In this article, we will be taking a look at the 20 biggest health care companies in Australia, 2024. If you do not want to learn about the global healthcare market, head straight to the 5 Biggest Health Care Companies in Australia, 2024.

Transformations in the Global Healthcare Market 

The global healthcare market is undergoing significant transformations driven by various trends such as innovation, sustainability, and technology adoption. The COVID-19 pandemic has accelerated the adoption of new technologies and care delivery models, emphasizing sustainability and resiliency in healthcare systems worldwide. This shift has permanently altered the landscape of healthcare practices, leading to a fundamental change in how healthcare is perceived and delivered globally. 

According to a report, the global healthcare service market is expected to reach $21.6 trillion by 2030, growing at a CAGR of 8.27% from 2023 to 2030. In terms of healthcare technology, the global digital health market is forecasted to reach $511 billion by 2026, growing at a CAGR of 27.7% from 2019 to 2026. This growth is primarily driven by factors such as the increasing adoption of smart devices, the rise in demand for personalized healthcare, and the need for remote patient monitoring. 

Moreover, the COVID-19 pandemic has had a significant impact on the global healthcare market, including the adoption of telehealth services, which have seen a tremendous surge in demand. A report by McKinsey & Company estimates that up to $250 billion of current U.S. healthcare spending could potentially be virtualized, leading to significant cost savings and improved access to care. 

Australia boasts a high-quality and innovative healthcare system valued at over $250 billion, home to more than 2,600 organizations. The country’s healthcare sector is renowned for its world-class medical research institutions, universities, hospitals, and life science companies. Australia’s life sciences sector is one of the largest in the southern hemisphere, supported by a robust medical research sector that drives innovation and excellence in healthcare services. The Australian healthcare market is characterized by a strong emphasis on universal and affordable access to high-quality medical, pharmaceutical, and hospital services. Notably, Australia’s medical industry heavily relies on imports, with the United States being a significant supplier of medical equipment followed by China and Germany. 

Leading Health Care Corporations Driving Innovation in Australia, Global Health (ASX: GLH) stands out as a prominent player in driving innovation within Australia’s healthcare sector. Since 1991, Global Health has been developing enterprise healthcare software for both private and public sector clients. Their focus on a Connected Health Record empowers clinicians with timely access to critical patient information, enhancing decision-making processes for better patient outcomes. With over 2,000 healthcare organizations utilizing their applications, Global Health prioritizes putting consumers at the center of care delivery through patient-focused SaaS solutions. The company’s leadership team is dedicated to health-tech innovation, offering a range of software tools that facilitate active patient involvement in their healthcare journey. 

Several leading global healthcare companies, including Johnson & Johnson, Gilead Sciences, Inc. (NASDAQ:GILD), Abbott Laboratories, and Merck & Co., Inc. (NYSE:MRK), are actively engaged in advancing healthcare solutions in Australia.

Gilead Sciences, Inc. (NASDAQ:GILD), a leading biopharmaceutical company with over 35 years of healthcare innovation, is dedicated to discovering and commercializing groundbreaking medicines for global health challenges. Notable contributions include advancements in HIV, viral hepatitis, COVID-19, and cancer treatments. Operating in Australia since 1999, Gilead focuses on ensuring access to treatments for diseases like HIV, hepatitis B and C, and COVID-19. Recently, Gilead Sciences, Inc. (NASDAQ:GILD) pledged $6 million USD to address health disparities in Australian and Canadian Indigenous communities, particularly in HIV and viral hepatitis. Financially, despite a 1% revenue decrease in 2023, excluding Veklury, product sales increased by 7%, with notable growth in Biktarvy and Oncology sales.

For more than 130 years, Merck & Co., Inc. (NYSE:MRK), commonly referred to as Merck Sharp & Dohme (MSD) outside of the US and Canada, has been a leader in the development of essential medications and vaccines for the health of people and animals. The therapeutic areas that Merck & Co., Inc. (NYSE:MRK) focuses on are immuno-oncology, neurology, cancer, and fertility. It works in Australia under the name Merck Healthcare Pty Ltd and makes a major contribution to the improvement of patient care and medicine. With global sales rising by 6% to $14.6 billion, mostly due to growth in cancer and vaccines, Merck & Co., Inc. (NYSE:MRK) reported a net loss of $1.23 billion in Q4 2023 despite a steep decline in adjusted earnings. CEO Robert Davis expressed optimism about the company’s forward momentum and the commitment of its international staff.

