Australia Healthcare Services Market

Australia Healthcare Services Market Overview:

The Australia healthcare services market size reached USD 188.32 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 337.59 Billion by 2032, exhibiting a growth rate (CAGR) of 6.30% during 2024-2032. The market is propelled by the rising geriatric population, increasing prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, government initiatives and policies, and innovations such as telemedicine, electronic health records.

Australia Healthcare Services Market Trends:

Aging Population

The market is primarily driven by the aging population as they create demand for age-related health services, especially chronic disease management, long-term care, and preventive health. As per the Australian Institute of Health and Welfare (ABS 2020b), there were an anticipated 4.2 million older Australians (those 65 and over) as of June 30, 2020, making about 16% of the country's overall population. It is anticipated that the proportion and total number of older Australians would rise further. According to ABS (2018), the proportion of elderly individuals in Australia's population is expected to rise from 21% to 23% by the year 2066. This, in turn, would raise demand for healthcare infrastructures, healthcare facilities, care providers with skilled capabilities, and investments in healthcare technologies. Government policies and programs aimed at supporting the aging population, such as the National Disability Insurance Scheme (NDIS) and aged care reforms, further add to the growth in healthcare services. The increasing healthcare needs make the aging population a very crucial component in shaping the future of the Australia healthcare services Market.

Rising Prevalence of Chronic Diseases

The rising prevalence of chronic diseases, such as diabetes, cardiovascular diseases, and cancer, is a major driver of the healthcare services market in Australia. As per the Australian Bureau of Statistics, in 2017-18, just less than half (47.3%) of Australians had one or more chronic diseases, up from 42.2% in 2007-08. These conditions require long-term management and continuous medical care, leading to an increased demand for healthcare services, including diagnostics, treatment, and rehabilitation. The growing incidence of lifestyle-related diseases, fueled by factors such as poor diet, lack of physical activity, and obesity, is putting additional pressure on the healthcare system. To address this challenge, there has been a significant focus on preventive healthcare, early diagnosis, and patient education. The government and healthcare providers are investing in programs that promote healthy living and disease prevention, which in turn, drives the need for healthcare services. The ongoing management of chronic diseases also necessitates the development of specialized healthcare facilities and the adoption of advanced medical technologies, further contributing to the market's growth.

Australia Healthcare Services Market News:

• In September 2024, The Moree Hospital Redevelopment Project is receiving a funding of total $105 million from the Australian government. The project will feature a new clinical service building on the existing hospital site, designed to integrate with the current campus structures to ensure all services remain connected.
• September 2024: The Department of Health and Aged Care is launching a Virtual nursing in aged care project. This project will support the development and testing of a framework for the delivery of safe and high-quality virtual nursing support in aged care.

Australia Healthcare Services Market Segmentation:

IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2024-2032. Our report has categorized the market based on type and expenditure.

Type Insights:

• Hospitals and Clinics
• Pharmaceutical Companies
• Dental Services
• Nursing Care
• Medical and Diagnostic Laboratory Services
• Others
   

The report has provided a detailed breakup and analysis of the market based on the type. This includes hospitals and clinics, pharmaceutical companies, dental services, nursing care, medical and diagnostic laboratory services, and others.

Expenditure Insights:

• Public
• Private
   

A detailed breakup and analysis of the market based on the expenditure have also been provided in the report. This includes public and private.

Regional Insights:

• Australia Capital Territory & New South Wales
• Victoria & Tasmania
• Queensland
• Northern Territory & Southern Australia
• Western Australia
   

The report has also provided a comprehensive analysis of all the major regional markets, which include Australia Capital Territory & New South Wales, Victoria & Tasmania, Queensland, Northern Territory & Southern Australia, and Western Australia.

Competitive Landscape:

The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.

Australia Healthcare Services Market Report Coverage:

Key Questions Answered in This Report:

• How has the Australia healthcare services market performed so far and how will it perform in the coming years?
• What has been the impact of COVID-19 on the Australia healthcare services market?
• What is the breakup of the Australia healthcare services market on the basis of type?
• What is the breakup of the Australia healthcare services market on the basis of expenditure?
• What are the various stages in the value chain of the Australia healthcare services market? 
• What are the key driving factors and challenges in the Australia healthcare services?
• What is the structure of the Australia healthcare services market and who are the key players?
• What is the degree of competition in the Australia healthcare services market?

Key Benefits for Stakeholders:

• IMARC’s industry report offers a comprehensive quantitative analysis of various market segments, historical and current market trends, market forecasts, and dynamics of the Australia healthcare services market from 2018-2032.
• The research report provides the latest information on the market drivers, challenges, and opportunities in the Australia healthcare services market.
• Porter's five forces analysis assist stakeholders in assessing the impact of new entrants, competitive rivalry, supplier power, buyer power, and the threat of substitution. It helps stakeholders to analyze the level of competition within the Australia healthcare services industry and its attractiveness.
• Competitive landscape allows stakeholders to understand their competitive environment and provides an insight into the current positions of key players in the market.