Overview

Fighting fit: Australia's ageing population has boosted demand for medical services

IBISWorld’s Specialist Medical Services market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

REPORT SNAPSHOT

Market Share of Companies
There are no companies with a dominant market share in this industry
Industry Statistics & Market Size
Revenue
$12bn
Annual Growth
2012 - 2017
4.4%
Annual Growth
2017 - 2022
Profit
Employment
27,184
Business
15,671

Industry Analysis & Industry Trends

Australia's ageing population and a rising incidence of chronic disease are driving demand for the Specialist Medical Services industry. Greater demand and has propelled revenue growth over the past five years, along with moderate growth in fees. The Federal Government supports qualified specialists through Medicare, which funds a schedule fee that covers part or all of a specialist service. Medicare also provides safety nets to ensure that the annual accumulation of gap payments does not place an excessive financial burden on patients. Medicare rebates per service have been boosted by higher schedule fees, but constrained by the Federal Government's Medicare indexation freeze from November 2012. Overall, benefits paid per service have increased over past five years...

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Industry Report - Industry Analysis Chapter

The Specialist Medical Services industry has experienced healthy growth over the past five years, benefiting from increased demand due to Australia’s ageing population. Specialists are medical practitioners that are qualified by relevant Australian specialist professional colleges to treat specific health conditions. The rising age profile of the population has increased the incidence of chronic diseases and illnesses that require specialist services, boosting industry revenue. A change in the mix of services towards more expensive procedures has also assisted revenue growth. Industry revenue is forecast to grow at a compound annual rate of 4.4% over the five years through 2016-17, to reach $11.6 billion. This includes projected growth of 4.5% in the current year.

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Industry Products

What is the Specialist Medical Services Industry?

The industry includes registered medical practitioners (including medical clinics or group practices) that provide specialist medical services (other than pathology and diagnostic imaging specialities) as a private company, or for government agencies or non-profit organisations.

Industry Products
Physicians
Surgeons
Anaesthetists
Psychiatrists
Obstetricians and gynaecologists
Paediatricians
Other medical specialists
Industry Activities
Anaesthetist services
Dermatology services
Gynaecology and obstetrics services
Neurology services
Ophthalmology services
Paediatric services
Psychiatry services
Rheumatology services
Specialist medical clinic operation
Surgery

Table of Contents

About this Industry

Industry Definition
Main Activities
Similar Industries
Additional Resources

Industry at a Glance

Industry Performance

Executive Summary
Key External Drivers
Current Performance
Industry Outlook
Industry Life Cycle

Products & Markets

Supply Chain
Products & Services
Demand Determinants
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

Jargon & Glossary

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