Australia Clinical Diagnostics Market Analysis

Australia Clinical Diagnostics Market Analysis


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Australia's clinical diagnostic market was valued at $827 Mn in 2022 and is estimated to expand at a CAGR of 7.5% from 2022 to 2030 and will reach $1475 Mn in 2030. One of the main reasons propelling the growth of this market is an increase in chronic disease and the aging population. The market is segmented by type, drug, and distribution channel. Some key players in this market are Abbott, Australian Clinical Labs, Healthscope Limited, Primary Health Care Limited, Sonic Healthcare, Healius, Austech Medical Laboratories, I-Med Radiology Network, and others.

ID: IN10AUHS003 CATEGORY: Healthcare Services GEOGRAPHY: Australia AUTHOR: Nandini Shah

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Australia Clinical Diagnostic Market Executive Summary

The Australia Clinical Diagnostic market was valued at $827 Mn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 7.5% from 2022 to 2030 and will reach $1475 Mn in 2030. The performance of FDA-approved clinical diagnostic test(s) on human tissue or another human biological sample, the findings of which are delivered to healthcare practitioners for use in the clinical management of individual patients, is referred to as clinical diagnostics.

The market is segmented into various categories: product type, technology, application, end-user, and geography. The product types include instruments, reagents, and software & services. The technologies used in clinical diagnostics include molecular diagnostics, immunoassays, clinical chemistry, microbiology, and others. Clinical diagnostics applications include infectious diseases, oncology, autoimmune diseases, and others. The end-users of clinical diagnostics include hospitals, clinical laboratories, and others.

australia-clinical-diagnostics-market-analysis

Market Dynamics

Market Growth Drivers

The prevalence of chronic diseases such as diabetes, cardiovascular diseases, and cancer is increasing in Australia. About half 47% of Australians (more than 11 Mn people) are believed to have one or more chronic diseases. This has led to a rise in the demand for diagnostic tests and screening procedures, thereby driving the growth of the clinical diagnostics market. Australia has an aging population, with a growing number of people over the age of 65. In 2020 approximately 4.2M of the population were aged 65 and over. This demographic is more prone to chronic diseases, leading to increased demand for diagnostic tests and screening procedures. The growing trend towards personalized medicine, which involves the use of diagnostic tests to tailor treatments to individual patients, is driving the growth of the clinical diagnostics market in Australia.

The introduction of advanced technologies such as next-generation sequencing, liquid biopsy, and point-of-care testing has led to increased efficiency, accuracy, and speed of diagnostic testing, driving the growth of the market. The automation of clinical laboratories is improving the efficiency and accuracy of diagnostic testing, leading to increased demand for clinical diagnostic products and services. The Australian government has introduced various initiatives to support the growth of the clinical diagnostics market, such as the National Pathology Accreditation Advisory Council and the Australian Commission on Safety and Quality in Health Care. These initiatives are aimed at improving the quality of diagnostic testing and ensuring patient safety, thereby driving the growth of the market.

Market Restraints

In Australia, the clinical diagnostics sector is highly regulated, with stringent standards for product approval and quality monitoring. This might result in product approval delays and greater costs for producers, stifling market expansion. In Australia, there is a qualified professional scarcity in the clinical diagnostics industry, which can limit the use of modern technologies and impede the market growth. In Australia, payment laws for diagnostic tests are limited, which might lead to lower demand for particular tests and products. Economic instability and variations in healthcare spending can have an impact on the clinical diagnostics market, as healthcare providers may be more conservative in their diagnostic test and procedure spending.

Competitive Landscape

Key Players

  • Australian Clinical Labs
  • Abbott
  • Healthscope
  • Danaher Corporation
  • Dickinson and Company
  • Bio-Rad Laboratories
  • Primary Health Care
  • Sonic Healthcare
  • Quest Diagnostics
  • F. Hoffmann-La Roche
  • Healius Limited
  • Austech Medical Laboratories
  • I-Med Radiology Network

Healthcare Policies and Regulatory Landscape

Healthcare policy and regulatory frameworks in Australia are established at both the federal and state/territory levels. The Australian government sets policies and regulations related to healthcare delivery, funding, and quality standards, while the state and territory governments are responsible for the delivery and management of healthcare services within their jurisdictions. The Therapeutic Goods Administration (TGA) is the regulatory agency responsible for the regulation of therapeutic goods, including medical devices, pharmaceuticals, and biological products. The TGA is responsible for ensuring the safety, quality, and efficacy of therapeutic goods available in Australia, and regulates the approval and monitoring of clinical trials, product registration, and post-market surveillance of therapeutic goods.

The Australian Commission on Safety and Quality in Health Care (ACSQHC) is another regulatory body responsible for the development and implementation of national safety and quality standards for healthcare services in Australia. The ACSQHC works with healthcare providers and other stakeholders to develop standards and guidelines for the delivery of safe and high-quality healthcare services.

Reimbursement Scenario

The reimbursement scenario for clinical diagnostic tests and procedures in Australia is complex, with different policies and reimbursement rates depending on the type of test, the patient's insurance status, and the healthcare provider. The Australian government provides funding for a range of diagnostic tests and procedures through the Medicare Benefits Schedule (MBS). The MBS is a list of services and fees that are subsidized by the government for eligible patients. The MBS covers a range of diagnostic tests, including pathology tests, radiology tests, and nuclear medicine tests. In addition to the MBS, private health insurance may also cover the cost of some diagnostic tests and procedures. Private health insurance policies vary in their coverage, and patients are encouraged to check with their insurance provider to determine what is covered under their policy.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Clinical Diagnostics Market Segmentation

By Test

  • Lab Test
  • Imaging Test
  • Other Tests

By Product

  • Instruments
  • Reagents
  • Other Products

By End User (Revenue, USD Bn):

  • Hospital Laboratory
  • Diagnostic Laboratory
  • Point-of-care Testing
  • Other End Users

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 11 March 2023
Updated by: Vidhi Upadhyay

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