JSB Market Research: CountryFocus: Healthcare, Regulatory and Reimbursement Landscape – Australia
On 4th Sept. 2014
Summary The industry analysis specialist, has released its latest report, CountryFocus: Healthcare, Regulatory and Reimbursement Landscape - Australia. The report is an essential source of information on and analysis of the healthcare, regulatory and reimbursement landscape in Australia. It identifies the key trends in the countrys healthcare market and provides insights into its demographic, regulatory, and reimbursement landscape and healthcare infrastructure. Most importantly, the report provides valuable insights into the trends and segmentation of its pharmaceutical and medical device markets. It uses data and information sourced from proprietary databases, secondary research, and inhouse analysis by GlobalDatas team of industry experts.
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The population of Australia in 2013 was 23.2 million, having grown at a CAGR of 1.6% from 2008. Medicare is Australias public health insurance scheme, and provides free or subsidized healthcare services to the Australian population. The government is attempting to reduce the barriers to manufacturing drugs and encourage exports through the introduction of various new policies. In 2013, the government spent $1 billion on R&D on medical and health science and exported $3.8 billion of pharmaceutical products. The pharmaceutical market in Australia was worth $18 billion in 2008 and is projected to reach $32 billion by 2020, at a Compound Annual Growth Rate (CAGR) of 5.1%. The medical device market was valued at $5.9 billion in 2008 and is projected to grow at a CAGR of 4.9% to $10.4 billion by 2020. These positive growth trends can be primarily attributed to • An increasingly elderly population • Universal health coverage • Government initiatives