Industry Analysis & Industry Trends
Public and private general hospitals provide acute care to patients. Government-funded public hospitals receive the majority of their funding from state governments and the Federal Government, while private hospitals generate revenue from private health benefit payments and out-of-pocket patient costs. Demand for general hospitals has surged over the past five years, due to Australia's rapidly ageing population and the prevalence of chronic illness among adults. Private hospitals have received a further boost from the increased take-up of private health insurance. Industry revenue is forecast to increase by a compound annual 3.9% over the five years through 2014-15, to be worth $61.8 billion... purchase to read more
Industry Report - Industry SWOT Analysis Chapter
The General Hospitals industry is in a growth phase of its life cycle as demand for hospital services grows to meet the ageing of the Australian population. There has been strong growth in the number of patients treated. Healthcare policy is currently focused on addressing the needs of the ageing population and the growing prevalence of chronic illnesses such as diabetes and heart disease.
Industry value added (IVA) measures the industry's contribution to the overall economy. IVA is forecast to climb by a compound annual rate of 3.5% over the 10 years through 2019-20. This exceeds the projected growth in Australia's real GDP at a compound annual rate of 2.7% over the same period, indicating that the industry's contribution to the overall economy is expanding... purchase to read more