Health services revenue in Australia, in 2017, was at approximately $386 billion where approximately $170 billion is accounted by the core healthcare industry service and rest by the social health & promotional activities
- Definition / Scope
- Market Overview
- Market Risks
- Top Market Opportunities
- Market Drivers
- Market Restraints
- Industry Challenges
- Technology Trends
- Regulatory Trends
- Other Key Market Trends
- Market Size and Forecast
- Technology Roadmap
- Distribution Chain Analysis
- Competitive Landscape
- Competitive Factors
- Key Market Players
- Strategic Conclusion
Definition / Scope
The Healthcare Industry in Australia can be divided into various segments such as:
- Pharma-The Australian pharmaceuticals industry comprises of bio-medical research, biotechnology firms, originator and generic medicines companies and service-related segments including wholesaling and distribution.
- Biotech- Biotechnology and innovation in pharmaceutical industry in Australia is led by excellent research facilities, world-class scientists and a strong but flexible regulatory regime. Australia has a network of around 470 biotech companies. Of these, half are involved in therapeutics, with agricultural biotechnology and diagnostics also featuring growth.
- Medical devices-In Australia, medical device market is mature, with a well-formed regulatory system. But it will be one of the slowest-growing markets in the region in coming years. Approximately 80% of the medical devices used in Australia are imported and the domestic manufacturing industry is controlled by subsidiaries of large, global corporations
- Medical Imaging-Diagnostic imaging provides healthcare practitioners with crucial information about patients’ health. Industry services, such as X-rays, ultrasounds and MRI, are integral to delivering high-quality health care.
- Healthcare IT-In 2018, Australian healthcare consumers placed greater significance on technology for managing their health than they did in 2016. In addition, consumers are increasingly using self-service digital health tools that go beyond websites and also there is increase in the use of mobile, social media, wearable, smart scales and online communities.
According to the estimates, by 2050, Australia’s population is likely to reach 36 million– an increase of approximately 12 million people since 2018. With the population growing rapidly, infrastructure aging and technology progressing at a rapid rate, building new, and renovating outdated hospitals has become a priority for governments and healthcare providers to continue supporting a healthy population.
As of 2018, the Government is set to deliver more than $30 billion in additional public hospital funding under a five-year National Health Agreement, with that happening, Australia is set to see a boom in hospital infrastructure development with funding increasing for every state.
Some of the developments that have already been confirmed are: Northern NSW with the $583 new Tweed Valley Hospital and the recent announcement of the $1.5 billion new hospital in the booming suburb of Footscray in Melbourne.
As healthcare is evolving as the major priority in Governments budget, a number of healthcare companies are considering to invest in infrastructure solutions.
As shown by a research, already 52% healthcare operators had recently invested in new infrastructure solution with further 30% indicating an interest to invest soon. Additionally, 48% healthcare companies are considering to invest $500,000 plus to build new or retrofit their facilities, and a further 14% indicating investments accounting $200,000 and half a million.
An increasing number of infrastructure projects and technological advancements is likely to continue to transform care delivery, patient experience and traditional workflows in 2019 and beyond.