Australia In Vitro Diagnostics Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 1.86 Billion |
| Market Size (2029) | USD 2.41 Billion |
| CAGR (2024 - 2029) | 5.36 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Australia In Vitro Diagnostics Market Analysis
The Australia In-vitro Diagnostics Market size is estimated at USD 1.86 billion in 2024, and is expected to reach USD 2.41 billion by 2029, growing at a CAGR of 5.36% during the forecast period (2024-2029).
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.
Australia In Vitro Diagnostics Market Trends
The Molecular Diagnostics Segment is Expected to Hold a Major Market Share in the Australia In-vitro Diagnostics Market
Molecular diagnostics are a class of diagnostic tests that assess a patient's health at a cellular and molecular level. These tests detect and measure specific cellular alterations, genetic sequences in DNA or RNA, or amino acids or proteins they express. The rising number of chronic and infectious diseases in Australia is what is driving the need for molecular diagnostics.
For instance, according to 2022 statistics published by the International Diabetes Federation in its 10th edition in 2021, 1.4 million people were living with diabetes in Australia. In addition, as per the same source, this number is projected to reach 1.6 million by 2030 and 1.9 million by 2050. Additionally, 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. Similarly, the Government of Australia data published in December 2021 mentioned that it is estimated that about 151,000 Australians were diagnosed with cancer (413 per day). The source also noted that more than 1 million people are living in Australia who are either currently living with cancer or have lived with cancer. This number is expected to grow over time as both cancer incidence and survival continue to increase. The increasing burden of various chronic diseases in Australia is expected to drive the demand for effective in-vitro diagnostics, thereby fueling the growth of the studied segment over the forecast period.
Furthermore, the increasing product approvals and research and development activities in Australia are expected to contribute to the growth of the studied segment. For instance, in April 2022, Seegene received approval from Australia's Therapeutic Goods Administration for its Allplex RV Master Assay. This assay can distinguish 21 targets for 19 different respiratory viruses, including COVID-19 and the common cold.
So, the growth of the studied segment is likely to be affected by the above-mentioned factors over the forecast period.
Infectious Diseases is Expected to Hold a Notable Share in the Market Over the Forecast Period
The infectious diseases segment is expected to hold a significant share of the market over the forecast period owing to the rising diseases among the Australian population, the growing demand for effective diagnostics, the presence of major market players, and frequent product launches.
For instance, the annual surveillance report published in 2022 mentioned that in 2021, chlamydia was the most frequently notified sexually transmitted infection in Australia with a total of 86916 notifications, gonorrhea cases were 26,577, and syphilis cases were 5,570. Also, the data published by the Australian Government, Department of Health and Aged Care, under the title "Sexual Health," published in 2022, mentioned that 1 in 6 Australians has had a notifiable sexually transmitted infection in their lifetime. In 2020, there were 124,900 cases of notifiable sexually transmitted infections. Such an incidence of sexually transmitted infections results in the demand for effective diagnostics, thereby contributing to the growth of the studied segment over the forecast period.
Additionally, the rising market player's strategies, such as partnerships and collaborations, along with favorable government policies, are expected to drive the segment's growth. For instance, in February 2022, Lumos Diagnostics and Planet Innovations partnered with the Melbourne state government for the shore supply of COVID-19 rapid antigen tests. The partnerships led to the creation of a USD 17.2 million rapid diagnostics manufacturing facility, equipping Victoria with the capability to make not just COVID-19 rapid tests but also tests for flu and a range of bacterial infections.
Hence, the rising infectious diseases and the growing demand for IVD, along with frequent developments in Australia for infectious diseases, are expected to boost the segment's growth over the forecast period.
Australia In Vitro Diagnostics Industry Overview
The Australian in-vitro diagnostics market is fragmented and competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the major players in this market are BioMerieux, Hoffmann-La Roche Ltd., Becton, Dickinson and Company, Bio-Rad Laboratories Inc., Abbott, Siemens AG, Thermo Fisher Scientific, and QIAGEN.
