Australian In Vitro Diagnostic (IVD) Market Business Scenario Analysis By Global Industry Trend, and Opportunity Assessment till 2028

Report Overview

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.

Market Drivers

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.

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Major Players

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.

The report delivers the challenges in front of the Australian In Vitro Diagnostic (IVD) Market 2023 that allows a better understanding of the market providing a helpful comprehensive evaluation and clear-cut dynamics associated with this market. The analyst has studied the current market scenario while concentrating on the new business objectives with the lucrative opportunities that are available. This report includes changes in customer requirements, customer preferences, and the vendor landscape in the industry with key factors that are expected to influence the overall dynamics of the Australian In Vitro Diagnostic (IVD)s Market including the current trends, growth opportunities, restraints, and market drivers.

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Market Segmentation

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.

Major Players

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.

The Australian In Vitro Diagnostic (IVD) Market report is an easy-to-understand document giving section-wise details about the global market. Starting with the brief outline of the overall market, it will put forth the all-inclusive evaluated market statistics and different parameters for the forecast period. The report covers numerous aspects of the Australian In Vitro Diagnostic (IVD) market divided into product kind, application, and end-use, offering the report to assist the customers in improving their ability to make precise decisions related to the business under the Australian In Vitro Diagnostic (IVD) Market.

International Market Players will use the correct market facts and figures and applied math studies provided within the report back to perceive this and future growth of the worldwide Electrophoretic Australian In Vitro Diagnostic (IVD) market. Each section of the research study is specially prepared to explore key aspects of the global Australian In Vitro Diagnostic (IVD) Market. Buyers of the report will have access to accurate PESTLE, SWOT, and other types of analysis on the global Australian In Vitro Diagnostic (IVD) market. Moreover, it offers highly accurate estimations on the CAGR, market share, and market size of key regions and countries.

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Strategic Points Covered in Table of Content of Global Australian In Vitro Diagnostic (IVD) Market:

Chapter 1: Introduction, market driving force product Objective of Study and Research Scope the Australian In Vitro Diagnostic (IVD) market
Chapter 2: Exclusive Summary - the basic information of the Australian In Vitro Diagnostic (IVD) Market.
Chapter 3: Displaying the Market Dynamics- Drivers, Trends and Challenges & Opportunities of the Australian In Vitro Diagnostic (IVD)
Chapter 4: Presenting the Australian In Vitro Diagnostic (IVD) Market Factor Analysis, Porters Five Forces, Supply/Value Chain, PESTEL analysis, Market Entropy, Patent/Trademark Analysis.
Chapter 5: Displaying the by Type, End User and Region/Country
Chapter 6: Evaluating the leading manufacturers of the Australian In Vitro Diagnostic (IVD) market which consists of its Competitive Landscape, Peer Group Analysis, BCG Matrix & Company Profile
Chapter 7: To evaluate the market by segments, by countries and by Manufacturers/Company with revenue share and sales by key countries in these various regions
Chapter 8 & 9: Displaying the Appendix, Methodology and Data Source

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