Ageing population and increase in chronic disease support industry growth.
Melbourne, Australia (PRWEB) April 13, 2013
Specialist medicine is in demand, and demand for most specialities will continue to respond to new services, procedures, rising household incomes and an ageing population. According to IBISWorld industry analyst Nigel Fitzpatrick, “demand will continue to rise because of the poor lifestyle choices of many Australians leading to an increase in the prevalence of chronic disease.”
The Specialist Medical Services industry is expected to generate revenue of $11.5 billion in 2012-13, up 3.1% on 2011-12, representing about 5.3% of total spending on health goods and services in Australia. Specialist medical practitioners will provide approximately 50 million Medicare-based services in 2012-13. The Specialist Medical Services industry employs approximately 40,500 people in 16,200 locations. Employment has grown by an annualised 2.0% over the five years to 2012-13.
The revenue of private specialist medical practices is expected to grow at an annualised 4.0% in the five years through 2012-13. “Industry growth will principally come from an increase in the volume of services provided, a real increase in unit prices for similar services and a change in the mix of services towards more expensive services,” says Fitzpatrick. Specialist Medical Services industry profit is expected to have remained stable, aided by a real increase in revenue per service. In many cases, technological developments have simplified medical diagnosis and treatments, and decreased the time taken to perform them.
Both the range of services available and the rate of service provision per practitioner are forecast to increase over the next five years. Medicare benefits per equivalent service are forecast to decrease. However, there will be a trend towards more costly services. However, in some cases, Medicare benefits per service will be eroded by greater use of less-invasive, less-costly treatments. Growth in the incidence of chronic health conditions, mainly arising from an ageing population (older adults use medical services more than younger adults) and lifestyle choices (resulting, for example, in high obesity rates) will ensure growing demand for many specialities. In addition, growing household incomes should promote demand for some services.
For more information, visit IBISWorld’s Specialist Medical Services report in Australia industry page.
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IBISWorld industry Report Key Topics
This industry comprises registered medical practitioners (including medical clinics or group practices) that provide specialist medical services (other than pathology and diagnostic imaging specialities) on their own account or for government agencies or non-profit organisations.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Technology & Systems
Regulation & Policy
About IBISWorld Inc.
Recognised as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.