The Australia in vitro diagnostics market size is projected to expand at a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising geriatric population and increase in incidences of infectious and chronic diseases which requires number of in vitro diagnostics test.
In vitro diagnostic are tests which detects the infections, conditions, and diseases to help, cure and prevent from diseases. It requires assays and reagents to diagnose a medical condition. It analyzes tissue samples and body fluids collected from a patient. The tests can be conducted in health care facilities, laboratories or even in home. It consists of next generation sequencing tests which scans a person’s DNA to detect genomic variations.
In vitro diagnostics requires technical expertise for performing function hence it is used in specialized medical facilities to carry out diagnosis. In vitro diagnostics are used to check basic body functions which were not urgently required during the lockdown. Launch of in vitro diagnostics for covid-19 positively impacted the Australia in vitro diagnostic market.
Market Trends, Drivers, Restraints, and Opportunities
- Rapid growth of the healthcare industry is key factor propelling the market during the forecast period.
- Increase in use of personalized medicines for various treatments is anticipated to boost the market.
- Development of automated in vitro diagnostic system for hospitals and laboratories is estimated to spur the market.
- Strict government regulation and policies is expected to hamper the market in the coming years.
- High cost of in vitro diagnostics tests products act as major factor that can impede the market during the forecast period.
- R&D investment and technological advancement associated with in vitro diagnostics products & software is projected to create immense opportunities for the market players.
Scope of In Vitro Diagnostics Market Report
The report on the Australia in vitro diagnostics market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Australia In vitro Diagnostics Market - Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types of Products (Reagents, Instruments, and Other Types of Product), Test Types (Clinical Chemistry, Haematology, Immuno Diagnostics, Molecular Diagnostics, and Other Test Types), Applications (Cardiology, Diabetes, Oncology, Infectious Diseases, Autoimmune Disease, and Other Applications), End-users (Hospitals and Clinics, Diagnostics Laboratories, and Other End-users)
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Country
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Australia
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Abbott, BioMerieux SA, and Becton, Dickinson and Company
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In Vitro Diagnostics Market Segment Insights
The reagents segment is projected to account for a large market share
Based on type of products, the Australia in vitro diagnostics market is divided into reagents, instruments, and other types of product.
The reagents segment is expected to represent a key share of the market during the forecast period owing to accurate, rapid, and sensitive devices. Rising demand for self-testing and point-of-care products, high usage in in-vitro diagnostic testing, rise in number of R&D initiatives pertaining to reagents are anticipated to boost the market.
The immuno diagnostics segment is projected to hold a key market share
On the basis of test types, the Australia in vitro diagnostics market is segmented into clinical chemistry, haematology, immuno diagnostics, molecular diagnostics, and other test types.
The immuno diagnostics segment is expected to constitute a key share of the market in the coming years due to wide usage in the detection of infectious microbes including bacteria, fungus, and viruses by detecting their toxins.
Immuno diagnostics is highly accurate in detecting the diseases. However, the clinical chemistry segment is anticipated to expand at a rapid pace during the forecast period owing to practical application of biochemistry and high usage in analyzing body fluids for therapeutic and diagnostics purposes.
The infectious diseases segment is projected to constitute a major market share
In terms of applications, the Australia in vitro diagnostics market is segregated into cardiology, diabetes, oncology, infectious diseases, autoimmune disease, and other applications.
The infectious diseases segment is expected to hold a key share of the market during the forecast period owing to increasing incidences of hepatitis, pneumonia, tuberculosis, HIV-AIDS, and other infectious diseases. Development of infectious diseases detection assays by key players for in vitro diagnostics is estimated to fuel the market.
The hospitals and clinics segment is projected to represent a large market share
Based on end-users, the Australia in vitro diagnostics market is fragmented into hospitals and clinics, diagnostics laboratories, and other end-users.
The hospitals and clinics segment is expected to account for a key share of the market in the coming years due to rise in hospitalization as doctors need diagnostics interpretation for further treatment. The development of hospital infrastructure to increase the hospital facilities is expected to drive the market.
Segments
The Australia in vitro diagnostics market has been segmented on the basis of
Type of Product
- Reagents
- Instruments
- Other Types of Product
Test Type
- Clinical Chemistry
- Haematology
- Immuno Diagnostics
- Molecular Diagnostics
- Other Test Types
Application
- Cardiology
- Diabetes
- Oncology
- Infectious Diseases
- Autoimmune Disease
- Other Applications
End-user
- Hospitals and Clinics
- Diagnostics Laboratories
- Other End-users
Key Players
Competitive Landscape
Key players competing in the Australia in vitro diagnostics market include Bio-Rad Laboratories, Inc., F. Hoffmann-La Roche Ltd, Abbott, BioMerieux SA, and Becton, Dickinson and Company.
Some of these players are engaged in several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance their market shares.
