Overseas partnership present growth opportunities for Australian medical health technology sector
Overseas partnerships are valuable growth opportunities for Australian distributors and retailers operating in the health sector. There is no doubt that as technology becomes omnipresent in our daily lives, the role of medical technology in managing and improving health outcomes among the general population will continue to grow. The sector, which is currently worth $6.1 billion, relies heavily on imports across the US, China and Germany. German suppliers in particular have been traditionally a well received supplier in Australia due to its perceived high quality and innovation in the field of medical technology development.
Where is the demand?
Australia’s aging population will significantly influence demand for the types of medical technology products needed. Australians have one of the longest life expectancies in the world (sixth among OECD countries) and demand for medical technology will continue to rise as its aging population increasingly relies on medical devices for care. Distributors operating in the health sector can find promising opportunities in technology that promote health upkeep and improvements in clinical outcomes. This includes products that lead to faster patient recovery, reduce hospital and rehabilitation costs, and alleviate or manage disability and chronic pain. Rising health consciousness means that Australians are taking a more proactive approach to managing their health. Wearable health devices such as smartwatches along with wearable ECG and blood pressure monitors are expected to grow in demand.
Demand for medical technology that serves to diagnose, manage and treat chronic conditions will also continue to remain prevalent. Approximately 50 percent of Australians have one chronic disease and 20 percent have at least two. These include cardiovascular disease, cancer, chronic kidney disease, diabetes, mental health, musculoskeletal conditions, and oral health and respiratory diseases (including asthma and COPD).
Innovation in healthcare
Medical health technology plays a crucial role in addressing challenges facing Australia’s healthcare system. Over the course of the pandemic we have seen local healthcare capabilities being stretched to the limit with strains on existing hospital systems and staffing capacities. As such, medical technology solutions particularly focused on improving patient outcomes in Australia’s broader public and private healthcare systems have been increasingly embraced. Distributors should look towards embracing new solutions like AI and predictive analysis technology in healthcare. Moving forward, healthcare leaders are looking to adopt centralized platforms of data management to improve the quality, cost and speed of care to patients and address health inequity within metropolitan and regional areas.
The Australian-Germany Medical Technology Trade Mission hosted by Smart Mango is a lucrative opportunity for Australian distributors to connect with leading innovators in the field of medical technology.
Trade mission will run from 12 – 23 September 2022
Book a meeting now https://cutt.ly/german-trademission