Australia is dedicated to offering its people high-quality healthcare, as seen by its investment on healthcare. With a GDP of USD 1.55 trillion and a population of 26,627,935 people, Australia makes large investments in its healthcare system to guarantee that everyone has access to high-quality medical treatment. Notably, Australia has one of the longest life expectancies in the world because of its emphasis on providing high-quality healthcare and cutting-edge medical treatments. The Australian Institute of Health and Welfare identifies major illness categories that have a substantial impact on Australia’s disease burden and stresses the significance of continuous improvements in healthcare services and technology to successfully address these issues.

Our Methodology  

For our methodology, we have ranked the biggest healthcare companies in Australia, 2024 based on their current market caps in USD. 

Here is our list of the 20 biggest healthcare companies in Australia, 2024.

20. Imugene Limited 

Market Cap: $576.32 million 

Imugene Limited, founded in 1986, is a leading Sydney-based immuno-oncology company dedicated to developing innovative cancer treatments. Their flagship product, HER-Vaxx, targets HER2-positive cancers, promising improved outcomes for patients. Imugene’s portfolio also includes PD1-Vaxx and CF33, showcasing their commitment to diverse immunotherapies. In Q1 2024, the company achieved a major milestone with the initiation of the Phase 1 onCARlytics Trial, solidifying its position as a key player in advancing cancer treatment. 

19. Nanosonics Limited 

Market Cap: $525.57 million 

Nanosonics Limited, founded in 2001, specializes in infection prevention technologies. Their flagship product, the trophon ultrasound probe disinfector, along with related accessories, enhances infection control in healthcare settings. Noteworthy innovations like Trophon2 and Trophon EPR have revolutionized high-level disinfection practices. In Q4 2023, Nanosonics reported a 35% revenue growth to $81.6 million, driven by improved pricing and increased unit placements.  

18. Clinuvel Pharmaceuticals Limited 

Market Cap: $451.37 million 

Clinuvel Pharmaceuticals Limited, a leading specialty pharmaceutical company, focuses on developing and commercializing treatments for genetic, metabolic, and acute disorders. Their flagship drug candidate, SCENESSE, targets erythropoietic protoporphyria (EPP), a rare genetic disorder. With a pipeline including innovative treatments like PRENUMBRA and CUV9900, Clinuvel addresses critical unmet medical needs, emphasizing improved patient outcomes. In 2023, the company reported revenues of A$83.0 million, showcasing its strong performance and dedication to healthcare advancement.  

17. Clarity Pharmaceuticals Ltd 

Market Cap: $486.901 million 

Clarity Pharmaceuticals Ltd, one of the biggest health care companies in Australia, 2024, focuses on developing innovative products to meet the growing demand in oncology. Led by seasoned professionals like Michelle and Dr. Alan Taylor, the company specializes in SAR Technology-based theranostic products, particularly copper isotopes, enhancing imaging and therapeutic capabilities. In Q4 2023, Clarity reported an 8% revenue increase to $3.4 billion, driven by strong organic growth, particularly in Asia-Pacific markets.  

16. Regis Healthcare Limited 

Market Cap: $788 million 

Regis Healthcare Limited, one of the top healthcare companies in Australia, operates residential aged-care facilities and retirement villages nationwide, serving approximately 7,600 individuals. With a workforce of around 8,650 employees, the company offers services like aging-in-place, dementia care, and palliative care, contributing significantly to the well-being of older Australians. In Q4 FY23, Regis reported increased care minutes, a net profit after tax of 93.5%, and a final dividend of 7.48 cents.  

15. Healius Limited 

Market Cap: $600.48 million 

Healius Limited, formerly known as Primary Health Care Ltd, is a leading healthcare company in Australia. The company’s contributions include diagnostic imaging, pathology services, and healthcare technology solutions, with approximately 75% of revenue coming from pathology and 25% from diagnostic imaging. Recent events include a takeover offer from Australian Clinical Labs, the sale of Montserrat Day Hospitals, and an agreement with ExciteIT to roll out VoIP Telephony in healthcare facilities across Australia. 

