What is AusMedtech?

AusMedtech, part of AusBiotech, is the national industry group that represents the medical devices and diagnostics industry sector. Many of these members were previously under the umbrella of the Medical Device Network but as part of an industry-driven review, AusBiotech has developed a new strategic plan to address this important industry sector.

AusMedtech Objectives: 

• Provide information to allow for better decision making by medical technology businesses - facilitate success in product development, manufacturing and business;
• Represent the Australian developers and manufactures and focus the industry on commercialisation and export success – taking Australian medical technology to the world;
• Support future sustainability by encouraging links between industry, research bodies and government;
• Be the leading advocate for industry issues and raise community awareness of the Australian Medical Technology Industry.

Vision:
To facilitate the commercial development of an Australian Medical Device and Diagnostics (Medical Technology)  industry.

Definition of a medical device:
A medical device has been defined by the Therapeutic Goods Administration as any technology, including devices, software or diagnostics, intended to be used by human beings for the prevention, monitoring or treatment of a disease, injury or physiological process.

The medical device industry:
The medical technology industry is growing rapidly around the world, driven by the increasing affluence of developed and developing countries; the consequence of increases in life expectancy; and demands for a higher quality of life.

According to Innovation Dynamics, there were 655 medical devices companies in Australia in 2007, 30 more than in 2006. Of these, there are 55 ASX listed companies. Total market capitalisation of listed medical devices companies was $12.4 billion in December 2007.

In 2009 Australia had domestic medical device sales of AUD $6 billion and earned export revenue of $1.7 billion, employing at least 17,500 people.

The majority of medical technology companies in Australia (60 per cent) employ less than 20 people, with just 10 per cent employing more than 100 people. Around 80 per cent of enterprises are concentrated on the east coast and excel in niche markets.

The industry is also expected to advance rapidly into new fields of science and engineering, with nanotechnology and other research developments expected to facilitate new innovations in the biomedical sphere and an increasing convergence of physical and biological technology platforms.

Australia’s medical device industry can list among its distinct competitive advantages its reduced time to market compared with drug discovery, its comparatively highly skilled workforce and its geographic position within the Asia Pacific region.

Global opportunities for the medical technology industry
The global medical technology market is valued at over US$250 billion a year (Frost & Sullivan 2009) and is one of the fastest growing markets in the world, with projected growth of 9 per cent a year. It is estimated it will be worth around US$ 345 billion in 2013.

Just 25 multinational companies account for more than 50 per cent of global medical device sales, with SME firms comprising the other 50 per cent.

Currently the major markets for medical devices are in the developed economies of the northern hemisphere (North America, Europe, UK and Japan).

But the future promises to be quite different, with Asian markets for medical devices growing rapidly. It is predicted that Asian markets will overtake those of Europe and North America within 15 years, presenting Australia with a significant geographic advantage. The Asian medical devices market was estimated to be US $65 billion in 2009.

Challenges for the industry
The medical technology industry faces many challenges over the next decade. Probably the most important of these is to take advantage of the growing global market opportunities. If Australia is to meet this challenge there are many issues it will need to face:

• To continue to develop and find skilled labour; 
• To build on its high quality standards; 
• To educate companies to become export ready much earlier in their development cycle; and 
• To develop a collaborative approach between universities and Government research organisations and the industry.

AusMedtech, part of AusBiotech, aims to help facilitate these activities and ensure a strong platform for growing the Australian industry globally in a sustainable way. 
 

Click here to Join AusBiotech

Click here to learn about AusMedtech 2010, Australia’s premier medical technology conference for MedTech executives, 1-2 June 2010, Sydney

Click below to browse the Directory of Medical Devices and Diagnostics for Victoria