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.