Australia and New Zealand Wearable Medical Devices Market Report and Forecast 2024-2032

Australia and New Zealand Wearable Medical Devices Market Outlook

The Australia and New Zealand wearable medical devices market size is expected to grow at a CAGR of 6.52% during the forecast period of 2024-2032, driven by the increasing advancements in wearable technologies, along with rising partnerships to increase their application across multiple fields.

Australia and New Zealand Wearable Medical Devices Market Overview

The wearable medical devices market in Australia and New Zealand has been witnessing steady growth owing to increasing adoption of latest technologies to offer improved solutions to the consumers. With an increasing trend towards digital health, wearables are being highly incorporated in the medical domain to facilitate remote monitoring and telehealth applications. Owing to the rising demand, key healthcare players have expediated their research and development of such products. The government has shown keen interest in promoting the development of new devices by entering collaborations and granting funds to related companies.

Advancement in Design to Enhanced Comfort to Drive Australia and New Zealand Wearable Medical Devices Market Growth

In November 2023, a team led by RMIT University in Australia developed a lightweight, waterproof, compact and gel-free electrocardiogram (ECG) sensor . When compared to conventional heart monitoring devices, the incorporation of wearable technology aids comfort and less skin irritation in addition to continuous monitoring of body vitals. To cater an aging population, the device can capture ECG signals even when it is applied behind the patient’s neck. Developed with dry electrodes, the device is highly thin and can be recycled at ease as well. Hence, it is a leap forward in preventing and treating the rising prevalence of cardiovascular diseases (affects approximately 4 million Australians, resulting in 100 deaths every day) and indicates the increasing adoption of wearables in the market.

Surge in Investments to Drive Innovation

The rising collaborations between academic institutions and emerging start-ups is poised to boost the Australia and New Zealand wearable medical devices market value. In March 2023, the University of Melbourne invested USD 500,000 in an innovative at-home pregnancy monitoring startup known as Kali Healthcare . The company has developed a sensor patch along with a small wearable device to detect the baby’s heart rate and is associated with decreasing the infant mortality rate in the country. Facilitating easy access to pregnancy monitoring, the application of such new technologies can help in preventing stillbirth, which affects 1 in every 130 pregnancies in the region.

Rising Application of Wearable Medical Devices Across Various Domains

In March 2023, a New Zealand based company called Exxovantage deployed wearable robotic solutions to avoid workplace injuries amongst the staff. Integrating artificial intelligence-based workplace wearables have also helped in improving the efficiency of workers by avoiding the time lost in managing injuries. This also indicates that the wearable medical devices market demand is expected to rise owing to its application in various domains including aviation, defense, construction, dairy farming, horticulture, mining in addition to healthcare sectors.

Increasing Partnerships to Promote the Australia and New Zealand Wearable Medical Devices Market Share

In June 2023, the University of South Australia in collaboration with the Department of Defense, and their industry partner Insight Via Artificial Intelligence and the University of Adelaide launched a project to use machine learning algorithms in wearables and detect early signs of infection. The new approach can particularly help the military personnel as it continuously keeps track of the vital in an efficient and time-saving manner. In the new project, the researchers are aiming to develop off-the-shelf consumer wearables that contain sophisticated sensors to collect hours of data at a low cost. The minimally invasive method also offers an advantage over the conventional methods that involve nasal or blood samples for detection.

Australia and New Zealand Wearable Medical Devices Market Segmentation

Market Breakup by Product

• Diagnostic Devices
  •  Vital Sign Monitoring Devices
  • Sleep Monitoring Devices
  • Electrocardiographs fetal & Obstetric Devices
  • Neuromonitoring Devices

• Therapeutic Devices
  • Pain Management Devices
  • Insulin/Glucose Monitoring Devices
  • Rehabilitation Devices
  • Respiratory Therapy Devices

Market Breakup by Site

• Handheld

• Headband

• Strap/Clip/Bracelet

• Shoe Sensors

• Others

Market Breakup by Distribution Channel

• Pharmacies

• Online Channel

• Hypermarkets

Market Breakup by Applications

• Sports and Fitness

• Remote Patient Monitoring

• Home Healthcare

• Cardiology

Market Breakup by End User

• Infants

• Kids

• Adults

• Elderly

Market Breakup by Country

• Australia

• New Zealand

Australia and New Zealand Wearable Medical Devices Market Regional Analysis

As the population is getting increasingly aware about the benefits of wearable medical devices, the Australia and New Zealand wearable medical devices market size is expected to grow in the forecast period. In addition, the rising disposable incomes contribute to increased utility of fitness trackers, smart watches with health monitoring devices and medical grade wearables. The rising prevalence of chronic diseases is another major factor that contributes to the increasing market value. The increasing risk of diabetes, cardiovascular diseases, and kidney diseases associated with unhealthy dietary habits, stressful working conditions and sedentary lifestyle further fuel the market growth.

Australia and New Zealand Wearable Medical Devices Market: Competitor Landscape

In July 2023, Nutromics , an Australian diagnostics company raised USD 7 million to accelerate the development of their medical wearable diagnostic platform. The company also launched a Series A funding round where it pooled around USD 33 million in investments. Integrating a DNA sensor technology to track several targets like disease biomarkers and hard-to-dose drugs, the technology is presently being for in-human trials at Monash Health. A similar market trend of rising investments and product portfolio expansion is being witnessed by multiple companies.

The key features of the Australia and New Zealand wearable medical devices market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Huawei Technologies Co. Ltd

• Oppo

• Apple Inc.

• Samsung Electronics Co. Ltd

• Nuheara Limited

• Garmin Ltd

• OnePlus

• Wear OS

• Fitbit Inc.

• Philips Electronics

• Sotera Wireless

• Intelesens Ltd.

• Omron Corp.

• Vital Connect

• Polar Electro

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report