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 Threats & Opportunities

  • Demand for industry services has risen as Australia's population has continued to grow and age
  • Accelerated growth has been due to factors such as the rising age profile of the population
  • As government support declines, more enterprises are expected to merge or consolidate practices

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    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 Investment Chapter

    The Specialist Medical Services industry combines high labour inputs with low capital inputs, resulting in low capital intensity. The industry is forecast to invest $0.06 in capital for every dollar spent on wages in 2016-17. Labour costs represent an estimated 34.0% of revenue generated by specialist clinics. Specialist medical practitioners require significant educational qualifications and are highly skilled in their areas of expertise, resulting in high remuneration for their services. Capital usage is low as specialists do not necessarily require equipment for consultations, as the majority of their value add comes from their knowledge base and practical skills, particularly in the case of surgeons. Fur..

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    Additional Insights for the Specialist Medical Services Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Specialist Medical Services Industry are

  • Having contacts within key markets
  • Proximity to key markets
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Federal funding for Medicare and Median age of the population in the Specialist Medical Services industry impact industry performance..

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    New Zealand Special Report

    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 Statistics Snapshot
    Industry Structure
    Executive Summary
    Industry Performance
    Executive Summary
    Key External Drivers
  • Federal funding for Medicare
  • Median age of the population
  • Female population aged between 15 and 45
  • Total visits to a general practitioner
  • Private health insurance membership

  • Current Performance
  • Growing demand
  • Ageing population
  • Medicare assistance
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand
  • Medicare changes
  • Industry consolidation and competition
  • Table: Specialist Medical Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Specialist Medical Services Industry Lifecycle vs The Economy

  • Products & Markets
    Supply Chains
    Key Buying Industries
  • Health Insurance
  • Central Government Administration
  • General Hospitals
  • Psychiatric Hospitals
  • General Practice Medical Services

  • Key Selling Industries
  • General Hospitals
  • Medical and Surgical Equipment Manufacturing
  • Pathology Services
  • Pharmaceutical Product Manufacturing
  • Pharmaceuticals Wholesaling
  • Psychiatric Hospitals

  • Products & Services
  • Physicians
  • Other medical specialists
  • Surgeons
  • Anaesthetists
  • Psychiatrists
  • Obstetricians and gynaecologists
  • Paediatricians
  • Chart: Specialist Medical Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • People aged 65 and over
  • People aged 45 to 64
  • People aged 25 to 44
  • People aged 24 and under
  • Chart: Major Market Segmentation for the Specialist Medical Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Competitive Landscape
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Chart: Cost Structure Benchmarking – Sector vs Specialist Medical Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Specialist Medical Services Industry

  • Industry Globalization
    Major Companies
    There are no major players in this industry
    Operating Conditions
    Capital Intensity
  • Chart: Level of Capital Intensity for the Specialist Medical Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Key Statistics
    Table: Industry Data for the Specialist Medical Services Industry
    Includes:
  • Industry Revenue (2008-2022)
  • Industry Gross Product (2008-2022)
  • Establishments (2008-2022)
  • Businesses (2008-2022)
  • Employment (2008-2022)
  • Wages (2008-2022)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Jargon & Glossary
    In-Vitro Fertilisation (Ivf)
  • The process by which an egg is fertilised by sperm outside the body to induce pregnancy.
  • Nephrology
  • The branch of medicine concerned with kidney function, problems and transplantation.
  • Ophthalmology
  • The branch of medicine concerned with the eye and its diseases.
  • Schedule Fee
  • The fee amount covered by the Federal Government through Medicare for a specialist consultation.
  • Urology
  • The branch of medicine that deals with the diagnosis and treatment of diseases of the urinary tract and urogenital system.
  • Why buy this report?

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Specialist Medical Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Specialist Medical Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Specialist Medical Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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