The Australian Government is committed to investing in industries with the potential for significant growth and innovation, as they will help drive economic development and job creation in the coming years. One industry that has been identified as a priority growth sector is Australia’s Medical Technology, Biotechnology, and Pharmaceutical (MTP) sector.
According to the National Health and Medical Industry Growth Plan, the MTP sector is poised to grow significantly in the coming years, driven by a focus on innovation, research and development, and commercialisation of new products and services.
The pharmaceutical industry is expected to achieve a market size of US$10.16bn by 2024, with an annual growth rate of 6.76%. The oncology drugs segment is projected to be the largest market in the pharmaceutical industry, with a market volume of US$2.01bn in 2024.
The Australian medical device market has a well-established regulatory system and is considered mature. The market is projected to grow at a CAGR of 6.1% from 2022 to 2030.
Overall, the outlook for the MTP sector and the pharmaceutical industry in Australia is positive, with significant growth expected in the coming years. The Australian Government has made the MTP sector a key priority area for investment and growth, and several initiatives are currently underway to support the sector.
If you’re interested in exploring business opportunities in the Australian MedTech, Biotechnology, and Pharmaceuticals sectors, please get in touch with Abdera today to discover how we can support your business’s growth and success.
How Abdera can assist the Medical Technology, Biotechnology & Pharmaceutical (MTP) sector with:
