Australia in-Vitro Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)

Over the next few years, the Australian in vitro diagnostics market is expected to register a CAGR of about 5.36 percent.

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 Market Competitor Analysis

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.

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