic, and Evonik Industries.
Australia Biomaterials Healthcare Market size is at around $1.87 Bn in 2022 and is projected to reach $5.61 Bn in 2030, exhibiting a CAGR of 14.70% during the forecast period. The estimated overall health spending in Australia for 2022–2023 is $105.8 billion. In Australia, health spending currently accounts for 10.7% of the GDP. About 17% of all health spending in Australia is covered solely by individual consumers. $29.8 billion, or about $1,235 per individual, is total.
Substances used in implants, medical devices, and medication delivery methods are known as biomaterials. They can be used to replace or repair damaged tissues or organs because they are made to communicate with biological systems. Biomaterials are used in a variety of healthcare uses in India. In orthopaedic procedures, biomaterials are used to replace or repair broken bones and joints. They can be used to make fixation pins, bone grafts, and artificial joints. These substances are safe, which means that they have no negative effects on the body. Additionally, they can be developed to have the same mechanical characteristics as real bone, which makes them perfect for use in orthopaedic use. Additionally, cardiovascular uses use biomaterials. They can be used to make cardiac valves, stents, and other implantable medical devices. These materials can endure challenging conditions inside the body because they are biocompatible.
Market Growth Drivers
The demand for biomaterials in Australia is being driven by the rising prevalence of diseases like periodontal disease, tooth decay, oral cancer, halitosis, and dental caries, which is anticipated to spur development in the country's biomaterial healthcare market. Biomaterials include metals, polymers, ceramics, and composites. The advantages of biomaterials in healthcare are becoming more widely known among patients and healthcare workers. Demand is probably going to keep rising as more people become familiar with these things. The demand for biomaterials to address age-related illnesses like osteoarthritis, spinal problems, and cardiovascular disease is rising in Australia as the population gets older. The Australian government is devoted to fostering the biomaterials market's expansion. This includes financial support for research and development, tax breaks, and regulatory assistance, all of which contribute to the development and growth of the Australian biomaterial healthcare market.
Market Restraints
In Australia's highly competitive biomaterials industry, many businesses are striving for market share. This could lead to price volatility, which would lower the profitability of production companies. It may be difficult for new biomaterials businesses in Australia to break into the healthcare biomaterials market due to the high cost of manufacturing biomaterials. The use of biomaterials in certain circumstances, such as stem cell research and tissue engineering, may be constrained by ethical concerns.
Key Players
2021: A distribution agreement with Corza Medical was revealed by PolyNovo, an Australian business that creates and produces bioresorbable polymers for medical use. In accordance with the contract, Corza Medical will be responsible for the American distribution of PolyNovo's NovoSorb BTM product range.
The regulatory body in charge of regulating biomaterials, in Australia, is known as the Therapeutic Goods Administration (TGA). Before marketing and selling their goods in Australia, manufacturers must have TGA approval. Manufacturers must submit extensive information about their products to receive approval from the TGA, which has stringent standards for safety and efficacy. All therapeutic products that have been authorised for use in Australia, including biomaterials, are listed in the Australian Register of Therapeutic Goods (ARTG), a directory that is accessible to the general public. Access to information about approved products, their indications, dosages, and adverse effects is made possible by this database for patients and healthcare workers. The National Health and Medical Research Council (NHMRC) is in charge of creating policies and benchmarks for moral behaviour in biomaterials-related medical studies. The goals of the NHMRC's guidelines are to guarantee that research is carried out ethically, transparently, and with the proper level of participant-informed agreement.
1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country
2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)
3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints
4. Competitive Landscape
4.1 Major Market Share
4.2 Key Company Profile (Check all Companies in the Summary Section)
4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)
5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment
6. Methodology and Scope
By Type (Revenue, USD Billion):
Based on type, the market is segmented into Metallic Biomaterials, Polymeric Biomaterials, Ceramic Biomaterials, and Natural Biomaterials. The Metallic Biomaterials segment accounted for the largest share of the Australia market in 2019. The growing geriatric population Australialy is expected to drive growth for this segment.
By Application (Revenue, USD Billion):
The cardiovascular, orthopaedic, dental, plastic surgery, wound healing, tissue engineering, ophthalmology, neurological/CNS, and other applications segments are made up of the biomaterials market. The market category for wound healing is anticipated to have the highest CAGR in 2019. The market will increase as a result of factors including expanding healthcare infrastructure, a large population pool, a rising diabetic population, and rising healthcare spending. Surgical Guides
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