SOURCE: MarketResearch.com

MarketResearch.com

August 06, 2012 05:00 ET

Market Research Projects Australia's Pharmaceutical Market to Reach $30.5 Billion by 2020

ROCKVILLE, MD--(Marketwire - Aug 6, 2012) - MarketResearch.com has announced the addition of "Healthcare, Regulatory and Reimbursement Landscape - Australia." For more information, visit http://www.marketresearch.com/GlobalData-v3648/Healthcare-Regulatory-Reimbursement-Landscape-Australia-7076965/

The report is an essential source of information and analysis on the healthcare, regulatory and reimbursement landscape in Australia. It identifies key trends, and most importantly, provides valuable insights into the trends and segmentation of the pharmaceutical and medical devices market. It is built using data and information sourced from proprietary databases, secondary research and in-house analysis by GlobalData's team of industry experts.

In 2010, Australia's population was 22.4 million, largely due to a positive balance between the birth rate and mortality rate and net overseas immigration. The mortality rate is almost steady due to Australia's strong healthcare infrastructure and medical and diagnostic services. The pharmaceutical market was estimated at $14.9 billion in 2010 and is expected to reach $30.5 billion by 2020 at a projected CAGR of 7.4%. The medical device market size was worth approximately $6.5 billion in 2011 and is expected to reach $10 billion by 2020 at a projected CAGR of 4.8%.

The positive trends in the healthcare market can be attributed primarily to --

  • Easy market access to pharmaceutical drugs
  • Increasing awareness of the need for the early detection of lifestyle and chronic diseases
  • Government-subsidized prescription medicines through the Pharmaceutical Benefit Scheme (PBS) for all eligible, general or concessional patients
  • Annual review and addition of expensive innovative drugs to the PBS drug list

For more information, visit http://www.marketresearch.com/GlobalData-v3648/Healthcare-Regulatory-Reimbursement-Landscape-Australia-7076965/

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