Medical Devices
Australia Neurology Devices Market Analysis
Australia Neurology Device Market size is at around $151.44 Mn in 2022 and is projected to reach $308.46 Mn in 2030, exhibiting a CAGR of 9.3% during the forecast period. Australia is a major importer of neurology devices and suffers from a major burden of neurology diseases the market is well-captured by players like Medtronics, BHP Group, Rio Tinto, and Westpac. This report by Insights10 is segmented by product type like neurostimulation, interventional neurology, neurosurgery devices, and neuro-endoscopes, and by the end user.
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Australia Neurology Device Market Executive Summary
The medical device market in Australia is growing, driven by increasing investment in healthcare infrastructure, an aging population, and growing demand for medical devices. Strong regulations: The Australian medical device market is regulated by the Therapeutic Goods Administration (TGA), which has strict standards for the approval and sale of medical devices. This provides a high level of safety for patients and helps ensure that only high-quality devices are available in the market. Focus on innovation: The Australian government has a strong focus on innovation and encourages investment in new medical technologies. This has led to a thriving ecosystem of startups and established companies developing innovative medical devices. Australia is largely import-dependent for medical devices, with a large portion of devices being sourced from overseas markets like Europe and Asia. This dependence on imports creates a challenge for local companies to compete in the domestic market. Australia has a high level of healthcare spending, with a well-developed healthcare system and strong insurance coverage for medical treatments. This provides a supportive environment for the growth of the medical device market. Neurology devices in Australia are regulated by the Therapeutic Goods Administration (TGA). Some common types of devices used in neurology include - EEG machines, TMS devices, neurostimulation devices, EMG machines, and sleep study devices. These devices require TGA approval before they can be sold or used in Australia. Australia Neurology Device Market size is at around $151.44 Mn in 2022 and is projected to reach $308.46 Mn in 2030, exhibiting a CAGR of 9.3% during the forecast period.
The Australian Register of Therapeutic Items (ARTG) is a central database that contains information on therapeutic goods that can be legally supplied in or exported from Australia. Sponsors of medical products featured in the ARTG assume legal responsibility for their supply in or from Australia. Before distributing medical devices, sponsors must ensure that they are included in the ARTG unless exempt or omitted. Please see the Australian Regulatory Guidelines for Medical Devices for further information on what a medical device sponsor must do (ARGMD). You must be a recognized Australian-based legal entity, among other things. To receive the documentation/information required to demonstrate that the type of medical device com
The risk-based approach to regulating therapeutic goods is intended to ensure that the amount of regulation corresponds to the risks posed by specific therapeutic products. Medical devices, including IVD medical devices, are evaluated in accordance with the Essential Principles and risk-based classification. Pre-market assessment: conformity assessment, market authorization, post-market monitoring: continuous compliance with all regulatory, safety, and performance requirements and standards complies with the regulatory requirements in Australia, supply regulatory documentation/information.
Market Dynamics
Market Growth Drivers
- Increasing incidence of neurological disorders
- Rising geriatric population
- Growing awareness about neurology devices
- Advances in technology and R&D investment
- Government support for healthcare infrastructure
Market Restraints
Some neurological devices are costly, and patients may not be able to obtain them owing to financial constraints or limited reimbursement from public or commercial health insurance programs. Certain neurological devices may be difficult to obtain in some parts of Australia, particularly in rural or remote areas. The regulatory approval procedure for new or innovative neurological devices can be lengthy and complex, thereby limiting new product available in the Australian market.
Competitive Landscape
Key Players
- BHP Group
- Rio Tinto
- Commonwealth Bank of Australia
- Westpac Banking Corporation
- Australia and New Zealand Banking Group
- Telstra
- Woodside Petroleum
- National Australia Bank
- Santos Ltd.
- Wesfarmers Limited
Notable Recent Updates
August 2021 - The financing was supported by med-tech behemoth Cochlear, a firm based out of Australia. Seer's technology focuses on clinical monitoring at home, inventing devices that evaluate critical physiological signals including brain, heart, and respiratory function, as well as a person's behavior in their home environment, to deal with conditions like epilepsy diagnoses and management. More than 7,600 Australians have been monitored using Seer systems to identify epilepsy from other illnesses like as cardiac, sleep, or psychiatric issues. As a result, an estimated 140 years of hospital bedtime have been diverted from the health care system in 4.5 years, resulting in a $100 Mn savings.
Healthcare Policies and Regulatory Landscape
The Therapeutic Goods Administration (TGA) regulates the Australian medical device sector, which includes stringent regulations for the approval and sale of medical equipment. The Australian Regulatory Guidelines for Medical Devices (ARGMD) give information on medical device importation, exportation, and supply inside Australia. They also go through the legal standards that apply to medical equipment. The Australia and New Zealand Association of Neurology (ANZAN) works to ensure that high standards of clinical neurology are practiced in Australia and New Zealand by actively participating in training, continuing education, and encouraging teaching and research. Please keep in mind that this site is just for ANZAN members; we cannot provide advice or help to patients.
Reimbursement Scenario
The Australian medical technology industry includes both domestic and international enterprises that manufacture and supply medical devices, in-vitro diagnostics, and medical imaging equipment. The medical technology industry contributes significantly to the quality of healthcare in Australia. Medical technology reimbursement in Australia is difficult and takes numerous forms. Some processes are interconnected, such as Medicare, while others are stand-alone schemes.
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
Neurology Device Market Segmentation
The Neurology Device Market is segmented as mentioned below:
By Product Type (Revenue, USD Billion):
- Neurostimulation
- ?Spinal Cord Stimulation Devices
- Deep Brain Stimulation Devices
- Sacral Nerve Stimulation
- Vagus Nerve Stimulation
- Gastric Electric Stimulation
- Interventional Neurology
- Aneurysm Coiling & Embolization
- Embolic Coils
- Flow Diversion Devices
- Liquid Embolic Agents
- Cerebral Balloon Angioplasty & Stenting
- Carotid Artery Stents
- Filter Devices
- Balloon Occlusion Devices
- Neurothrombectomy
- Clot Retriever
- Suction Aspiration Devices
- Snares
- CSF Management
- CSF Shunts
- CSF Drainage
- Neurosurgery Devices
- Ultrasonic Aspirators
- Stereotactic Systems
- Neuroendoscopes
- Aneurysm Clips
By End User (Revenue, USD Billion):
- ??Hospitals and Clinics
- Specialty Centres
- Others
Insights10 will provide you with the reports within 10 key parameters which are:
- Market Overview
- Market Growth Drivers & Restraints
- Epidemiology of Disease Type
- Market Segmentation
- Market Share
- Competitive Landscape
- Key Company Profiles
- Healthcare Policies & Regulatory Framework
- Reimbursement Scenario
- Factors Driving Future Growth
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Stage II: Market Data Analysis and Statistical Model
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The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.
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Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)
- Establishing market drivers and trends
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- Market Segment based analysis to obtain revenue/volume
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