BMI View: Investment in Australia's research infrastructure will support development of the country'smedtech sector and contribute to growth in the medical device market. We forecast mid single-digit growthin local currency terms on the back of key drivers such as ageing demographics, the increasing prevalenceof chronic diseases contributing to rising hospital admissions and the government's commitment toinnovation. However, a further weakening of the Australian dollar means that in US dollar terms the marketwill remain one of the slowest performers within the Asia region.
Latest Updates And Key Forecasts
We maintain our forecast that the market will increase at a 2015-2020 CAGR of 4.8% in local currencyterms, which will take the value to AUD7.8bn. The CAGR in US dollar terms will be lower at 1.8%,reflecting depreciatory pressure on the Australian dollar.