Health technology
Victoria’s health technology sector is growing.
Melbourne-based companies comprise over 40% of Australia’s-listed health tech firms. Their combined market capitalisation is above $207 billion. In 2024 Victoria exported health technology products worth over $3.82 billion, making it our state’s highest value manufactured export sector.
What is the health technology (health tech) sector?
The health technology sector employs more than 51,785 people, plus 20,000 research sector jobs. It includes:
- product manufacturing and development of pharmaceuticals
- medical technologies
- vitamins
- supplements and topical products
- professional and scientific services
- pharmaceutical wholesaling
- contract research and clinical trial providers
- public funded research organisations and health services conducting health and medical research.
Firms range in size from small start-ups to large Victorian exporters and global manufacturers.
The sector's strength in Victoria
Victoria has:
- A support infrastructure for neuroscience, cancer, regenerative medicine, infectious diseases and immunology research.
- A global reputation in advanced manufacturing for pharmaceutical and medical technology products. This includes new capabilities to develop and manufacture mRNA-based products.
- A growth pad for development of innovation and advanced health technologies. It gives access to skilled medical product design and manufacturing capabilities.
- An experienced biotechnology investment ecosystem. It can manage and assist the commercialisation of health technologies.
- Expertise in drug candidate development across many stages of the drug discovery process.
- A cost-effective, rapid regulatory system for high-quality clinical trials. It includes access to leading clinical researchers and ethically diverse participant recruitment pool.
What is the medical technology (medtech) sector?
The medtech sector in Victoria is part of the broader health technology sector. It includes firms in:
- diagnostics
- digital health
- devices
- Connected devices
- hospital or allied health equipment.
The department has developed a Victorian Medtech Manufacturing Capability Summary:
- Victorian Medtech Manufacturing Capability Summary Victorian Medtech Manufacturing Capability Summary v2 (PDF 11650.53 KB)
- Victorian Medtech Manufacturing Capability Summary accessible version Victorian Medtech Manufacturing Capability Summary v2 (PDF 11650.53 KB)
Benefits of government support
More than 20 years of sustained Victorian Government support has resulted in $39.6 billion in extra revenue. This has delivered more than a threefold economic benefit on public investment.
Creating a Health Future report
This report demonstrates past government investments into this sector. Report by KPMG and Victoria’s Lead Scientist, Amanda Caples:
- Creating a Healthy Future, The impact of Victorian Government investment in health and medical research Creating a Healthy Future Report (PDF 2988.37 KB)
- An accessible version of this document is currently not available. please contact us if you wish to access this information and have accessibility requirements.
Initiatives and support
| Name and link | Description |
|---|---|
| Australian Medtech Manufacturer's Alliance (AMMA) through BioMelbourne Network | Provides a united voice for local medtech manufacturers supplying Victorian hospitals and health sector. They work to raise the procurement of locally manufactured health products by Victorian health services. |
| BioMelbourne Network | Melbourne’s leading peak body for the Victorian life sciences industry. A program of events and Wilam (an online life sciences community platform) connect
|
| Brandon BioCatalyst and the Biotech Innovators Program | Supports and builds medical research translation skills. |
| Centre for Connected Health Innovation and Commercialisation (CHICC) through ANDHealth | Provides a co-working, mentoring and workshop space for Victorian-based digital and connected health companies. |
| Co-Labs Melbourne | Delivers a cost-effective community co-working science laboratory space for startups. |
| Industry Capability Network | Promotes opportunities for local medtech businesses to supply into Victorian health procurement. |
| LaunchVic: MedTech Actuator | Supports medtech startups and scaleups. |
| Medical Research | Support and commitment for a world-class health and medical research community. |
| MRNA Victoria | Supports and grows the mRNA and RNA industry in Victoria. |
| Victorian Medtech Skills and Devices Hub (VMH) | Provides a new model of workforce training and development built to accelerate the growth of Victoria’s medtech industry. |
Need more information?
For more information on what we're doing in this space, visit our industry, research and innovation page or contact us.
Page last updated: 18 September 2025