The medical devices industry plays a vital role in developing life saving and life enhancing products.

The global medical technology market is valued at over AUD$214 billion per annum and is one of the fastest growing markets in the world (AusBiotech AusMedtech, 2009). Medical devices are diverse and include pacemakers, artificial joints and drug-coated stents, as well as wheelchairs, syringes and bandages.

There are approximately 655 medical device companies in Australia, with 55 listed on the ASX. Australia produces approximately $2 billion worth of medical devices each year and the sector has achieved growth rates of 15% per year over recent years.

Victoria is well positioned to capitalise on the burgeoning medical device sector, due to its well established infrastructure, strong medical research and an innovative biotechnology sector.
Victoria’s medical device sector has developed products such as:
• integrated systems and advanced technologies for analysis and laboratory automation (Invetech);
• polymeric biomaterials (ElastEon™ - silicone polyurethane copolymers with the properties of biostability, biocompatibility and excellent mechanical performance) (AorTech);
• computer based patient monitoring and diagnostic systems, particularly in the sleep medicine and neurology markets (Compumedics), and
• new blood glucose monitoring technology devices for the management of diabetes (Universal Biosensors).

Victoria’s Strengths in Medical Devices

Victoria's strengths include:

• A highly skilled workforce;
• A robust regulatory system to assess safety;
• Good manufacturing practice (GMP) status;
• Strategic geographic position within the Asia-Pacific region, and
• Expertise in developing, manufacturing and distribution of medical devices.

AusMedtech, part of industry organisation AusBiotech, is the leading advocate for the Australian Medical Technology Industry. AusMedtech can help you develop, manufacture, commercialise and export your products and connect you with industry, research bodies and government. A comprehensive Victorian Directory of Medical Devices and Diagnostics is readily available from AusMedtech.

Links

Medical Technology Association of Australia (MTAA): The MTAA is the national association representing companies in the medical technology industry. MTAA aims to ensure the benefits of modern, innovative and reliable medical technology are delivered effectively to provide better health outcomes for the Australian community.

AIG - Health Technology & Pharmaceutical Manufacturing: Can help you develop health technology and pharmaceutical solutions for the local Australian market as well as international markets such as North Asia, India and the Middle East. There are also opportunities available through more traditional markets, the US and Europe.