Ambulance Services Industry Market Research Report Now Updated by IBISWorld
Melbourne, Australia (PRWEB) June 07, 2014 -- Australia's population relies on the Ambulance Services industry for a critical emergency service. The industry's various government-funded operators are at a constant state of readiness to ensure patients that require emergency or urgent ambulance attention can quickly receive such attention. The full costs of ambulance services are generally not covered by ambulance member subscriptions and private health insurance benefits. According to IBISWorld industry analyst David Whytcross, “State government grants typically make up the cost shortfall, with those grants becoming additional industry revenue.” Consequently, increased ambulance costs translate to increased industry revenue. Demand for ambulance services has increased over the past five years. With the average cost of ambulance responses rising and being subsidised by government grants, industry revenue is forecast to rise by a compound annual 5.3% over the five years through 2013-14, reaching $2.8 billion. In the current year, revenue is forecast to rise 5.5%, consistent with the ongoing growth trend.
Growing demand for ambulance services is primarily due to population growth and ageing. Population growth has widened the potential patient pool, while the ageing population has resulted in a greater portion of the population becoming more susceptible to acute incidents requiring ambulance responses. The industry has also become more involved in providing pre-treatment solutions to reduce the cost burden on more expensive general hospitals, resulting in additional costs for the industry. “Growing private health insurance membership with ambulance coverage has taken away from industry revenue, as although paid out private health benefits contribute to the industry, many consumers have replaced singular ambulance membership for private health extras cover,” says Whytcross. Market share concentration in the industry is high, and major companies include the Ministry of Health, Victorian Department of Health, Department of Community Safety, SA Ambulance Service Incorporated and St John Ambulance Australia WA Ambulance Service Inc.
Projected industry growth over the next five years can be attributed to similar trends. Australia's population will continue to expand, while high-risk older patients will continue to grow in number as the population ages significantly. The rising number of older Australians living alone will drive industry demand, particularly for emergency responses. State governments are expected to continue pushing for increased responsibilities for ambulance operators to reduce unnecessary hospital triage responsibilities, which will increase expenses associated with the industry and subsequently government grants provided to the Ambulance Services industry.
For more information, visit IBISWorld’s Ambulance Services in Australia industry report page.
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IBISWorld industry Report Key Topics
The industry includes entities that are primarily engaged in providing ambulance services.
Industry Performance
Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle
Products & Markets
Supply Chain
Products & Services
Major Markets
International Trade
Business Locations
Competitive Landscape
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Basis of Competition
Barriers to Entry
Industry Globalisation
Major Companies
Operating Conditions
Capital Intensity
Technology & Systems
Revenue Volatility
Regulation & Policy
Industry Assistance
Key Statistics
Industry Data
Annual Change
Key Ratios
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.
Gavin Smith, IBISWorld, http://www.ibisworld.com.au, +61 396553833, [email protected]
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