Ageing population drives demand for IVD devices in Australia

By eGovInnovation Editors | Aug 7, 2011

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SYDNEY -- In-vitro diagnostic (IVD) devices are highly in demand in Australia, as the country's ageing population requires more IVD-based tests.

New analysis from Frost & Sullivan finds that the market earned revenues of US$468 million in 2010 and is expected to reach US$703.4 million in 2017. However, with close to 90 percent of the IVD products being imported, the government has implemented new regulatory changes to ensure that 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," said Frost & Sullivan Industry Analyst Arun AK. "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 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," noted Arun. "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."