MTAA Report Reveals Value of MedTech in Australia from Idea to Patient
29 June 2023
The Medical Technology Association of Australia (MTAA) recently released the Value of Medtech Report to showcase the value of medical technology in Australia along the whole value chain, from idea to patient. The report was launched by the Minister for Health and Aged Care Hon Mark Butler at the Medtech on the Hill event at Parliament House, Canberra in early June.
MTAA’s Value of MedTech Report, prepared by Nous Group with support from MTPConnect, is a major economic study that outlines and quantifies the positive contributions the Australian MedTech industry makes to the Australian healthcare system and its economy, and to the health of Australians each and every day.
Medical technology (MedTech) is essential for our health, from detecting, diagnosing, treating, and managing healthcare conditions. From implantable devices such as pacemakers, personal devices for the management of diabetes, X-ray machines and MRI scanners to uncover cancer, or surgical robots to aid surgery, to personal technologies that enable patients to effectively manage their chronic disease, the devices and equipment used in healthcare ensure Australians can live their life to its fullest.
The MedTech sector’s total contribution to gross domestic product (GDP) in 2021/2022 was $5.4 billion, and represents a nominal compound annual growth rate (CAGR) of 5.9% over the previous two years.
And Australian product development and innovation is accelerating. Australian MedTech companies and their collaborators in universities and institutions across Australia are responsible for a pipeline of innovation that is rapidly securing patents in the MedTech industry. Australian MedTech patents have grown at an average rate of 7% a year since 2010.
Seventy-one per cent of surveyed MedTech companies indicated their products had some level of local development. And since 2002 Australia has hosted over 2,300 MedTech clinical trials. Interestingly, more than 60% of surveyed companies indicated they have trials starting in the next 12 months.
In 2021/22 the sector supported jobs for an estimated 17,000 Australians in MedTech-related work and a further 34,000 employees supplied the inputs that the MedTech industry consumes. Over half (51 per cent) of the total MedTech workforce are women, and senior representation of women in the sector is above the Australian average.
Growth opportunities for advancing MedTech innovations and the challenges to be addressed to reach the sector’s future potential are outlined in the analysis.
Download a copy of the report today.