Australia and New Zealand In Vitro Diagnostics Market Report and Forecast 2024-2032

Australia and New Zealand In Vitro Diagnostics Market Outlook

The Australia and New Zealand in vitro diagnostics market size is expected to grow at a CAGR of 5.4% during the forecast period of 2024-2032, driven by rising technical advancements to develop new diagnostic tools along with increasing expenditures and investments in the healthcare domain across the region.

Australia and New Zealand In Vitro Diagnostics Market Overview

The in vitro diagnostics market in Australia and New Zealand has witnessed significant growth driven owing to factors like advancements in diagnostic techniques and increasing adoption of molecular diagnostics, point of care testing and digital technologies to offer early detection and prevention of diseases. In 2023, around 154,000 new cancer cases  are expected to be diagnosed in the Australian population. As in vitro diagnostics find its application in cancer detection, the Australia and New Zealand in vitro diagnostics market demand is predicted to grow in the coming years.

The market is further driven by the increased government efforts to offer awareness on early diagnosis and preventive healthcare. The region has been witnessing a significant surge in investments to improve and upgrade the diagnostic facilities as well.

Surge in Research and Development Activities to Develop New Diagnostic Devices

In September 2023,  the scientists of Peter Doherty Institute for Infection and Immunity (Doherty Institute) and WEHI (Walter and Eliza Hall Institute of Medical Research) developed MPXV-CRISPR, the first CRISPR based diagnostic tool to detect monkeypox virus (MPXV) in clinical samples. Leveraging the extremely sensitive and powerful technology, the diagnostic tool is designed to target genetic sequences present exclusively in MPXV. The advent of the novel tool can be a breakthrough to help in monkey pox infection detection and treatment as the conventional lab tests take multiple days to provide results. The increasing emphasis on preventing the spread of infectious diseases, especially after the sudden outbreak of COVID-19 is anticipated to bolster the Australia and New Zealand in vitro diagnostics market growth in upcoming years.

Growth in Government Investments

In June 2023, the Australian Government granted USD 73 million  to upgrade and implement new medical technologies across the region. The investment was divided into 19 different projects wherein, around USD 9.8 million was aimed at offering cancer treatment with the Targeted Alpha Therapy and around USD 2.9 million was set aside to support Australia’s first human microbiome bank. The investment is poised to help the scientists with research and development to develop better solutions for fatal diseases. In addition, increased investments from private ventures and other entities are also expected to increase the Australia and New Zealand in vitro diagnostics market size.

Rising Prevalence for Remote Test Kits

In July 2023, Trajan Scientific and Medical registered a collection of Neoteryx’s  remote micro sampling devices and test kits. Mitra® has been classified as Class I in vitro diagnostic (IVD) medical device by the Therapeutic Goods Administration (TGA) in Australia while Mitra® Sample Collection Kit has been titled as a Class IIa medical device for home use. Contributing to the emerging trend of telehealth and remote monitoring, the devices are expected to boost the Australia and New Zealand in vitro diagnostics market share by offering personalized solutions to the patients. The devices offer self-guided specimen collection, owing to its easy to use and finger stick method. Specimens collected through the devices have been used to examine antibodies against SARS-CoV-2, inflammatory biomarkers, PSA for prostate cancer screenings, and more.

Australia and New Zealand In Vitro Diagnostics Market Segmentation

Market Breakup by Technology

• Clinical Chemistry

• Molecular Diagnostics

• Immuno Diagnostics

• Hematology

• Others

Market Breakup by Product and Services

• Instruments

• Reagents and Kits

• Services

• Data Management Software

Market Breakup by Applications

• Infectious Disease

• Diabetes

• Cancer/Oncology

• Cardiology

• Autoimmune Disease

• Other Applications

Market Breakup by End User

• Diagnostic Laboratories

• Hospitals and Clinics

• Academic Institutes

• Point-of-Care Testing centers

• Others

Market Breakup by Country

• Australia

• New Zealand

Australia and New Zealand In Vitro Diagnostics Market Regional Analysis

In the forecast period, Australia is expected to lead the market for in vitro diagnostics, which can be attributed to the rising investments in the healthcare medical infrastructure. In March 2023, researchers from the University of Sydney were awarded USD 47 million  to support their investigations on younger onset-dementia and treatment of blinding eye diseases through stem cell therapies. The Government of Australia also presented their support for enhanced research activities by launching the Medical Research Future Fund (MRFF) grant.

With the rising prevalence of geriatric population and a surge in budding technology driven start-ups, the market is likely to witness further growth.

New Zealand is also predicted to witness significant growth. In December 2022, Pictor, a New Zealand based start-up, expanded their product pipeline to apply cost effective, accurate, and prompt testing services for diseases by deploying multiple innovative approaches. The start-up raised USD 5 million and successfully launched PictArray SARS-CoV-2 IgG Antibody  Test.

Australia and New Zealand In Vitro Diagnostics Market: Competitor Landscape

In December 2023, the Bridgewest Group  announced their expansion of biomedical operations in Bentley, Perth with the help of USD 2 million investment from the Western Australian Government. The expansion is aimed at boosting local manufacturing of several medical products along with the installation of new automated blow, fill, and seal line of products. Apart from boosting the infrastructure and facilities, the initiative is expected to offer 400 jobs to the local community, boosting the overall economy as well. The market has been experiencing similar investment initiatives and partnerships to enhance the quality of solutions and facilities being offered to the patients.

The key features of the Australia and New Zealand in vitro diagnostics market report include patent analysis, grants analysis, clinical trials analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• BioMerieux SA

• F. Hoffmann-La Roche Ltd

• Becton, Dickinson and Company

• Bio-Rad Laboratories Inc.

• Abbott Laboratories, Inc.

• Siemens AG

• Thermo Fisher Scientific, Inc.

• QIAGEN N.V.

• Roche Diagnostics

• Danaher Corporation

• Agilent Technologies, Inc

• Quidel Corporation

• Diasorin S.P.A

• Illumina, Inc.

• Hologic, Inc

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report

Australia and New Zealand In Vitro Diagnostics Market Report Snapshots

Australia and New Zealand In Vitro Diagnostics Market Size

Australia and New Zealand In Vitro Diagnostics Regional Analysis

Australia and New Zealand In Vitro Diagnostics Companies