With the ongoing global health threat across the globe, including the prevalent pre-existing illnesses that have been going over for decades to date, the discovery, invention, and production of medical devices are also non-stop.
As of writing, the industry is growing in number at an accelerating pace. And it looks like it’s not going to slow down or halt at any time soon from today. We have made a list of Medical Device Companies in Australia. The companies in this list have great medical device products and their products exist to help the people that require them. Medical devices should never be used to hurt others but rather to assist in saving lives.
In this article you will find the top medical device companies in Australia, who are offering the best medical device solutions for diagnostic and therapeutic areas. You can choose from the best according to your preferences and requirements
What is a Medical Device
Before going any further, some of you may still be wondering what a medical device is, and how to differentiate it from the rest.
Generally speaking, a medical device is any instrument that health practitioners used to diagnose, prevent, or treat a condition or disease without harmful adverse chemical reactions on the body.
It can also be an over-the-counter item that you can use personally without the need for a medical prescription from the doctor.
Ø Examples of Medical Devices
- Artificial Hips
- Bed Pans
- Blood Pressure Monitors
- Blood Glucose Meters
- Breast Implants
- Catheters
- Condoms
- Contact Lenses
- Diagnostic Ultrasound Products
- MRI Scanners
- Pacemakers
- Plaster
- Syringes
- Tongue Depressors
- X-Ray Machines
Australia’s Department of Health’s “Therapeutic Goods Administration” or TGA is responsible for the regulation of these medical devices. Accordingly, they classify each medical device according to the risk it poses to users.
Ø 5 W’s TGA’s Risk-Based Regulation Guideline Questions
- What is the degree of risk that the medical device presents to users?
- What is the medical device’s duration of use?
- What is the intended objective or purpose of the medical device?
- What is the degree of risk the medical device raises to patients or users and those in proximities?
- What is the intended application of the medical device to the patient? Is it internal or external use?
Hence, TGA has listed five (5) classifications in regulating medical devices from its lowest to highest risks.
Ø 5 W’s TGA’s Risk-Based Regulation Guideline Questions
- Class I
These are the lowest risk medical devices included in the Class I list of TGA.
- Cervical Collars
- Elastic Bandages
- Non-Sterile Dressings
- Slings
- Tongue Depressors
- Class IIa
- Catheters
- Contact Lenses
- Intravenous Tubing
- X-Ray Films
- Class IIb
- Blood Bags
- Condoms
- Dressings for Severe Wounds
- Class III
- Coronary Artery Probes
- Intrauterine Contraceptive Devices
- Medical Devices Containing Medicines, such as:
- Dressings with an Anti-Microbial Agent
- Active Implantable
- Cochlear Implants
- Pace Makers
The essential points provided above are just a few of the things that medical device companies in Australia have to observe, follow, and fulfill to pass and enable the sale, dissemination, and use of their products.
What Medical Device Companies Do and Their Importance
By definition, medical devices or MedTech companies are the established organizations responsible for the creation and manufacture of these tools, machines, or instruments. That said, it is clear why they are relevant in the medical world or the healthcare industry.
It would be hard for our medical practitioners to diagnose any illnesses without these medical devices or technologies. Moreover, it would be impossible for them to prevent. Mitigate, and treat diseases if the medical device industry ceases to exist.
It’s important to know who makes the medical devices we use
Australia is a nation of people who love their health and are always looking for ways to improve it. From a young age, our parents teach us about the importance of healthy living and how to live a long and happy life. However, as we grow older, we tend to forget about our health and what we need to do in order to maintain it.
Medical devices cover a lot of different areas, but they all share one thing in common: they help people with their health issues. Some medical devices are used to treat injuries or illnesses while others are used as preventive measures against certain conditions. Regardless of their purpose, however, they all have one thing in common; they need to be manufactured by professionals who know what they are doing when it comes to creating these products.
A medical device company provides a wide range of services including product design, manufacturing, clinical trials, marketing and distribution. These companies also provide medical device repair services for equipment that has already been purchased by hospitals or consumers.
Many medical device companies have their headquarters in Europe or North America but there are also many Australian based companies that produce high quality equipment for use in Australia as well as overseas markets.
