Market Trends of Australia Cardiovascular Devices Industry
Electrocardiogram (ECG) Segment is Expected to Witness Growth Over the Forecast Period
- The electrocardiogram (ECG) segment is expected to experience substantial growth in the market studied, primarily due to the rising incidence of cardiac complications, the surge in product launches, and the increasing technological advancements in ECGs. ECGs, also known as electrocardiographs, record the heart's electrical signals and are commonly used equipment in operating rooms and ambulances. Personal devices such as smartwatches also offer ECG monitoring. ECGs can detect irregular heart rhythms, blocked or narrowed arteries in the heart, previous heart attacks, and the functioning of certain heart disease treatments such as pacemakers.
- The growth of the segment is being further boosted by increasing product launches, partnerships, and acquisitions in the country. For instance, in October 2022, AccurKardia, a software company that provides clinical-grade, device-agnostic, automated electrocardiogram (ECG) analytics, announced it would collaborate with Mawi, a MedTech provider of medical-grade wearables in the cardiac space, to integrate its proprietary ECG analytics into Mawi’s cardiac monitoring watch.
- The Victor Chang Cardiac Research Institute and the Charles Perkins Centre at the University of Sydney are two industrial sponsors of the consortium conducting clinical trials for cardiovascular devices. Such collaborative initiatives are expected to encourage medical device research and development in Australia and accelerate the commercialization of cardiovascular devices developed through this R&D, ultimately boosting the segment's growth during the forecast period.
- Therefore, due to the increasing technological advancements in ECGs and the rise in product launches, the segment is anticipated to register significant growth over the forecast period.
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Catheters Segment is Anticipated to Witness Growth in the Australian Cardiovascular Devices Market Over the Forecast Period
- The catheter segment is expected to hold a significant share of the market during the forecast period, driven by several factors, including the rising incidence of cardiac diseases, government initiatives, and technological advancements in cardiac catheters. For example, in February 2024, BiVACOR, a clinical-stage medical device company, announced that USD 13 million had been awarded from the Australian government’s Medical Research Future Fund (MRFF) grant through the Artificial Heart Frontiers Program (AHFP) to support BiVACOR’s total artificial heart program and future product enhancements. Government support for cardiovascular services is expected to increase demand for catheters and drive market growth.
- The growth of the catheter segment in Australia is also being fueled by increasing product launches, partnerships, acquisitions, and collaborations. For instance, in February 2022, Vantari VR, an Australian medical virtual reality company, partnered with an internationally renowned cardiologist to develop a Virtual Right Heart Catheter Course to revolutionize clinician training. Such developments are expected to further boost the growth of the country's catheter segment during the forecast period.
- Moreover, approvals and product launches of new cardiac catheters are expected to drive market growth. In August 2022, Millar Inc., a medical device manufacturer and OEM solutions partner, received approval from the Therapeutic Goods Administration (TGA) in Australia for its Mikro-Cath Pressure Catheter, a single-use pressure catheter designed for medical research and diagnostic purposes. These types of developments in cardiac catheters in Australia are expected to contribute to market growth during the forecast period.
- Therefore, with the increasing number of catheter product launches and the rising incidence of cardiac complications, the catheter segment in Australia is expected to witness significant growth over the forecast period.
