Hospitals - Australia

Australia

In Australia, the Hospitals market is expected to see a significant increase in revenue, reaching US$62.06bn in 2024.
This projection indicates a positive growth trend, with an anticipated annual growth rate (CAGR 2024-2029) of 4.62%.
This growth is expected to result in a market volume of US$77.79bn by 2029.
When compared globally, United States is projected to generate the highest revenue in the Hospitals market, with an estimated figure of US$1,501.00bn in 2024.
This highlights United States as a dominant player in this market.
When considering revenue per person, in Australia is projected to generate approximately US$2.32k in 2024.
This figure represents the average revenue generated per individual in relation to the total population of Australia.
The hospital market in Australia is experiencing a growing demand for telehealth services due to its vast geography and remote population.

Key regions: United States, China, Germany, Japan, Europe

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Currency

Analyst Opinion

The healthcare sector in Australia has been growing at a steady pace over the past few years, and the hospitals market has been a significant contributor to this growth.

Customer preferences: Customers in Australia have been increasingly demanding better healthcare services, which has led to a rise in the number of private hospitals. Patients are willing to pay more for better facilities and shorter waiting times. Additionally, the aging population has resulted in an increased demand for healthcare services, including hospital care.

Trends in the market: The Australian hospitals market has been witnessing a trend towards consolidation, with larger hospital groups acquiring smaller ones. This trend has been driven by the need to achieve economies of scale and reduce costs. Another trend in the market has been the adoption of technology to improve patient outcomes and reduce costs. Electronic health records, telemedicine, and other digital solutions are being increasingly used in hospitals across the country.

Local special circumstances: One of the unique aspects of the Australian healthcare system is the presence of both public and private hospitals. While public hospitals are funded by the government, private hospitals are funded by private health insurance and out-of-pocket payments. This dual system has resulted in a highly competitive market, with private hospitals competing with public hospitals for patients.

Underlying macroeconomic factors: The Australian economy has been growing steadily over the past few years, which has resulted in an increase in healthcare spending. Additionally, the government has been investing in healthcare infrastructure, which has led to an increase in the number of hospitals and healthcare facilities across the country. The aging population has also been a significant driver of growth in the hospitals market, as older individuals tend to require more healthcare services.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on revenue received by hospitals from public or private sources, allocated to the country where the money is spent, including VAT if applicable.

Modeling approach / Market size:

Market sizes are determined by a bottom-up approach, based on a specific rationale for each market market. Next, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, public health spend, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.