Driven by the growing demand for personalized and patient-focused healthcare, advancements in technology, and rapid evolution and implementation of artificial intelligence (AI) in healthcare, Australia’s medical devices market is anticipated to reach $14 billion in 2030, says GlobalData, a leading data and analytics company.

GlobalData’s research reveals that Australia accounts for over 6% of the Asia-Pacific (APAC) medical devices market in 2023 and is expected to grow at a compound annual growth rate (CAGR) of around 5% between 2023 and 2030.

Recently, Brisbane’s Sullivan Nicolaides Pathology, in collaboration with the University of Queensland, introduced an automated microscope scanning and analysis system after conducting research for almost 10 years. With the ability to process thousands of tests per day, store data, and produce larger images compared to digital photos, this AI-assisted digital pathology system could significantly improve the cost, quality, and speed of the tests, saving pathologists a great deal of time and effort.

Rachna Tripathi, Medical Devices Analyst at GlobalData, comments: “The integration of AI in healthcare will complement the skills of healthcare professionals, enabling them to focus more on complex cases and uncover unexpected findings while ensuring that routine diagnosis and treatment is optimized with greater efficiency. This harmonious relationship between AI and healthcare staff will allow for more accurate diagnoses and continuous advancements in the field.”

Industry collaboration with innovative researchers is transforming diagnosis and treatment in the APAC region. South Korea’ Samsung Medical Centre’s collaboration with Korea Telecom to introduce a 5G-integrated digital pathology system is another example to demonstrate this trend.

As pathologists can carry out consultations on their smartphones and tablets through the 5G network, which can transmit a great deal of information, this system may significantly shorten the turnaround times for freezing tests.

Tripathi concludes: “Australia’s successful implementation of AI systems has the potential to meet the growing demand for advanced diagnostic procedures, streamline waiting times, and enhance decision-making. However, addressing challenges related to workflow transformation, cybersecurity, transparency, accountability, investment, and skillset is crucial for successful and widespread implementation.”