Landmark Medtech Report: Highlights for Bionics Innovators

Image credit: Medical Technology Association of Australia

A landmark report launched in Canberra this month by the Medical Technology Association of Australia (MTAA) reveals just how important the medtech industry is for our national economy.

An important read for bionic medtech innovators and industry leaders alike, The Value of MedTech Report brings together results of a major study led by the MTAA to quantify the economic impact of the Australian medtech industry and its implications for healthcare and innovation.

The survey data collected from Australian medtech companies between November 2022 and January 2023, is an engaging deep-dive into the value of Australia’s medtech R&D, plus outcomes and opportunities for patient health and the broader economy.

• The Australian medtech industry generates employment: In 2021-22, over 50,000 people were employed either directly in medtech-related work or in roles supplying inputs consumed by the sector. In the same period, gross earnings by Australian-based medtech companies totalled $11.4 billion – an annual growth rate of 6.2 percent over the previous two years.
• MedTech contributes to national innovation: Since 2010, Australian medtech patents have grown at an average rate of seven percent each year. Reflecting on medtech clinical trials – of which over 2,300 were hosted in Australia in the last two decades – the report points to a raft of positive flow-on effects including a bolstered R&D culture, a boost to clinical workforce skills and measurable improvements in patient health and wellbeing.
• New Australia medtech frequently enters the market: Last year alone saw more than 4,000 new medical devices and 220 new in vitro (for medical sample testing) diagnostic approvals, with less than half being Class I (low-risk). The COVID-19 pandemic showed just how acutely industries – including healthcare – are vulnerable to changes in global supply chains, but also the industry’s ability to pivot and uplift locally-developed innovations and technologies.Complex regulatory approval pathways in Australia for medtech abound, and innovators must place a high priority on building a strong “economic argument” for their devices to be included in public reimbursement and supported by the private health system.
• Barriers and bottlenecks: The report identifies a number of barriers and bottlenecks that should be addressed to tap the future potential of medtech in Australia. In particular, it delves into the issues surrounding medical device regulation, market access and overcoming Australia’s talent shortage by better leveraging healthcare industry and innovation sector collaborations.

Overwhelmingly, the data presented by the report shows just how critical the medtech industry is for Australia’s wellbeing – for patients, clinicians, our current and future innovation scorecard and the wider economy.

As its authors conclude, in “leveraging the strong innovation ecosystem and world-class healthcare, Australian MedTech has an opportunity to secure future growth and better patient outcomes well into the future.”

Head to the MTAA website to obtain the free version of this report – it is a very worthwhile read!