Staff reporter
,
Australia
Photo by Nwato
It will account for 10% of the Asia-Pacific market in 2024.
According to data from GlobalData, the Australian oncology equipment market is expected to grow at a compound annual growth rate of approximately 3% by 2033.
The industry's expansion has been attributed to an aging population, unhealthy lifestyle trends, and rising cancer cases due to increased exposure to environmental toxins.
Last year, Australia accounted for about 10% of the Asia-Pacific market, supported by strong research initiatives, increased government investment and collaboration with global players.
However, Shreya Jain, a medical device analyst at GlobalData, said current devices lack the precision to ensure complete removal of cancer cells.
“The Australian oncology device market is characterized by limited, expensive advanced diagnostics and a lack of specialized oncology equipment,” Jain said.
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