Industry Analysis & Industry Trends
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. Furthermore, demand will continue to rise as a result of the poor lifestyle choices of many Australians leading to an increase in the prevalence of chronic disease.
Specialist medical practices are 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 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... purchase to read more
Industry Report - Industry Investment Chapter
This industry combines relatively high labour inputs with relative low capital inputs, meaning that this industry overall has a low level of capital intensity.
Labour costs currently represent 37.5% of total income generated by practices providing specialist medical services. In addition, owner-practitioners are often remunerated out of profit or drawings rather than from wages. There is a high level of personal care in this industry. Doctors are highly educated and possess a high level of skill, which results in their services being well paid.
Although the high technology equipment required by this industry as a whole is often costly, individual practitioners generally require only a small investment pertaining to their area of specialisation... purchase to read more