Australia Healthcare In Vitro Diagnostics Market Analysis
$2,350.00 – $4,700.00
Type: Service area
Published : April 2021
Report ID : 4062
Format: PPT, PDF
Australian In Vitro Diagnostic (IVD) Market: Segmented by Test Type (Clinical Chemistry, Molecular Diagnostics, Immuno Diagnostics, Haematology, & Others), by Product Type (Instruments, Reagents, & Others), by End Users (Diagnostic Laboratories, Hospitals and Clinics, & Others)- Growth, Trends, and Forecast (2019 – 2028)
The Australian In Vitro Diagnostic (IVD) market size stood at around USD 1.89 billion in 2019 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of xx% during the forecast period.
The rise in the prevalence of various coronary heart diseases such as stroke, cardiomyopathy causing cardiac deaths and favorable reimbursement initiatives. Cardiovascular hospitalization rates were 30% higher among those living in remote and very remote areas than those in major cities of Australia, 5.6% of Australian adults had 1 or more -conditions related to the heart or vascular diseases including stroke, in 2017-2018. Also, the ongoing research activities by key players to develop technologically advanced cardiovascular drugs with reduced side effects such as biosimilars, monoclonal antibodies, and peptide therapies to save the life of the patients are expected to further boost the growth of the Australian In Vitro Diagnostic (IVD)market revenue throughout the forecast period.
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 an 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.
Few other driving factors are technological advances that are taking place in the diagnostic sector, and the advent of point-of-care diagnostics.
1. Australian In Vitro Diagnostic (IVD) Market Overview………………………………… A. Market Size 2. Market Growth Drivers……………………………………………..………………………. A. Increase in the Incidences of Chronic Diseases B. Growing Geriatric Population C. Technological Advances in the Diagnostic Sector 3. Major In Vitro Diagnostic (IVD) ……………………………..………………………….… A. Hypertension B. Hyperlipidaemia C. Coronary Artery Disease D. Arrhythmia E. Others 4. In Vitro Diagnostic (IVD) Market Segmentation…………………………………………… A. Test Type I. Clinical Chemistry II. Molecular Diagnostics III. Immuno Diagnostics IV. Haematology V. Others B. Product Type I. Instruments II. Reagents III. Others C. End Users IV. Diagnostic Laboratories V. Hospitals and Clinics VI. Others 5. In Vitro Diagnostic (IVD) Major Products Market Share…………………….……… A. Market Analysis, Insights and Forecast – By Revenue 6. Competitive Landscape…………………………………………….………….………… A. Major Players B. Products in Pipeline 7. Key Company Profiles……………………………………………………………………. A. BioMerieux company overview, Product & Services, Strategies & Financials B. F. Hoffmann-La Roche Ltd Company overview, Product & Services, Strategies & Financials C. Dickinson and Company overview, Product & Services, Strategies & Financials D. Bio-Rad Laboratories overview, Product & Services, Strategies & Financials 8. Healthcare Policies and Regulatory Landscape……………………………………… A. Policy changes and Reimbursement scenario 9. Factors Driving Future Growth…………………………………………………………… A. New Trends and Development of In Vitro Diagnostic (IVD) market B. Future Opportunities 10. Conclusion
By Test Type:
Based on technique, it is categorized into immunodiagnostics, hematology, molecular diagnostics, tissue diagnostics, clinical chemistry, and others. In addition, the immunodiagnostics segment is further divided into enzyme-linked immunosorbent assay (ELISA), rapid tests, enzyme-linked immunospot (ELISPOT), radioimmunoassay (RIA), and western blot. Moreover, the ELISA segment is further divided into chemiluminescence immunoassay (CLIA), fluorescence immunoassay (FIA), and colorimetric immunoassay (CI). Similarly, the molecular diagnostics segment is divided into polymerize chain reaction (PCR), isothermal nucleic acid amplification technology (INAAT), hybridization, DNA diagnostics, microarray, and others.
The clinical chemistry segment is further divided into the basic metabolic panel, liver panel, lipid profile, thyroid function panel, electrolyte panel, specialty chemicals, and others.
