Australia Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Australia Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Australia cardiovascular devices market is poised to grow at a CAGR of 6.1% during the forecast period.

The impact of COVID-19 in its initial phase was adverse owing to cancellations of elective procedures, including cardiovascular surgeries, which hampered the market growth. For instance, an article titled "Cardiac Surgery in Australia During the COVID-19 Global Pandemic" published in Elsevier Public Health Emergency Collection in September 2021 stated that in Australia, elective cardiac surgeries were postponed during the initial four months of the pandemic. There was a 21% reduction in cardiac surgical cases from a single center during the first Australian wave of the COVID-19 pandemic from March to June 2020. However, the market has gained traction as surgical procedures resumed in the latter phase of the pandemic. For instance, a total of 9,581 coronary artery bypass graft (CABG) procedures, 3,396 aortic valve surgeries, 1,159 mitral valve surgeries, 316 aortic dissections, and 2,675 other cardiac procedures were performed in 2020 in Australia, according to the Australian and New Zealand Society of Cardiac and Thoracic Surgeons Cardiac Surgery Database, 2021. Therefore, the impact of COVID-19 on the market in the initial phase was adverse, however, the market is anticipated to attain its pre-pandemic growth rate over the coming years.

In addition, the increasing burden of cardiovascular diseases, increased preference for minimally invasive procedures, and technological advancements are actively affecting the growth of the studied market.

According to the Australian Bureau of Statistics, March 2022 update, the prevalence of heart disease in Australia was 4.0%, which represented 1.0 million people in 2020-21. Heart disease such as angina, heart attack, stroke, and other cardiovascular diseases was more common in males than females (4.9% compared to 3.1%). Heart disease increased with age, from 2.3% of people aged 45-54 years through to 23.2% of people aged 75 years and over. Males aged 65-74 years were more than twice as likely as females to have heart disease. The same source stated that in 2020–2021, 375,800 individuals (1.5%) of all ages had chronic obstructive pulmonary disease. The high burden of cardiovascular diseases in the country is projected to boost the demand for cardiovascular devices for the diagnosis and management of these diseases, which is likely to augment market growth.

Additionally, the advancements in technology and increasing product approvals, along with the involvement of key market players in research and development activities, are aiding the market's growth. For instance, in November 2021, EBR Systems, a cardiovascular medical device company, raised an Initial Public Offering on the Australian Securities Exchange (ASX). The company utilized the raised money to complete its pivotal study, targeting a United States Food & Drug Administration (FDA) submission for approval in 2023, followed by the commercial launch of its WiSE leadless pacemaker technology in the United States, Australia, and other key markets. The WiSE leadless pacemaker technology is under development and is being tested in clinical trials by the company. Such technological advancements and clinical trial activities are likely to expedite the demand for cardiovascular devices in the country and propel the market's growth.

Therefore, owing to the abovementioned factors, the studied market is anticipated to witness growth over the analysis period. However, stringent regulatory policies and product recalls are likely to impede the market growth.

Key Market TrendsElectrocardiogram (ECG) Segment is Expected to Witness Growth Over The Forecast period

An electrocardiogram also called an ECG or EKG, records the electrical signals in the heart. ECG machines are standard equipment in operating rooms and ambulances. Some personal devices, such as smartwatches, also offer ECG monitoring. An electrocardiogram can detect irregular heart rhythms, blocked or narrowed arteries in the heart, a previous heart attack, and the functioning of certain heart disease treatments such as a pacemaker.

The increasing product launches, partnerships, acquisitions, and partnerships in the country are boosting the segment's growth. For instance, in May 2021, Apple launched its electrocardiogram application for Series 4, 5, and 6 of its Apple Watch in Australia. The Apple Watch Series 3 and later models also have an abnormal rhythm alert feature that detects atrial fibrillation. The company has also tested its irregular rhythm notification feature on over 400,000 participants, which received United States Food and Drug Administration approval. Such developments are anticipated to augment the segment's growth in the country during the forecast period.

Furthermore, the funding provided to the Australian government to expedite clinical trial developments in cardiovascular devices is projected to boost the segment's growth further. In February 2021, the Australian Cardiovascular Alliance (ACvA) was awarded USD 200,000 in funding from MTPConnect’s Industry Growth Centre Project Fund Program to boost Australia’s participation in clinical trials for research into cardiovascular devices. The Victor Chang Cardiac Research Institute and the Charles Perkins Centre at the University of Sydney are two of the industrial sponsors of the consortium that is conducting clinical trials for cardiovascular devices. Such collaborative initiatives are anticipated to encourage medical device research and development in Australia and accelerate the commercialization of cardiovascular devices developed via this R& D, which is ultimately projected to boost the segment's growth during the forecast period.

Competitive Landscape

The Australia cardiovascular devices market is slightly fragmented in nature due to the presence of many companies operating regionally. The competitive landscape includes an analysis of a few international as well as local companies that hold the market share and are well known. Some of the key market players are Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc., Edwards Lifesciences, GE Healthcare, W. L. Gore & Associates, Inc., Medtronic PLC, Biotronik, Siemens Healthineers AG, Canon Medical Systems Corporation, and B. Braun SE.

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