COVID has brought certain basic lifestyle changes. It has created fear. And the one palpable effect is the growth of the health technology sector. COVID is expected to remain part of the testing landscape for some time.
All countries have performed millions of COVID-19 PCR tests as part of combatting the pandemic. The volumes and quality of testing provided in such a short timeframe have been unprecedented.
The World Health technology sector is betting big on the diagnostics sector going forward. It is a new market that has opened up and is growing. The ability to improve patient care outcomes has further accelerated the market penetration.
The Australian market is in its late growth stage. Companies are accelerating the use of digital and AI technology to improve the patient and referrer experience.
The market is likely to witness aggressive expansion by the big players through organic growth in a number of centres. The expansion strategy of some of the mid-level or big players in the market will also involve the acquisition of some smaller players that are concentrated in a certain area or region of the country.
Australia's ageing population and a greater focus on the early detection and prevention of medical conditions are anticipated to support the industry's performance over the period.
The market is also likely to witness growth owing to the rise in incidence and prevalence of chronic diseases and increasing awareness of health and wellness across the country.
According to recent research, Australian diagnostic imaging and pathology services market is expected to reach around $9.6 billion by 2023.
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