Pharmaceutical market In Australia

 

The pharmaceuticals market in Australia was valued at USD 25,250 million in 2020, and it is anticipated to increase by 2.1% CAGR to reach USD 28,750 million in 2026.The majority of pharmaceutical and biotechnological businesses have moved their attention to R&D departments in an effort to find novel compounds or leads that are in the last stages of clinical trials that may be used to treat this condition. The COVID-19 vaccine created by Pfizer and BioNTech was authorised by the Therapeutic Goods and Administration in January 2021. In addition, the Australian government has entered into almost four agreements and spent AUD 3.3 billion to bolster the nation's vaccination supply. The increasing burden of chronic illnesses and the expanding geriatric population, combined with the rising expenditures in research and development expenditure for innovative treatments in Australia, are the primary drivers most likely to propel market expansion during the forecast period. Nearly 200,021 new cases of cancer were detected in Australia in 2020, according to GLOBOCAN.

Additionally, diabetes is now a bigger problem in the nation. Approximately 1,288,300 Australians had diabetes in 2020, according to data from the International Diabetes Federation. The market under study is anticipated to grow as a consequence of the numerous businesses creating novel treatments for various ailments. The COVID-19 outbreak led to a rise in healthcare costs in Australia along with an increase in COVID-19 cases. Due to the rise in COVID-19 cases and the rising demand for medications used to treat COVID-19, healthcare costs increased in 2020. The Australian Institute of Health and Welfare estimates that in 2020–2021, the Australian government will spend more than AUD 115.5 billion. Additionally, it was calculated that Australia spent AUD 195.7 billion, or AUD 7,772 per person, on healthcare overall in 2018–19. In Australia, overall healthcare spending is anticipated to account for 10% of GDP by 2020, up from 8.3% in 2000–01. Australia's health spending is paid equally by public, corporate, and individual sources.