Australia In-vitro Diagnostics Market 2019 Major Players: BioMerieux, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Bio-Rad Laboratories

Australia In-vitro Diagnostics Market - Growth, Trends & Forecast (2019 - 2024)
Australia In-vitro Diagnostics Market 2019 Major Players: BioMerieux, F. Hoffmann-La Roche Ltd, Becton, Dickinson and Company, Bio-Rad Laboratories

The Australian in-vitro diagnostics market is believed to witness a CAGR of around 5.36% over the forecast period. Certain factors driving the market are an increase in the incidences of chronic and infectious diseases, a growing geriatric population, technological advances that are taking place in the diagnostic sector, and the advent of point of care diagnostics.

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According to the Australian Institute of Health & Welfare (AIHW), around 3.7 million Australians (15% of the population) were aged 65 years and above in 2016. With an increasing geriatric population, there will be a growth of the typical age-related health problems (for example, arthritis, dementia, and cancer). As per the Australian Health Survey (AHS) 2015, 1 in 5 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 is increasing in the country; with such 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. Therefore, it is believed that rising chronic incidences of diseases are driving the market of in-vitro diagnostics in Australia.

Competitive Landscape
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 are also entering the market, currently holding a substantial market share.

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Scope of the Report
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. In this report, a detailed analysis of the in-vitro diagnostics market is presented, with specific attention toward diabetes and thalassemia.

Key Market Trends
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, 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.

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