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The Australia pharmaceuticals market was valued at USD 25,250 million in 2020, and it is expected to reach USD 28,750 million in 2026, witnessing a 2.1% CAGR growth over the forecast period, 2021-2026.
Most of the pharmaceutical and biotechnological companies had shifted their focus toward R&D departments to identify new molecules or leads for the treatment of this disease, which are in the final phase of clinical trials. In January 2021, the Therapeutic Goods and Administration approved the COVID-19 vaccine developed by Pfizer and BioNTech. In addition to this, the Australian government has gone under nearly four agreements where it has invested around AUD 3.3 billion to support the supply of vaccines in the country. Furthermore, the country invested around AUD 363 million in research and development activities related to the prevention and treatment of COVID-19. Such developments are further expected to accelerate the market growth.
The major factors likely to drive the market growth during the forecast period are the growing burden of chronic diseases and the rising geriatric population, along with the rising investments in research and development expenditure for novel therapeutics in Australia. According to the GLOBOCAN, in 2020, nearly 200,021 new cases of cancer were diagnosed in Australia.
Furthermore, the burden of diabetes has also increased in the country. As per the data of the International Diabetes Federation, in 2020, about 1,288,300 people in Australia were suffering from diabetes. As a result, many companies are developing new solutions for the treatment of these diseases, which is expected to drive the market studied. For instance, in October 2020, the Therapeutic Goods and Administration approved Truvelog developed by Sanofi SA for the treatment of Type 2 diabetes mellitus. Thus, positive growth is expected in the Australia pharmaceuticals market over the forecast period.
Scope of the Report
As per the scope of this report, pharmaceuticals are referred to as prescribed and non-prescription drugs. These medicines can be bought by an individual with or without the doctor's prescription and are safe for consumption for various illnesses with or without the doctor’s consent. The report also covers an in-depth analysis of qualitative and quantitative data. The Australia pharmaceuticals market is segmented by ATC/therapeutic class (alimentary tract and metabolism, blood and blood-forming organs, cardiovascular system, dermatological, genito urinary system, and sex hormones, systemic hormonal preparations, anti-infectives for systemic use, antineoplastic and immunomodulating agents, musculoskeletal system, nervous system, antiparasitic products, insecticides and repellents, respiratory system, sensory organs, and other therapeutic classes), drug type (branded and generic), and prescription type (prescription drugs (Rx) and OTC drugs). The report offers the value (in USD million) for the above segments.
|By ATC/Therapeutic Class|
|Alimentary Tract and Metabolism|
|Blood and Blood Forming Organs|
|Genito Urinary System and Sex Hormones|
|Systemic Hormonal Preparations|
|Anti-infectives for Systemic Use|
|Antineoplastic and Immunomodulating Agents|
|Antiparasitic Products, Insecticides, and Repellents|
|Other Therapeutic Classes|
|By Drug Type|
|By Prescription Type|
|Prescription Drugs (Rx)|
Key Market Trends
Healthcare Expenditure in Australia is Expected to Increase Significantly During the Forecast Period
Due to the emergence of COVID-19, the healthcare expenditure in Australia increased with the rising cases of COVID-19. The healthcare expenditure rose in 2020, owing to the rising cases of COVID-19 and the increasing demand for drugs related to the treatment of COVID-19. As per the Australian Institute of Health and Welfare, the Australian government would be spending over AUD 115.5 billion in 2020-2021.
Furthermore, in 2018-19, overall healthcare spending in Australia was estimated to be AUD 195.7 billion, or AUD 7,772 per capita. Overall, healthcare expenditure is expected to constitute 10% of Australia’s GDP, an increase from 8.3% in 2000–01. Health expenditure in Australia is jointly funded by public and private sources and individuals.
The government contributes 68% of the total health funding in the country. Private insurance accounts for just over 8% of the total health funding. Just over 20% of the total health funding is being paid directly by individuals. Two-thirds of the overall healthcare spending were covered by the government of Australia and the governments of the state and territories. As per the Organization Economic Co-operation and Development, Australia is one of the leading countries with a high level of spending on private health insurance. Private health insurance contributes between 4% and 10% in the total healthcare expenditure.
