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In-vitro Diagnostics Market Outlook in Australia
Frost & Sullivan, March 2011, Pages: 95
This research service analyzes the IVD market in Australia strategically by evaluating the various forces that are currently influencing this market. It analyzes the revenue potential for the key segments in this market, namely clinical chemistry, immunoassay, hematology, coagulation, microbiology, molecular diagnostics, self-monitoring of blood glucose, and point-of-care testing, and forecasts the same until 2017. Regional attractiveness and analysis based on competitive forces are provided. In addition, the future market potential and opportunities in attractive segments are discussed in detail.
Research Overview
This Frost & Sullivan research service titled In-vitro Diagnostics Market Outlook in Australia analyses the revenue potential for the key segments in this market. Also, it provides regional attractiveness and analysis based on competitive forces. In addition, it discusses in detail the future market potential and opportunities in attractive segments. In this research, Frost & Sullivan's expert analysts thoroughly examine the following markets: clinical chemistry, immunoassay, hematology, coagulation, microbiology, molecular testing, self-monitoring of blood glucose (SMBG) and point-of-care testing (POCT).
Market Overview
Demand for IVD Devices in Australia Grows In spite of Regulatory Changes in the Market
Ageing Population Drives Demand for IVD Devices
There is a high demand for in-vitro diagnostic (IVD) devices in Australia, as the country’s ageing population requires more IVD-based tests. With close to 90 per cent of the IVD products being imported, the Government has implemented new regulatory changes to ensure that the imported products are of superior quality. “The new regulations are likely to increase the regulatory and product approval costs, which will have an immediate impact in this market,” says the analyst of this research service. “However, this is likely to boost customer confidence in the products and improve the quality of IVD testing in a longer run.”
The IVD market in Australia is relatively small and is likely to witness high growth in the molecular testing, point-of-care testing (POCT) and self-monitoring of blood glucose (SMBG) segments. “Rising acceptance of molecular diagnostic tests encourages innovative regional companies to develop innovative tests,” notes the analyst. “However, the newly implemented regulatory framework, which forces all IVDs to undergo pre-market regulatory assessment in accordance with their level of risk, is likely to result in low turnover of products.” In market segments experiencing low growth, this regulation might lead to product withdrawals, resulting in limited product choice in the market. The financial burden placed on the manufacturers by the regulatory changes is likely to restrain them from introducing novel tests in the market.
Though the regulatory changes will have a financial impact on the IVD companies, manufacturers can focus on introducing products in high-growth markets such as molecular testing to counter or minimise this effect. The existing high volume of tests requires laboratories to invest in automating their clinical testing process to manage such demand. This will boost the adoption of integrated automation in the country. As price-based competition is increasing in the market, global companies can seek local collaborations to manufacture their products in Australia to gain a cost advantage and maintain their high profit margins.
Market Sectors
Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research:
- Clinical chemistry
- Immunoassay
- Hematology
- Coagulation
- Microbiology
- Molecular diagnostics
- Self monitoring of blood glucose
- Point-of-care testing
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