Australia In-Vitro Diagnostics Market by Type (Reagents, Instruments, and Software & Services), by Technique (Immunodiagnostics, Hematology, Molecular Diagnostics, Tissue Diagnostics, Clinical Chemistry, and Other IVD Techniques), by Application (Infectious Diseases, Cancer, Cardiac Diseases, Immune System Disorders, Nephrological Diseases, Gastrointestinal Diseases, and Others), and by End User (Stand Alone, Laboratory, Hospitals, Academics and Medical Schools, Point of Care Testing, and Other End Users) – Opportunity Analysis and Industry Forecast, 2024–2030
Industry: Healthcare | Publish Date: 08-Jul-2024 | No of Pages: 139 | No. of Tables: 104 | No. of Figures: 69 | Format: PDF | Report Code : N/A
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Australia In-Vitro Diagnostics Market Overview
The Australia In-Vitro Diagnostics Market size was valued at USD 2.00 billion in 2023, and is predicted to reach USD 3.12 billion by 2030, at a CAGR of 6.1% from 2024 to 2030. In-Vitro diagnostics (IVD) refers to a wide range of medical tests conducted on samples of bodily fluids, tissues, or cells outside of the body to diagnose diseases, monitor therapy, and assess overall health conditions. These tests are performed in laboratory settings using various techniques and technologies, including immunoassays, molecular diagnostics, clinical chemistry, hematology, and microbiology.
These tests enable early detection of diseases, allowing for timely intervention and treatment initiation. By providing rapid and accurate results, IVD tests facilitate personalized medicine, guiding tailored treatment approaches based on individual patient characteristics.
Also, in-vitro experiments provide valuable insights into biological systems, enabling scientists and researchers to make significant contributions to fields such as medicine, biotechnology, and pharmacology. They serve as essential tools for understanding fundamental biological processes and developing innovative solutions to address health challenges.
Increasing Prevalence of Chronic Diseases Fuels In-Vitro Diagnostics Expansion
Chronic diseases serve as a significant growth driver for the in-vitro diagnostics market in Australia. According to Australian Chronic Disease Prevention Alliance, Chronic diseases are the leading cause of illness, disability, and death in Australia, accounting for around 90% of all deaths. 1 in 2 Australians have a chronic disease and 1 in 5 Australians have multiple chronic conditions. There is a substantial demand for diagnostic solutions to manage and monitor these conditions. This creates a conducive environment for the expansion and advancement of the diagnostics market in Australia, driven by the ongoing challenge of chronic disease management and prevention.
Rising Government Healthcare Investment Drives In-Vitro Diagnostics Market Growth
The government investment in healthcare further serves the growth of the in-vitro diagnostics market. According to Department of Health and Aged Care, the Australian Government is investing heavily in healthcare, allocating USD 98.82 billion for 2022–23 and this investment is projected to rise to USD 104.8 billion by 2025–26. The government's substantial investment in healthcare facilitates the modernization of infrastructure, including the procurement of advanced diagnostic equipment such as in-vitro diagnostics technology, thereby expanding diagnostic testing capabilities nationwide. This modernization enhances access to timely and accurate disease diagnosis through in-vitro diagnostics, ultimately improving patient outcomes.
High Research, Development, and Regulatory Approval Costs Hinder Vitro Diagnostics Market Growth
High costs associated with research, development, and regulatory approval are significant factors restraining the in-vitro diagnostics market growth. Operating within this sector necessitates significant financial investment for companies to navigate the complex landscape of research and development.
This investment often encompasses extensive clinical trials, laboratory testing, and product refinement to guarantee accuracy and reliability. Additionally, obtaining regulatory approvals from agencies such as the FDA requires strict adherence to stringent standards, further compounding the financial burden. This financial constraint can discourage potential adopters from market expansion.
Introduction of Point-of-Care Testing Solutions in IVD Creates Opportunity
Point-of-care testing (POCT) is poised to be a significant driver of growth in the in-vitro diagnostics (IVD) market in the forthcoming years. POCT serves as a valuable complement to laboratory testing, especially in situations where immediate results are crucial, such as emergency departments, ambulances, and remote healthcare settings.
With POCT technologies offering rapid tests for infectious diseases, cardiac markers, glucose monitoring, pregnancy testing, and more, healthcare providers can quickly assess patients' conditions and make timely treatment decisions. By integrating POCT with traditional IVD, healthcare providers can enhance their diagnostic capabilities, delivering more efficient and patient-centered care. This integration streamlines workflows, allowing for faster diagnosis and treatment initiation, ultimately leading to improved patient outcomes.
Competitive Landscape
The promising players operating in the Australia in-vitro diagnostics industry include Roche Holding AG, Abbott Laboratories, Thermo Fisher Scientific Inc, Danaher Corporation, Becton, Dickinson and Company, Siemens Healthineers AG, bioMérieux SA, Sysmex Corporation, QIAGEN N.V., and Bio-Rad Laboratories, Inc., and others.
Australia In-Vitro Diagnostics Market Key Segments
By Type
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Reagents
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Instruments
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Software & Services
By Technique
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Immunodiagnostics
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Enzyme-Linked Immunosorbent Assay (ELISA)
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Rapid Tests
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Chemiluminescence Immunoassay (CLIA)
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Enzyme-linked Immunosorbent spot (ELISpot)
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Radioimmunoassay (RIA)
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Western Blot
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-
Hematology
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Molecular Diagnostics
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PCR
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INAAT
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Hybridization
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DNA diagnostics
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Microarray
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Other Molecular Diagnostics
-
-
Tissue Diagnostics
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Clinical Chemistry
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Basic Metabolic Panel
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Liver Panel
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Renal Profile
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Lipid Profile
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Thyroid Function Panel
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Electrolyte Panel
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Speciality Chemicals
-
-
Other IVD Techniques
By Application
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Infectious Diseases
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Cancer
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Cardiac Diseases
-
Immune System Disorders
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Nephrological Diseases
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Gastrointestinal Diseases
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Others
By End User
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Stand Alone Laboratory
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Hospitals
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Academics and Medical Schools
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Point of Care Testing
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Other End Users
REPORT SCOPE AND SEGMENTATION:
|
Parameters |
Details |
|
Market Size Value in 2023 |
USD 2.00 billion |
|
Revenue Forecast in 2030 |
USD 3.12 billion |
|
Value Growth Rate |
CAGR of 6.1% from 2024 to 2030 |
|
Analysis Period |
2023–2030 |
|
Base Year Considered |
2023 |
|
Forecast Period |
2024–2030 |
|
Market Size Estimation |
Billion (USD) |
|
Growth Factors |
|
|
Companies Profiled |
10 |
|
Customization Scope |
Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope. |
|
Pricing and Purchase Options |
Avail customized purchase options to meet your exact research needs. |
KEY PLAYERS
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Roche Holding AG
-
Abbott Laboratories
-
Thermo Fisher Scientific Inc.
-
Danaher Corporation
-
Becton, Dickinson and Company
-
Siemens Healthineers AG
-
bioMérieux SA
-
Sysmex Corporation
-
QIAGEN N.V.
-
Bio-Rad Laboratories, Inc.
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