The Australian flu diagnostic and treatment market is projected to grow at a CAGR of 7.36% throughout the forecast period. The market is estimated to reach a market value of US$1083.323 million by 2027, from US$658.803 million in 2020.
Increasing flu infection cases to drive the market
The demand for flu diagnostics and the treatment market is increasing due to the decline in the number of people getting influenza vaccines in Australia. According to the National Influenza Surveillance Scheme (NISS), the number of deaths due to influenza in 2017 was 1,255, which had increased from the previous years to 464 in 2016. The influenza A virus was the most common strain identified in 2017.
In Australia, influenza on average causes 300,000 GP consultations, 18,000 hospitalizations, and 3,500 deaths every year. The increase in these numbers is an indication of the high requirement for flu diagnostic kits and treatment in the country. The market for influenza is also driven due to the high demand for over-the-counter drugs in Australia. OTC medicines account for a large share of the market and have a higher value in the country’s health system.
The increasing prevalence of influenza in the country is expected to increase the requirement for flu diagnostic and treatment kits. As the use of the flu diagnostics kit will help in early detection and will help in preventing the spread of influenza to other people. Diagnostic devices and treatments are procedures used to cure and control the spread of influenza.
Increase in healthcare costs to restrain the market growth
The high cost of flu diagnosis and treatment is a restraining factor for the market as the increase in medical expenditure will make people avoid taking flu diagnosis tests and leading to higher use of substitute products like vaccines and home remedies. The cost of care in private hospitals is very high due to the fact that people try to avoid going for routine check-ups.
To provide people with essential needs and healthcare, the government provides free healthcare services. Like in 2019, the Australian government started an Influenza Immunization Program, under which children with medical risk factors are eligible to receive a funded influenza vaccine, Fluarix Tetra(R), for free. This kind of initiative builds people's trust and increases the market for flu diagnostics and treatment.
The Australian flu diagnostic and treatment market has been segmented based on the type of flu, age group, and end-user. The market has been classified on the basis of type A and type B based on the type of flu. By age group, the market has been segmented based on 0-14 years, 15-64 years, and >=65 years. By the end-user, the segmentation has been done based on the hospital laboratory, outpatient clinic, and reference laboratory.
Key Developments
The COVID-19 pandemic led to the implementation of significant lockdown and social distancing regulations. Despite the rapid spread of COVID-19 infections, the spread of flu and influenza significantly decreased during the COVID-19 pandemic, according to the Centers for Disease Control and Prevention. This resulted in a decrease in demand for flu diagnosis and treatment during the pandemic. However, with the increasing developments in the healthcare sector, and with the withdrawal of lockdown protocols, the demand for flu diagnosis and treatment is anticipated to increase in the forecasted period.
| Report Metric | Details |
|---|---|
| Study Period | 2021 to 2031 |
| Historical Data | 2021 to 2024 |
| Base Year | 2025 |
| Forecast Period | 2026 – 2031 |
| Report Metric | Details |
| Market Size Value in 2020 | US$658.803 million |
| Market Size Value in 2027 | US$1083.323 million |
| Growth Rate | CAGR of 7.36% from 2020 to 2027 |
| Base Year | 2020 |
| Forecast Period | 2022–2027 |
| Forecast Unit (Value) | USD Million |
| Segments Covered | Type of Flu, Age Group, And End-User |
| Companies Covered | Abbott, F. Hoffmann-La Roche Ltd, BD, Thermo Fisher Scientific Inc., 3M |
| Customization Scope | Free report customization with purchase |
Segmentation