Australia Hospital Market to grow at Steady Rate till 2026
Benefits of early disease diagnosis and treatment and increasing prevalence of chronic diseases is expected to drive the demand for Australia hospital market in forecast period.
According to TechSci Research report, “Australia Hospital Market By Ownership (Public v/s Private) By Type (General, Specialty, Multi- Speciality) By Type of Services (In-Patient Services v/s Out-Patient Services) By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds) By Company, By Region, Forecast & Opportunities, 2026”, The Australia hospital market is expected to witness steady growth in the next five years. Presence of advanced diagnostic technology is aiding to provide effective treatment to patients and help in research and development activities is influencing the growth of hospital market. Increase on occurrence of terminal diseases such as cancer, cardiovascular diseases, among others are boosting the demand for hospital market as they require proper medical treatment. Increase in demand for mental treatment hospitals and seeking the advice of professional nutritionist due to strong adoption of sedentary lifestyle and unhealthy eating habits among the population which is giving rise to a number of health-related disorder. Obesity, depression, stress, diet plan, among others are the significant reason contributing to the growth of the hospital market. Presence of large patient pool along with rapid penetration of hospital chains are contributing to market growth.
The COVID-19 outbreak across the world which has been declared as pandemic by World Health Organization has affected several countries adversely. Leading authorities of Australia imposed lockdown restrictions and released a set of precautionary measures to contain the spread of novel coronavirus. Coronavirus affected patients started suffering from shortness of breath along with coughing and sneezing. Leading authorities increased the capacity of hospitals as a greater number of patients were getting affected daily and getting admitted into the hospital facilities. The demand for critical care devices increased during this period. Collaborations between the healthcare and non-healthcare industries to increase the capacity and advancement of healthcare facilities is expected to foster the growth of hospital growth,
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Australia hospital market is segmented into ownership, type, type of services, bed capacity, regional distribution, and company. Based on ownership, market can be further bifurcated into public and private. The private ownership segment is expected to hold major market share for the forecast period, 2022-2026. Private hospitals are equipped with advanced technologies and equipment and are able to cater critical care requirements for patients suffering from cardiovascular disease and cancer. Increasing privatization of hospitals to provide quality treatment and presence of specialized department and skilled healthcare professionals are significant factors responsible for the growth of the hospital market. Based on type, market can be divided into general, specialty, and multi- speciality. The multi-speciality type segment is expected to witness fastest incremental growth and general segment is expected to dominate the market for the next five years. Multi-speciality hospital is preferred by many people as it provide treatment for different ailments at single place. Presence of skilled healthcare professionals who can treat different kind of diseases and specialized department along with advance equipment and diagnostic technologies is expected to spur the growth of this segment.
Ramsay Health Care Limited, Healthscope Pty Ltd, St John of God Health Care Inc, Nexus Day Hospitals Pty Ltd, Healthe Care Australia Pty Ltd, Cura Day Hospitals Group Pty Ltd, Western Private Hospital, SA Health, Alfred Health, St Vincent’s Health Australia are the leading players operating in Australia hospital market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several hospital manufacturers are coming up with their technologically advanced offerings.
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“Rising demand for telehealth and telemedicine services to increase the access of healthcare services to remote areas and foreign countries as Australia proudly boasts of presence of skilled healthcare professionals. Leading authorities are actively promoting the medical tourism in Australia and attracting a large student crowd to study in medical colleges and institutions. Major market players are investing huge amounts for development of remote consulting procedures and provide high end treatment for chronic conditions relating to oncology, cardiology, fertility treatment and acute medical care which is expected to propel the growth of the market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a global research-based management consulting firm.
“Australia Hospital Market By Ownership (Public v/s Private) By Type (General, Specialty, Multi- Speciality) By Type of Services (In-Patient Services v/s Out-Patient Services) By Bed Capacity (Up to 100 beds, 100-500 beds, Above 500 beds) By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of Australia hospital market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of Australia hospital market.
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