Australia oncology devices market to grow by 3% CAGR through 2033, forecasts GlobalData

New Delhi: Australia faces a significant burden from increasing cancer cases due to an aging population, unhealthy lifestyle and increased exposure to environmental toxins that has led to an increased demand for oncology devices.

Against this backdrop, Australia’s oncology devices market is expected to grow at a compound annual growth rate (CAGR) of around 3% through 2033, forecasts GlobalData, a leading data and analytics company.

GlobalData’s research reveals that Australia accounted for around 10% of the Asia-Pacific (APAC) oncology devices market in 2024, driven by the strong research initiatives and increased government investment in cancer research and treatment. Additionally, collaborations with global players and ongoing efforts to improve patient outcomes are further fuelling the market expansion.

OncoRes Medical, a Perth-based medical device firm identified through the CUREator+ program, has recently secured $2.5 million funding from the Medical Research Future Fund’s Medical Research Commercialisation initiative. The funding will support the development of a device designed to assist surgeons in more accurately identifying cancer cells during surgery.

Shreya Jain, Medical Devices Analyst at GlobalData, comments: “The current oncology devices often lack the precision needed to ensure the complete removal of cancerous cells during surgery. In addition, the oncology devices market in Australia is characterized by limited advanced diagnostics, high prices, and a lack of specialized oncology equipment. Even though the healthcare system is well developed, there is a lack of sufficient domestic manufacturing capabilities of specialized medical devices such as oncology equipment.”

By enabling surgeons to more accurately identify and thus remove cancerous tissue during surgery, OncoRes Medical’s new imaging technology has the potential to improve patient outcomes by potentially decreasing the necessity for postoperative procedures and improving overall cancer treatment success.

Jain concludes: “The focus on advancing oncology care in Australia is likely to center on advancing precision diagnostics, enhancing minimally invasive technologies, and integrating AI-driven solutions to improve early cancer detection and treatment. Prioritizing local manufacturing with the help of government support will also reduce reliance on imports and ensure tailored solutions for the Australian population.”