Facebook
Twitter
LinkedIn
Instagram
Youtube

Is health technology sector ready for a boost?

Team Veye | 10 May 2021

Is health technology sector ready for a boost?

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.

Disclaimer

Veye Pty Ltd(ABN 58 623 120 865), holds (AFSL No. 523157 ). All information provided by Veye Pty Ltd through its website, reports, and newsletters is general financial product advice only and should not be considered a personal recommendation to buy or sell any asset or security. Before acting on the advice, you should consider whether it’s appropriate to you, in light of your objectives, financial situation, or needs. You should look at the Product Disclosure Statement or other offer document associated with the security or product before making a decision on acquiring the security or product. You can refer to our Terms & Conditions and Financial Services Guide for more information. Any recommendation contained herein may not be suitable for all investors as it does not take into account your personal financial needs or investment objectives. Although Veye takes the utmost care to ensure accuracy of the content and that the information is gathered and processed from reliable resources, we strongly recommend that you seek professional advice from your financial advisor or stockbroker before making any investment decision based on any of our recommendations. All the information we share represents our views on the date of publishing as stocks are subject to real time changes and therefore may change without notice. Please remember that investments can go up and down and past performance is not necessarily indicative of future returns. We request our readers not to interpret our reports as direct recommendations. To the extent permitted by law, Veye Pty Ltd excludes all liability for any loss or damage arising from the use of this website and any information published (including any indirect or consequential loss, any data loss, or data corruption) (as mentioned on the website www.veye.com.au), and confirms that the employees and/or associates of Veye Pty Ltd do not hold positions in any of the financial products covered on the website on the date of publishing reports. Veye Pty Ltd hereby limits its liability, to the extent permitted by law to the resupply of services.