By Product Type:
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.
By End User:
Based on end-users the Australian IVD market is segmented into Diagnostic Laboratories, Hospitals, and Clinics, & Others. The hospital segment dominated the market and accounted for the largest revenue share of 44.2% in 2020. This is owing to an increase in hospitalization as doctors require diagnostic interpretation for further treatment. Most often, diagnostic centers operate in collaboration with hospitals; hence, hospitals have their own diagnostic setup. Furthermore, the ongoing development of healthcare infrastructure is anticipated to enhance the existing hospital facilities. Thus, the demand for hospital-based in vitro diagnostic tests is increasing.
Other end-users of in vitro diagnostics are other healthcare settings, laboratories, ambulatory care services, schools, and academic institutions, especially in emergency cases and research institutes. These healthcare institutions mostly perform POC tests for monitoring or detecting diseases. High adoption of these tests by the abovementioned organizations due to lower costs and quick results is expected to fuel the growth of the market.
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.
Insights10 will provide you reports within 10 key parameters which are:
Market growth drivers & restraints
Epidemiology or disease type
Key company profiles
Healthcare policies & regulatory framework
Factors driving future growth
Based on our many years of experience, we believe that these are the parameters that are critical to decision making for business stakeholders. Our focused approach to develop reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.
Our analysis methodology involves three critical stages:
Stage I: Market Data Collection
Primary Interviews: We have developed a network of experts, freelancers and researchers across countries through which we engage with local experts to gather key data points and assumptions around each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.
Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain the high level of accuracy and consistency. The market data is analysed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, market share as well as segment-level analysis of the specific market. Our report includes precise, to the point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.
Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:
Company Websites/Annual Reports
Published Research Reports
Press Releases of Key Market Players
Stage II: Market Data Analysis and Statistical Model
Market Trends: We generally look at macro parameter and micro indicators. The macro parameters includes changes in government policies, demand and supply of the market, government intervention programs and major market share. The micro indicators GDP growth, market size, market volume etc. We also understand nuances specific to each country like US, Canada, India, Germany, etc. and have worked across 60+ countries and hence no only understand global trends, but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.
Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. start with large overall market and segment different areas and bottom-up approach i.e. start with population and epidemiology and roll up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.
The top-down approach mainly used for new product forecasting and bottom-up approach is used for demand estimation of any product for different countries summed up to form total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.
The study on the market covers the analysis of the leading geographies such as North America, Europe, Asia-Pacific, and Africa for the period of 2020 to 2028. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape and policy and regulatory scenario and the quantitative analysis covers different market estimates and forecasts.
Data Triangulation & Validation:
Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases and the company level averages etc.
We make sure to finalize the numbers in alignment to the market research. Firstly, our internal experts ensure thorough validation and checking to ensure the accurate and precise analysis and then validation is also done using multiple data analysis model. Two level validation is done and entails finalization of report scope and to way of representation pattern.
Stage III: Interpretation and Presentation
Analysis & Interpretation: The information gathered is then analysed and synthesized. A second series of interviews are done if necessary to check and validate. The future opportunities are analysed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results are then, interpreted by considering following parameters: (a partial list)
Establishing market drivers and trends
Analyzing regulatory landscape to understand future growth
Market Segment based analysis to obtain revenue / volume
Analyzing current needs and determining penetration to estimate market
Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to oﬀer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and its impact to the different segments within the market. Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.
Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumptions. The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.
Download Free Sample Report
Share with someone
Inquiry before buying
150+ Analyst and Consultants
Our team of 150+ analyst and consultants carry a rich experience working in Life sciences domain
Insights10 has 13000+ ready available syndicated market research reports
Specialised in Lifesciences Market
One stop solutions for all your Life-sciences market research requirements
This report addresses
Market intelligence to enable effective decision making
Growth opportunities and trend analysis
Historical data & forecasts
Speak to our analyst to know how this research was put together
Add more countries or regions as part of customisation
Understand how this report can have direct impact on your revenue