Top 5 Medical Device Companies in Australia
With that said, below is the top five (5) medical device companies in Australia as of writing. These are the leading MedTech enterprises that are soaring high in revenues and emerging trends presented by various research organizations and centers.
- Johnson & Johnson (JNJ)
Johnson & Johnson is not only a top supplier in Australia for medical devices but throughout the world.
Although the company has been in the country for eighty-nine years already, it has been producing quality consumer-packaged goods, pharmaceuticals, and medical devices across the globe for more than a century now since founded in New Jersey.
Official Website: http://www.jnj.com.au/
Number of Branches across the Globe – 260+
Number of Employees across the Globe – 132, 200
Research and Development (R&D) Spend – $15.4B AUD (11.4B USD)
Market Capitalization (Market Cap) – $498.44B AUD ($368.91B USD)
Total Revenue – $110.87B AUD ($82.06B USD)
- Novartis AG (NVS)
Based in Switzerland, this pharmaceutical company is also among the top medical companies in Australia.
Though it has been in the medical industry for just over two decades, it’s on the second spot with the highest revenue in the global market. This Swiss multinational enterprise is popular for its Alcon vision products, such as those for glaucoma, refractive surgery, and cataracts.
Official Website: https://www.novartis.com.au/
Number of Branches across the Globe – 155
Number of Employees across the Globe – 103, 941
Research and Development (R&D) Spend – $10.95B AUD (8.1B USD)
Market Capitalization (Market Cap) – $269.04B AUD ($199.09B USD)
Total Revenue – $66.86B AUD ($49.49B USD)
- Abbott Laboratories (ABT)
Founded and headquartered in Abbott Park in Illinois, the company is another well-known name in the global healthcare industry. It came to Australia in 1935. However, it has been providing top-class medical devices in the world market for over a century already.
Official Website: https://www.aus.abbott/
Number of Branches across the Globe – 147
Number of Employees across the Globe – 103, 000
Research and Development (R&D) Spend – $3.11B AUD (2.3B USD)
Market Capitalization (Market Cap) – $194.37B AUD ($143.91B USD)
Total Revenue – $41.33B AUD ($30.6B USD)
- Medtronic PLC (MDT)
Another key player in supplying top medical devices throughout the world is the Medtronic. Headquartered in Dublin, Ireland, but has been in Australia since 1973.
Among the wide-ranging products it manufactures are the following listed below.
- All kinds of patient care and monitoring accessories
- General surgical equipment
- Medical devices for the following illnesses or uses:
- Cardiovascular
- Diabetic
- Neurological Applications
- Cochlear Limited (COH)
Established in 1981 and based in Sydney, Cochlear Limited is among the top medical device companies in Australia. The company holds more than two-thirds of hearing implants in the market worldwide.
Official Website: https://www.cochlear.com/au/en/home
Number of Branches across the Globe – 21
Number of Employees across the Globe – 4,000
Research and Development (R&D) Spend – $184.4M AUD
Market Capitalization (Market Cap) – $12B AUD
Total Revenue – $1.24B AUD
Although Cochlear may not be the top five overall in some research centers, it surely is creating a name and reputation of its own and is the only Australian-based company that is performing well and notable for its hearing implants in the global market.
Conclusion
The market is growing and diversifying, which is good news for Australian health-tech businesses. The future looks positive too – the devices that are advancing medicine to this point are only starting to become commercialised, giving small and medium sized businesses (SMEs) the opportunity to create a lasting legacy as a medical device innovator in Australia.
If you’re looking to get into medical device sales, it is vital that you know exactly where you can sell your products. Australia has large and growing markets and is a good place to start. Here we feature five top Australian companies as well at some of the work they are doing in their respective fields.
FAQs
- What are the top medical device companies in Australia?
These companies produce a range of medical devices, including hearing aids, sleep apnoea devices, and x-ray machines.
- What medical devices do these companies produce?
Medical device companies in Australia are generally smaller than their counterparts in other countries. However, they are typically well-funded and have access to the latest technology.
- How do these companies compare to medical device companies in other countries?
The main challenge faced by medical device companies in Australia is the high cost of doing business. This is due to the small size of the market and the relative isolation of the country.
- What are the challenges faced by medical device companies in Australia?
There are a number of opportunities available for medical device companies in Australia, including the export of products to other countries.