Australia Diagnostic Labs Market By Provider Type (Hospital, Stand-Alone Centre, Diagnostic Chains), By Test Type (Radiology v/s Pathology), By End User (Corporate Clients, Walk-ins, Referrals), By Region, Competition Forecast & Opportunities, 2027

Australia diagnostic labs market is anticipated to register growth with an impressive CAGR in the forecast period, 2023-2027, on the account of increasing demands for the efficient diagnostic services. Moreover, evolving healthcare and patient services coupled with growing demands for the early diagnosis and efficient treatment demands drive the growth of the Australia diagnostic labs market in the upcoming five years. Increasing investments in the healthcare sector and its involvement in advancing the healthcare infrastructure further plays a vital role in the growth of the Australia diagnostic labs market in the next five years. Rising number of patients, and growing instances of the chronic diseases also aid the growth of the market.

Diagnostic labs are the healthcare infrastructure that are majorly inclined toward diagnostic practices for various kinds of diseases. The infrastructure preferably accommodates diagnosticians along with other healthcare practitioners including staff and nurses to facilitate the pathological, microbiological, and radiological diagnostics. A general physician is often present to advise and consult the patients appearing for the diagnostic tests. Along with the test results the patients are later referred to the specific hospital or expert consultants for further treatment process. The diagnostic labs may function independently or in collaboration with hospitals thereby taking care of the diagnostic procedures required. Multiple tests like blood analysis, urine analysis, serum tests, and other pathological tests are conducted. These tests determine the presence of microorganisms in the body that cause various infectious diseases or the changes in the constituent of the blood & plasma to diagnose diseases. Diagnostic labs are fully equipped with medical devices, equipment, tools & technology that enables the diagnostic expert to perform the tests.

Growing Patient Burden Facilitates Market Growth

Rising instances of the chronic diseases and infectious diseases among the population of the country drives the growth of the Australia diagnostic labs market in the upcoming five years. Chronic diseases like heart attacks and blood circulatory diseases have caused over 42% of the deaths every year in recent years that is about 118 deaths due to heart diseases every day. As of 2021, there were 4 million people with cardiovascular diseases out of which roughly 2 million are men and 1.6 million female population.

In 2019 there were 327,174 new cases of cancer diagnosed in the country. Incidence rates rose between 1995 and 2013 but have fallen slightly since then. Incidence is 23% higher in men than in women. Over half of people newly diagnosed with cancer are aged 70+. Thus, rising geriatric population and their tendencies toward cancer further enhances the demand for the earlier diagnostics and provision for effective treatment. Among people aged 25-54, cancer incidence rates are higher in women than in men. Among people aged 65+, incidence rates are around 50% higher in men than in women. Over half of cancers fall into four typesprostate, breast, lung, and colorectal. Moreover, recovery chances among the older population is difficult as compared to the younger population thereby early diagnosis demands are further pushed up thus aiding the market growth.

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Market Segmentation

diagnostic labs

Company Profile

Australian Clinical Labs, Healthscope Limited, Primary Health Care Limited, Sonic Healthcare, Ltd., Healius Limited, Austech Medical Laboratories, I-Med Radiology Network Ltd, among others is a partial list of major market players of the companies responsible for the growth of Australia diagnostic labs market.