Australia In Vitro Diagnostics Market Leaders
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Abbott
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Bio-Rad Laboratories, Inc
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BD
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Roche Diagnostics
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bioMérieux SA
*Disclaimer: Major Players sorted in no particular order
Australia In Vitro Diagnostics Market News
- July 2022: COVID-19 test kits were included in the Australian Register of Therapeutic Goods (ARTG) for legal supply in Australia by Abbott.
- June 2022: CerTest Biotec and BD announced a collaboration to develop a molecular diagnostic test for the monkeypox virus.
Australia In Vitro Diagnostics Market Report - Table of Contents
1. INTRODUCTION
- 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
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4.2 Market Drivers
- 4.2.1 High Prevalence of Chronic Diseases
- 4.2.2 Increasing Use of Point-of-care (POC) Diagnostics
- 4.2.3 Advanced Technologies
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4.3 Market Restraints
- 4.3.1 Stringent Regulations
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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
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5.1 By Test Type
- 5.1.1 Clinical Chemistry
- 5.1.2 Molecular Diagnostics
- 5.1.3 Immuno Diagnostics
- 5.1.4 Haematology
- 5.1.5 Other Test Types
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5.2 By Type of Product
- 5.2.1 Instruments
- 5.2.2 Reagents
- 5.2.3 Other Types of Product
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5.3 By Application
- 5.3.1 Infectious Disease
- 5.3.2 Diabetes
- 5.3.3 Cancer/Oncology
- 5.3.4 Cardiology
- 5.3.5 Autoimmune Disease
- 5.3.6 Other Applications
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5.4 By End User
- 5.4.1 Diagnostic Laboratories
- 5.4.2 Hospitals and Clinics
- 5.4.3 Other End Users
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 BioMerieux
- 6.1.2 F. Hoffmann-La Roche Ltd
- 6.1.3 Becton, Dickinson and Company
- 6.1.4 Bio-Rad Laboratories Inc.
- 6.1.5 Abbott
- 6.1.6 Siemens AG
- 6.1.7 Thermo Fisher Scientific
- 6.1.8 QIAGEN
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityAustralia In Vitro Diagnostics Industry Segmentation
As per the scope of this report, in-vitro diagnostics involves medical devices and consumables that are utilized to perform in-vitro tests on various biological samples. They are used for the diagnosis of various medical conditions and chronic diseases. The in-vitro diagnostics market in Australia is classified by test type (clinical chemistry, molecular diagnostics, immunodiagnostics, hematology, and other test types), product type (instruments, reagents, and other types of products), application (infectious disease, diabetes, cancer/oncology, cardiology, autoimmunity, and other applications), and end user (diagnostic laboratories, hospitals, and clinics, and other end users). The report offers the value (in USD million) for the above segments.
| By Test Type | Clinical Chemistry |
| Molecular Diagnostics | |
| Immuno Diagnostics | |
| Haematology | |
| Other Test Types | |
| By Type of Product | Instruments |
| Reagents | |
| Other Types of Product | |
| By Application | Infectious Disease |
| Diabetes | |
| Cancer/Oncology | |
| Cardiology | |
| Autoimmune Disease | |
| Other Applications | |
| By End User | Diagnostic Laboratories |
| Hospitals and Clinics | |
| Other End Users |
Australia In Vitro Diagnostics Market Research FAQs
How big is the Australia In-vitro Diagnostics Market?
The Australia In-vitro Diagnostics Market size is expected to reach USD 1.86 billion in 2024 and grow at a CAGR of 5.36% to reach USD 2.41 billion by 2029.
What is the current Australia In-vitro Diagnostics Market size?
In 2024, the Australia In-vitro Diagnostics Market size is expected to reach USD 1.86 billion.
Who are the key players in Australia In-vitro Diagnostics Market?
Abbott, Bio-Rad Laboratories, Inc, BD, Roche Diagnostics and bioMérieux SA are the major companies operating in the Australia In-vitro Diagnostics Market.
What years does this Australia In-vitro Diagnostics Market cover, and what was the market size in 2023?
In 2023, the Australia In-vitro Diagnostics Market size was estimated at USD 1.76 billion. The report covers the Australia In-vitro Diagnostics Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia In-vitro Diagnostics Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia In Vitro Diagnostics Industry Report
Statistics for the 2024 Australia In Vitro Diagnostics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia In Vitro Diagnostics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