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The Prescription Drugs Segment Holds the Largest Share and is Expected to do so in the Forecast Period
The prescription drugs segment is expected to reflect the largest proportion in the predicted period. The outbreak of COVID-19 is expected to positively impact prescription drugs as new drugs are being discovered for the treatment of COVID-19. In July 2020, the Therapeutics Goods and Administration provisionally approved Veklury developed by Gilead Sciences Pty Ltd in the treatment of COVID-19. Hence, this is expected to support the market growth in this segment.
A prescription drug is a pharmaceutical drug that legally requires a medical prescription to be dispensed. The growing product launches are expected to drive the market growth. For instance, in September 2020, GW Pharmaceuticals introduced EPIDYOLEX for the treatment of seizures that are associated with Lennox-Gastaut syndrome.
Furthermore, the Australian government announced a new USD 56.6 million Genomics Health Futures Mission in 2019-2020, focusing on the new clinical trials and technology development, giving an investment opportunity for both the businesses and research organizations. Therefore, with the above-mentioned factors, the market is expected to grow during the forecast period.
The Australia pharmaceuticals market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some of the key companies currently dominating the market are Abbvie Inc., Amgen Inc., Pfizer Inc., and CSL Limited.
In December 2020, Telix received approval from the Therapeutics Goods and Administration (TGA) for ''TLX592'' in the treatment of prostate cancer.
In July 2020, Deciphera received approval from the Therapeutics Goods and Administration (TGA) for QINLOCK (ripretinib). It is a tyrosine kinase inhibitor used in the treatment of patients suffering from an advanced gastrointestinal stromal tumor.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.1.1 Healthcare Expenditure (Govt. Vs Private)
4.1.2 Pharmaceutical Imports and Exports
4.1.3 Epidemiology Data For Key Diseases
4.1.4 Regulatory Landscape/Regulatory Bodies
4.1.5 Licensing and Market Authorization (For Both Local Production and Imported Goods)
4.1.6 Pipeline Analysis
220.127.116.11 By Phase
18.104.22.168 By Sponsor
22.214.171.124 By Disease
4.1.7 Statistical Overview
126.96.36.199 Number of Hospitals
188.8.131.52 Employment in the Pharmaceutical Sector
184.108.40.206 R&D Expenditure
4.1.8 Ease of Doing Business
4.2 Market Drivers
4.2.1 Rising Geriatric Population and Increasing Investments in the Sector
4.2.2 Rising Incidence of Chronic Diseases such as CVD and Diabetes
4.3 Market Restraints
4.3.1 Stringent Regulatory Scenario
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By ATC/Therapeutic Class
5.1.1 Alimentary Tract and Metabolism
5.1.2 Blood and Blood Forming Organs
5.1.3 Cardiovascular System
5.1.5 Genito Urinary System and Sex Hormones
5.1.6 Systemic Hormonal Preparations
5.1.7 Anti-infectives for Systemic Use
5.1.8 Antineoplastic and Immunomodulating Agents
5.1.9 Musculoskeletal System
5.1.10 Nervous System
5.1.11 Antiparasitic Products, Insecticides, and Repellents
5.1.12 Respiratory System
5.1.13 Sensory Organs
5.1.14 Other Therapeutic Classes
5.2 By Drug Type
5.3 By Prescription Type
5.3.1 Prescription Drugs (Rx)
5.3.2 OTC Drugs
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 AbbVie Inc.
6.1.2 AstraZeneca PLC
6.1.3 Amgen Inc.
6.1.4 Pfizer Inc.
6.1.5 CSL Limited
6.1.6 F. Hoffmann-La Roche AG
6.1.7 GlaxoSmithKline PLC
6.1.8 Eli Lilly and Company
6.1.9 Novartis AG
6.1.10 Sanofi SA
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Australia Pharmaceuticals Market market is studied from 2018 - 2026.
What is the growth rate of Australia Pharmaceuticals Market?
The Australia Pharmaceuticals Market is growing at a CAGR of 2.1% over the next 5 years.
Who are the key players in Australia Pharmaceuticals Market?
Abbvie Inc., Amgen Inc., Pfizer Inc., AstraZeneca plc, Eli Lilly & Co. are the major companies operating in Australia Pharmaceuticals Market.