Australia Connected Healthcare Market Analysis

Australia Connected Healthcare Market Analysis


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The Australia-connected healthcare market is projected to grow from $796.32 Mn in 2022 to $6444.96 Mn by 2030, registering a CAGR of 29.9% during the forecast period of 2022-30. The main factors driving the growth would be the rising geriatric population, geographic challenges, technological innovation, and government investment. The market is segmented by type, function, and application. Some of the major players include Telstra Health, HealthEngine, ResApp, MyHealth1st, Apple, IBM and Microsoft.

ID: IN10AUHS004 CATEGORY: Healthcare Services GEOGRAPHY: Australia AUTHOR: Neha Davda

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Australia Connected Healthcare Market Executive Summary

The Australia-connected healthcare market is projected to grow from $796.32 Mn in 2022 to $6444.96 Mn by 2030, registering a CAGR of 29.9% during the forecast period of 2022-30. Australia spent $202.5 Bn, or $7,926 per person, on healthcare in 2019–20. The real rise in healthcare spending was 1.8%, which was less than the 3.4% decade average. The majority of the funding for healthcare in Australia is provided by the government, but patients also foot a considerable chunk of the bill.

The term connected healthcare refers to the application of digital tools and technologies to the remote diagnosis, monitoring, and management of medical disorders. Australia has the essential infrastructure in place to enable and support standardisation and connected health systems, such as national healthcare identities and is continuing to make progress, as evidenced by the rapid national uptake of electronic prescribing, spurred by the tough COVID environment.

At the University of New South Wales, the Australian Research Council has officially opened its latest connected health research hub. This new research centre, which became operational in August, brings together seven institutions and 26 Australian companies to develop a national end-to-end ecosystem that will design, manufacture, and commercialise clinical-grade sensors and predictive analytics. It incorporates the country's current expertise in sensor technology, security, software, data analytics, and digital health.

Australia Connected Healthcare Market

Market Dynamics

Market Growth Drivers

The Australia-connected healthcare market is expected to be driven by factors such as:

  1. Rising geriatric population- Australia has an ageing population, with an increase in the number of citizens over 65. The need for healthcare services is rising as a result of the changing demographics, especially in fields like chronic disease management and remote patient monitoring
  2. Geographic challenges- Australia is a huge country with a small population, which makes it difficult for healthcare providers to give services to isolated and rural locations. Telemedicine and remote patient monitoring are two connected healthcare options that can assist in overcoming these obstacles and enhancing access to healthcare for all Australians
  3. Technological innovation- With a strong entrepreneurial culture and a robust startup environment, Australia is a centre for technical innovation. This has prompted the creation of a variety of cutting-edge connected healthcare solutions, including wearable technology and mobile health applications
  4. Government investment- The development of a national electronic health record system and support for telehealth services are some examples of the considerable expenditures the Australian government has made in digital health initiatives. The adoption of connected healthcare solutions in the nation is being accelerated by these initiatives

Market Restraints

The following factors are expected to limit the growth of the connected healthcare market in Australia:

  1. Funding and reimbursement- Securing funding and reimbursement for digital health solutions are one of the biggest problems for Australia's connected healthcare business. Since the majority of the Australian healthcare system is supported by the government, digital health solutions must be able to show that they are both cost-effective and acceptable for government reimbursement
  2. Regulatory barriers- Australia's rigorous regulatory requirements for digital health solutions might be an entry hurdle for smaller businesses and startups. Standards for data security and privacy are part of these requirements, in addition to an endorsement from regulatory agencies like the Therapeutic Goods Administration
  3. Limited adoption- Although connected healthcare solutions seem to have advantages, many Australian healthcare organisations have been slow to adopt new technology

Competitive Landscape

Key Players

  • Telstra Health (AUS): One of Australia's leading healthcare organisations, Telstra Health, provides a variety of digital health solutions, such as telemedicine platforms, electronic health records, and patient monitoring devices
  • HealthEngine (AUS): HealthEngine is a web-based platform that connects patients with healthcare professionals by providing services such as online booking, telehealth consultations, and patient feedback
  • ResApp (AUS): ResApp Health is a digital health startup that specialises in developing and commercializing smartphone-based diagnostic tests for respiratory disorders
  • MyHealth1st (AUS): Health1st is an online platform that gives individuals access to their medical records and allows them to schedule appointments with healthcare professionals, including telehealth consultations
  • Apple: Apple has been establishing a stronger presence in the healthcare industry by creating health-related products and services, such as the apple watch and the health app, which let users keep track of their fitness and health data
  • IBM: IBM is a prominent player in the worldwide healthcare technology market, and it has collaborations with a number of Australian healthcare institutions to provide solutions such as artificial intelligence-powered patient monitoring systems
  • Microsoft: Microsoft is a significant player in the Australian connected healthcare business, providing services like telemedicine platforms and cloud-based electronic health records

Notable Deals

August 2021: Telstra has agreed to acquire MedicalDirector, a business that specialises in the software used by general practitioners to run their offices. The company's current portfolio of digital health solutions utilised by hospitals, pharmacies, and the aged care industry has been expanded by the acquisition.

