Australia In-vitro Diagnostics Market Size

Australia In Vitro Diagnostics Market Analysis

Over the next few years, the Australian in vitro diagnostics market is expected to register a CAGR of about 5.36 percent.

COVID-19 had an unprecedented impact on the growth of the market over the pandemic period. The sudden outbreak of the pandemic, which increased the demand for in vitro diagnostics, alerted the Australian government to meet the needs of the population. For instance, a November 2022 TGA article reported that the Therapeutic Goods Administration (TGA) is working with IVD suppliers to ensure tests are available to help manage the COVID-19 pandemic. The article also mentioned that the TGA prioritized COVID-19 tests, including rapid antigen tests throughout 2022, and focused on tests that detect both the influenza virus and COVID-19. Such developments and the prioritization of COVID-19 testing by the government of Australia had a notable impact on the growth of the market during the pandemic. In addition, the demand for in-vitro diagnostics is expected to remain intact due to the emergence of mutant strains of the SARS-CoV-2 virus during the post-pandemic period, thereby contributing to the growth of the market during the forecast period.

The major factors for the growth of the market in Australia are the high prevalence of chronic diseases, the increasing usage of point-of-care diagnostics, and the high adoption of advanced technologies. Additionally, the presence of major market players and favorable government policies are also expected to contribute to the growth of the market over the forecast period.

For instance, according to the Australian Bureau of Statistics, whose data was updated in March 2022, during the years 2020-2021, 78.6% of Australians, or 11.6 million people, had at least one long-term health condition, and 46.6 percent, or 11.6 million people, had at least one chronic condition. One or more chronic illnesses affected nearly half of Australians of all ages (46.6%), and nearly one in five (18.6%) had two or more. One in five females (20.7%) and over half (49.0%) of all females had two or more chronic illnesses. Likewise, 16.4% of men had two or more chronic diseases, and 43.9 percent of men had one or more. Also, according to the 2022 statistics published by the Australian Institute of Health and Welfare, an estimated 571,000 Australians aged 18 and over had chronic heart diseases in 2021. The prevalence of various illnesses among the Australian population is expected to drive demand for effective in vitro diagnostics, contributing to market growth over the forecast period.

Furthermore, increased product development and product approvals are expected to drive market growth. For instance, in August 2021, SpeeDx Pty., Ltd. received clearance from the Australian Therapeutic Goods Administration for the PlexPCR SARS-CoV-2 test. The test is ideally suited to support rapid response to handling robotics in the form of SpeeDx PlexPrep. However, stringent regulations in Australia are expected to impede the growth of the market over the forecast period.