# Australia Pharmaceutical Market | Industry Growth and Analysis Report 2026-2034

## Market Overview

The [Australia pharmaceutical market](https://www.imarcgroup.com/australia-pharmaceutical-market) was valued at **USD 25.3 Billion** in 2025 and is expected to grow to **USD 31.9 Billion** by 2034, according to the report. This growth is supported by increasing demand driven by a rapidly growing geriatric population, rising chronic diseases, government funding, innovation in biopharmaceuticals, and expanding telehealth and e-pharmacy services. The forecast period for growth spans from 2026 to 2034 with a compound annual growth rate **(CAGR) of 2.57%**.

## How AI is Reshaping the Future of Australia Pharmaceutical Market:

• AI integration is accelerating clinical trial processes by enhancing patient recruitment and data tracking, benefiting from Australia’s strong data protection laws and electronic health record systems.

• The rise in telehealth and e-pharmacy services, supported by technological advancements, enables nationwide medication access, particularly improving pharmaceutical supply distribution in rural and remote areas.

• AI-driven data analytics are optimizing pharmaceutical companies’ product lifecycle management and patient adherence programs, improving healthcare outcomes.

• Digital therapeutics and AI-assisted real-world evidence adoption are fostering precision medicine, enabling tailored drug delivery methods and better treatment effectiveness.

• Government initiatives like the Pharmaceutical Benefits Scheme (PBS) and funding for biopharmaceutical innovation encourage AI-powered drug innovation and safer, more effective medicines.

• Leading pharmaceutical firms are incorporating AI in patient assistance programs and e-prescribing platforms, improving healthcare delivery and access while addressing drug affordability.

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## Market Growth Factors

The aging population in Australia is a significant driver of the pharmaceutical market as the proportion of people aged 65 and older continues increasing, creating higher demand for treatments of age-related disorders such as arthritis, cardiovascular diseases, and neurodegenerative diseases. This demographic shift leads to complex medication regimens and long-term care needs which significantly increase pharmaceutical consumption. Moreover, the government’s focus on elder care initiatives supports sustained demand through public healthcare infrastructure and funding, directly benefiting the therapeutic market segment catering to older adults.

Government support and favorable healthcare policies are pivotal growth factors for the Australia pharmaceutical market. The Pharmaceutical Benefits Scheme subsidizes a broad range of essential medicines enhancing drug accessibility and affordability. A public budget allocation of AUD 43 billion for the PBS in the federal budget for FY2023-24 underscores this commitment. Regulatory bodies like the Therapeutic Goods Administration ensure product safety and innovation, while R&D investments and clinical trials receive governmental encouragement. These policy-driven supports establish strong market growth and innovation atmospheres for pharmaceutical companies.

The growth of biopharmaceutical and specialty drug segments is reshaping the market landscape. These advanced therapies, which include biologics, immunotherapies, and gene-based treatments, are gaining traction due to their effectiveness in rare and complex conditions such as oncology and autoimmune diseases. Australia’s supportive regulatory environment and skilled research base promote faster approvals and innovation. Pharmaceutical companies are investing in cutting-edge production facilities and collaborating with biotech firms, facilitating the development and commercialization of personalized and targeted therapies, expected to expand both revenue and research investment.

## Market Segmentation

### Analysis by Therapeutic Class:

• Alimentary Tract and Metabolism

• Blood and Blood Forming Organs

• Cardiovascular System

• Dermatologicals

• Genito Urinary System and Sex Hormones

• Systemic Hormonal Preparations

• Anti-infectives for Systemic Use

• Antineoplastic and Immunomodulating Agents

• Musculoskeletal System

• Nervous System

• Antiparasitic Products, Insecticides, and Repellents

• Respiratory System

• Sensory Organs

• Others

### Analysis by Drug Type:

• Branded

• Generic

### Analysis by Prescription Type:

• Prescription Drugs (Rx)

• OTC Drugs

### Regional Analysis:

• Australia Capital Territory & New South Wales

• Victoria & Tasmania

• Queensland

• Northern Territory & Southern Australia

• Western Australia

## Key Players

• AbbVie Inc.

• Amgen Inc.

• AstraZeneca

• CSL Limited

• Eli Lilly Australia Pty Ltd

• GSK plc

• Merck KGaA

• Novartis Pharmaceuticals Australia Pty Ltd.

• Pfizer Australia Pty Ltd.

• Roche Australia

• Sanofi

## Recent Development & News

**• December 2024:** Neuren Pharmaceuticals announced that its partner Acadia Pharmaceuticals completed the sale of a Rare Pediatric Disease Priority Review Voucher issued by the US FDA after regulatory approval of DAYBUE (trofinetide) to treat Rett Syndrome, agreeing on revenue sharing, which underlines advancements in rare disease treatments and market activities.

**• December 2024:** Australian biotechnology firm Cartherics secured a US$300,000 G-Rex grant to proceed with clinical production of its drug candidate CTH-401 for upcoming trials, supported by a $20 million G-Rex Grant Program aimed at advancing cell and gene therapies, signaling strong investment in local biopharma innovation.

**• November 2024:** Race Oncology completed a fragment-based drug development program to identify molecular candidates for novel therapeutics targeting the m6A RNA epigenetic pathway, while Amplia Therapeutics commenced a research agreement to examine synergistic cancer treatments, illustrating active domestic R&D and collaborations enhancing oncology therapeutic development.

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