The Australian in vitro diagnostics market is believed to witness a CAGR of around 5.36% over the forecast period. Certain factors that have been driving the market are an increase in the incidences of chronic and infectious diseases, a growing geriatric population, technological advances that are taking place in the diagnostic sector, and the advent of point of care diagnostics.
- According to the Australian Institute of Health & Welfare (AIHW), around 3.7 million Australians (15% of the population) had been aged 65 years and above in 2016. With an increasing geriatric population, there may be a growth of the typical age-related health problems (for example, arthritis, dementia, and cancer).
- As per the Australian Health Survey (AHS) 2015, one in five of the elderly population people (22%) reported being affected by cardiovascular diseases, while 15% had diabetes, and 7% had cancer. The trend of rising chronic diseases has been increasing in the country; with such increase in incidences of chronic diseases, there is a need for diagnostic tests that provide critical insights at every stage of medical care, including prevention, detection, diagnosis, treatment, and successful management of health conditions.
- Therefore, it is believed that rising chronic incidences of diseases have been driving the market of in-vitro diagnostics in Australia.
Key Market Trends
Reagent Segment is expected to have the Largest Market Share During the Forecast Period
The reagent segment of the market studied includes chemical, biological, or immunological components, solutions, or preparations intended by the manufacturer to be used during the in-vitro diagnosis process.
Reagent usage for IVD kits often carries high costs. Nevertheless, a variety of new measures to counter this problem have emerged, which include the bulk purchase of reagents and local development and production of assay systems. Being a developed economy, Australia has established local immunoassay reagent programs to manufacture low-cost, high-quality immunoassay reagents. Kits from these projects are now gradually becoming available and are likely to fuel the market expansion.
The Australian in-vitro diagnostics market is moderately competitive. Some of the major players of this market are BioMerieux, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Bio-Rad Laboratories Inc., and Abbott. The major players hold most of the market share. With technological advances and product innovations, some small companies have also been entering the market studied, currently holding a substantial market share.
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