Healthcare Policies and Regulatory Landscape

The Connecting Australian Health Care — National Healthcare Interoperability Plan is an innovative, broadly supported, and well-coordinated initiative that intends to expedite the digital transformation of healthcare delivery. Ten principles, five priority areas, and 44 actions are outlined in the plan, which will advance over the following five years. The initiatives were created after extensive collaboration with key players in the health and care industries. The Plan's execution will be supervised and coordinated by the Australian Digital Health Agency (the Agency). Furthermore, medical devices and other therapeutic products in Australia are subject to regulation by the Therapeutic Goods Administration (TGA).

Reimbursement Scenario

In Australia, the government-funded Medicare system, which offers all Australians access to medical services and treatments, mostly regulates reimbursement policies for healthcare services. The Australian government has recently implemented a number of payment regulations intended to encourage the usage of digital health technologies. For instance, the government offers Medicare Benefits Schedule (MBS) reimbursements for telehealth services, which let patients use video conferencing technology to communicate with their doctors remotely.

1. Executive Summary
1.1 Service Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Healthcare Services Market in Country
1.6 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Services
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Connected Healthcare Market Segmentation

By Type (Revenue, USD Billion):

Based on the Type the market is segmented into mHealth services, mHealth Devices, and E- Prescription

  • MHealth services
  • mHealth Devices
  • E- Prescription

By FunctionType (Revenue, USD Billion):

  • Remote patient monitoring
  • Clinical monitoring
  • Telemedicine
  • Others (Assisted Living)

By Application Type (Revenue, USD Billion):

  • Diagnosis and Treatment
  • Monitoring Application
  • Wellness and Prevention
  • Healthcare management
  • Others

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

Stage I: Market Data Collection

Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

Secondary Data Collection: We have developed strong expertise and experience in secondary data collection methods for developing unique data sets and research material. We gather data from multiple reliable sources to maintain a high level of accuracy and consistency. The market data is analyzed and forecasted using appropriate statistical and coherent models. The report offers an overall analysis of the market size, growth, and market share as well as a segment-level analysis of the specific market. Our report includes precise, to-the-point information related to the overall market, competition, growth drivers, challenges, regulatory updates, and competition.

Data Sources: We have access to multiple highly reliable free and subscription data sources. We have many years of experience to understand which sources are more dependable for what and which to prefer for the reliable and latest information. The key sources of information include the following, but are not limited to:

 

 

Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

Insights: Our reports deliver actionable insights backed with supporting facts and figures to assist you in achieving exemplary growth. Our in-depth analyses are interspersed with relevant insights and statistics to offer an executive-level view of a given market. The description helps in correlating many minor factors affecting the market and their impact on the different segments within the market.

Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

Presentation & Reporting: The market research report is presented in different forms such as charts by using a scientific approach for easy understanding. Historic, current, and future analysis is provided for each market in terms of both value and volume. The size of the market is interpreted in the US Dollar value and the respective unit, based on the product, for volume consumption.

The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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The Australia-connected healthcare market is projected to grow from $796.32 Mn in 2022 to $6444.96 Mn by 2030, registering a CAGR of 29.9% during the forecast period of 2022 - 2030.

Australian connected healthcare market is segmented by type (m-health services, m-health devices and e-prescription), by function (remote patient monitoring, clinical monitoring, telemedicine and others), and by application type (diagnosis and treatment, monitoring application, wellness and prevention, healthcare management and others).

Some of the major players in Australia's connected healthcare market are Telstra Health, HealthEngine, ResApp, MyHealth1st, Apple, IBM and Microsoft.


This report addresses

  • Intelligent insights to take informed business decisions
  • Qualitative, acute and result oriented market analysis
  • Market size and forecasts from 2022 to 2030
  • Opportunities for expansion and in-depth market analysis
  • Segmentation and regional revenue forecasts
  • Analysis of the market share and competitive landscape
  • Strategic Recommendations to chart future course of action
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Last updated on: 22 November 2023
Updated by: Jay Dalwadi

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