Michael Barbella, Managing Editor10.24.23
Driven by the growing demand for personalized and patient-focused healthcare, advancements in technology, and rapid evolution and implementation of artificial intelligence (AI) in healthcare, Australia’s medical devices market is expected to reach $14 billion in 2030, according to GlobalData.
The company’s research indicates that Australia accounts for more than 6% of the Asia-Pacific (APAC) medical devices market and is forecast to grow 5% annually over the next seven years.
Earlier this year, Brisbane's Sullivan Nicolaides Pathology, in collaboration with the University of Queensland, introduced an automated microscope scanning and analysis system after conducting research for nearly a decade. With the ability to process thousands of tests per day, store data, and produce larger images compared to digital photos, this AI-assisted digital pathology system could significantly improve the cost, quality, and speed of the tests, saving pathologists a great deal of time and effort.
“The integration of AI in healthcare will complement the skills of healthcare professionals, enabling them to focus more on complex cases and uncover unexpected findings while ensuring that routine diagnosis and treatment is optimized with greater efficiency," GlobalData Medical Devices Analyst Rachna Tripathi said. "This harmonious relationship between AI and healthcare staff will allow for more accurate diagnoses and continuous advancements in the field.”
Industry collaboration with researchers is transforming diagnosis and treatment in the APAC region. South Korea’ Samsung Medical Centre’s collaboration with Korea Telecom to introduce a 5G-integrated digital pathology system is another example to demonstrate this trend.
As pathologists can carry out consultations on their smartphones and tablets through the 5G network, which can transmit a great deal of information, this system may significantly shorten the turnaround times for freezing tests.
“Australia’s successful implementation of AI systems has the potential to meet the growing demand for advanced diagnostic procedures, streamline waiting times, and enhance decision-making. However, addressing challenges related to workflow transformation, cybersecurity, transparency, accountability, investment, and skillset is crucial for successful and widespread implementation,” Tripathi noted.
The company’s research indicates that Australia accounts for more than 6% of the Asia-Pacific (APAC) medical devices market and is forecast to grow 5% annually over the next seven years.
Earlier this year, Brisbane's Sullivan Nicolaides Pathology, in collaboration with the University of Queensland, introduced an automated microscope scanning and analysis system after conducting research for nearly a decade. With the ability to process thousands of tests per day, store data, and produce larger images compared to digital photos, this AI-assisted digital pathology system could significantly improve the cost, quality, and speed of the tests, saving pathologists a great deal of time and effort.
“The integration of AI in healthcare will complement the skills of healthcare professionals, enabling them to focus more on complex cases and uncover unexpected findings while ensuring that routine diagnosis and treatment is optimized with greater efficiency," GlobalData Medical Devices Analyst Rachna Tripathi said. "This harmonious relationship between AI and healthcare staff will allow for more accurate diagnoses and continuous advancements in the field.”
Industry collaboration with researchers is transforming diagnosis and treatment in the APAC region. South Korea’ Samsung Medical Centre’s collaboration with Korea Telecom to introduce a 5G-integrated digital pathology system is another example to demonstrate this trend.
As pathologists can carry out consultations on their smartphones and tablets through the 5G network, which can transmit a great deal of information, this system may significantly shorten the turnaround times for freezing tests.
“Australia’s successful implementation of AI systems has the potential to meet the growing demand for advanced diagnostic procedures, streamline waiting times, and enhance decision-making. However, addressing challenges related to workflow transformation, cybersecurity, transparency, accountability, investment, and skillset is crucial for successful and widespread implementation,” Tripathi noted.