Medical Devices
Australia Diabetes Devices Market Analysis
Australian Diabetes Devices Market is expected to witness growth from $273 Mn in 2022 to $532 Mn in 2030 with a CAGR of 8.70% for the forecasted year 2022-30. In Australia, the market for diabetes devices is expanding as a result of the rise in the number of people with the condition and the demand for diabetes devices that can assist people in managing their condition. The market is segmented by type and by the end user. Some key players in this market include Fairmont Medical Products, Cook Medical Australia, Johnson & Johnson, Medtronic, Roche, Ascensia diabetes care, and Dexcom.
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Australia Diabetes Devices Healthcare Market Executive Analysis
Australian Diabetes Devices Market is expected to witness growth from $273 Mn in 2022 to $532 Mn in 2030 with a CAGR of 8.70% for the forecasted year 2022-30. $105.8 billion, or 16.8% of all government spending in Australia, is anticipated for overall health spending in 2022–2023. The health sector contributes 10% of Australia's GDP or about $105 billion in the fiscal year 2022.
In Australia, type 2 diabetes, which impacts 1.2 million people or 4.9% of the population, is the disease. Diabetes is more common as people age, with a prevalence of 11.8% among Australians 65 and higher. Furthermore, 5.7% of males and 4.2% of females in Australia have diabetes, rendering men more likely than women to have the condition. Diabetes is becoming more prevalent in Australia. 4.9% of Australians now have diabetes, up from 4.4% in 2011–12 and 2017. By 2038, there will be 3.3 million diabetic Australians, and this trend is predicted to persist.
Diabetes devices are instruments used in medicine to assist people with diabetes in controlling their blood glucose levels. A small blood sample from a finger prick is used by blood glucose meters to detect the amount of glucose in the blood. People with diabetes can use this knowledge to make educated decisions about their diet, exercise routine, and medication. The body is injected with insulin using insulin pen devices. Because they are more discrete and simpler to use, they are frequently favored over conventional syringes. Through the use of a tiny sensor that is inserted under the skin, continuous glucose meters give users access to real-time glucose level information. In order to help people with diabetes more precisely control their blood glucose levels, they can be used in conjunction with insulin pumps or insulin injections. Diabetes devices can offer more precise data on blood glucose levels, which can assist diabetics in managing their condition more effectively. People with diabetes who use diabetes devices may feel more in charge of their disease and experience less stress when managing it. Diabetes devices can lower the risk of complications like nerve damage, kidney disease, and blindness by assisting people with diabetes control their blood glucose levels.
Market Dynamics
Market Growth Drivers
In Australia, the market for diabetes devices is expanding as a result of the rise in the number of people with the condition and the demand for diabetes devices that can assist people in managing their condition. The ageing populace in Australia is also driving demand for diabetes devices. Older adults are more likely to need diabetes devices like insulin pens and blood glucose meters because they are more likely to acquire diabetes and to have it in the first place. Demand for diabetes devices is being driven by a growing general consciousness of the significance of managing diabetes. People with diabetes are taking an active role in managing their disease and looking for diabetes devices that can support them in doing so. Australians are becoming more likely to have diabetes.
Market Restraints
Diabetes devices can be costly in Australia, and not everyone with the disease has access to private health insurance or the money to buy them there. The market size and desire for these devices in Australia may be constrained as a result. It can be technically difficult to use some diabetes devices, such as continuous glucose monitors, and they often demand a high level of user skill and instruction. Because of this, people with diabetes in Australia who are less technologically savvy or have less access to diabetes education may be less likely to embrace these devices.
Competitive Landscape
Key Players
- Fairmont Medical Products (AU)
- Cook Medical Australia (AU)
- Johnson & Johnson
- Medtronic
- Roche
- Dexcom
- Ascensia Diabetes Care
Healthcare Policies and Regulatory Landscape
In Australia, the Therapeutic Goods Administration (TGA) is the regulatory authority in charge of ensuring the effectiveness and safety of medical equipment. Diabetes devices must be registered with the TGA prior to being advertised and distributed within the country. The National Diabetes Services Scheme (NDSS), a government-funded initiative, provides savings on diabetes management supplies like blood glucose meters, test strips, and insulin pumps. Assuring that individuals with diabetes have access to the resources and tools they need to manage their condition is made possible by this program. The Pharmaceutical Benefits Scheme is an additional government-funded initiative that assists qualified individuals in paying for prescription drugs. (PBS). Some diabetes medications, including insulin, are covered by the PBS, which can reduce the cost of treating diabetes. The Medicare Benefits Schedule (MBS) is a list of medical treatments and services that are covered by the Medicare program of the Australian government. The MBS covers some diabetes-related treatments, including diabetes education and podiatry.
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
Diabetes Devices Market Segmentation
By Type (Revenue, USD Billion):
The market is divided into blood glucose monitoring systems, insulin delivery systems, and mobile applications for managing diabetes within the type segment. Due to its convenience, ease of use, and usefulness in providing patients and healthcare professionals with real-time insights regarding diabetic conditions for integrated diabetes management, the segment for diabetes management mobile applications is anticipated to grow at the highest rate during the forecast period. Bare-metal Stents
- Blood glucose monitoring systems
- Self-monitoring blood glucose monitoring systems
- Continuous glucose monitoring systems
- Test strips/Test papers
- Lancets/Lancing Devices
- Insulin delivery Devices
- Insulin pumps
- Insulin pens
- Insulin syringes and needles
- Diabetes management mobile applications
By End User (Revenue, USD Billion):
The diabetes market is divided into hospitals & specialty clinics and self & home care, based on the end user.
- Hospitals & Specialty Clinics
- Self & Home Care
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- Market Growth Drivers & Restraints
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- Market Segmentation
- Market Share
- Competitive Landscape
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- Reimbursement Scenario
- Factors Driving Future Growth
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