14. Sigma Healthcare Limited 

Market Cap: $1.274 billion 

Sigma Healthcare Limited, established in 1999, is one of the biggest health care companies in Australia, 2024, specializing in the wholesale distribution of pharmaceutical goods and medical consumables under brands like Amcal and Guardian. Key initiatives like the LEAPP dispensary program and PSS sleep apnoea program reflect their commitment to quality care. In Q4 2023, sales revenue decreased by 9.2%, but net profit after tax increased by 75.5% 

13. Ansell Limited 

Market Cap: $1.905 billion 

Ansell Limited, a top Australian healthcare company, specializes in manufacturing and selling hand and body protection products globally. Key highlights from their Q4 2023 financial report include mixed healthcare sales trends, impacts of destocking in Surgical and Life Sciences, foreign exchange effects on EBIT, and plans for an on-market share buyback program worth up to $50 million in FY24.

12. Neuren Pharmaceuticals Limited 

Market Cap: $1.70 billion 

Neuren Pharmaceuticals Limited, a leading Australian healthcare company, specializes in developing innovative therapies for neurodevelopmental disorders. Their FDA-approved drug, DAYBUE (trofinetide), is a breakthrough treatment for Rett syndrome. Additionally, their product NNZ-2591 shows promise in treating various syndromes. Key highlights from their Q4 2023 financial report include strong cash reserves of A$229 million, DAYBUE achieving net sales of US$87.1 million.  

11. Ramsay Health Care Limited 

Market Cap: $8.22 billion 

Ramsay Health Care Limited, established in Australia in 1964, is the largest private hospital operator in the country, with over 70 hospitals and clinics nationwide. Renowned for its commitment to quality and patient care, Ramsay operates more than 570 healthcare facilities globally. In Australia, the company partners with over 550 researchers and has pioneered initiatives like the first Vaping Cessation Clinic. In the first half of FY2024, Ramsay reported robust revenue of A$8,159.3m and EBITDA of A$1,043.5m for the consolidated group, demonstrating continued growth and strong performance.

10. Sonic Healthcare Limited 

Market Cap: $9.88 billion 

Sonic Healthcare Limited is one of the biggest health care companies in Australia, 2024, offering medical diagnostic and administrative services across multiple countries. With approximately 38,000 employees, Sonic operates in various regions including Australia, New Zealand, Germany, Switzerland, the UK, Belgium, Ireland, and the United States. Their diagnostic services play a crucial role in disease diagnosis, treatment monitoring, and patient care globally. In Q4 2023, Sonic reported a net profit of A$685 million on revenues of A$8.2 billion for the 2023 financial year, reflecting its strong performance and commitment to quality healthcare.  

9. Fisher & Paykel Healthcare Corporation Limited 

Market Cap: $9.12 billion 

Fisher & Paykel Healthcare Corporation Limited, renowned for innovation in respiratory and acute care, reported Q4 2023 total operating revenue of $1.58 billion, down 6% from the previous year. Net profit after tax was $250.3 million, a 34% decline. Despite a 15% drop in Hospital product revenue, Homecare product revenue surged to a record $553.8 million, up 18%.   

8. Summerset Group Holdings Limited 

Market Cap: $4.24 billion 

Summerset Group Holdings Limited specializes in designing, constructing, and operating retirement villages and care centers. With 38 villages serving over 7,400 residents, Summerset offers various living options and care services, including independent living and nursing care. Revenue for the full year amounted to NZD 713.76 million, a notable increase from NZD 507.47 million the previous year, with net income rising substantially to NZD 436.32 million.  

7. Polynovo Limited 

Market Cap: $2.16 billion 

PolyNovo Limited, a top Australian healthcare company, renowned for its innovative medical devices utilizing patented bioabsorbable polymer technology Novosorb. Their flagship product, NovoSorb BTM, revolutionizes reconstructive surgery and tissue repair, with FDA clearance and significant funding for trials in full-thickness burns. With approximately 150 employees. Q4 2023 revenues totaled 47,426 (in NOK 1,000), with inventory including raw materials, finished goods, and spare parts equipment.  

6. Telix Pharmaceuticals Limited 

Market Cap: $2.655 billion 

Telix Pharmaceuticals Limited standing sixth among the biggest health care companies in Australia, 2024, specializes in diagnostic and therapeutic products for oncology and rare diseases.Lead programs include TLX591-CDx for prostate cancer, TLX250-CDx/TLX250 for renal cancer, and TLX101-CDx/TLX101 for glioblastoma. Q4 2023 financial highlights include total group revenue of $220.8M, a nine-fold increase from H1 2022, reduced net loss after tax by 80% to $14.3M, and Adjusted EBITDAR of $82.4M.

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Disclosure. None: The 20 biggest healthcare companies in Australia, 2024 is originally published on Insider Monkey.