Australia's healthcare insurance market is projected to grow from $24.31 Bn in 2022 to $48.81 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-2030. The main factors driving the growth would be government policies, increasing awareness, rising healthcare costs and the growing geriatric population. The market is segmented by component, the provider, coverage, health insurance plans and end-user. Some of the major players include Pheonix Health fund, NIB, HBF, St. Lukes's and Latrobe.
Australia's healthcare insurance market is projected to grow from $24.31 Bn in 2022 to $48.81 Bn by 2030, registering a CAGR of 9.1% during the forecast period of 2022-2030. Australia's healthcare expenditures in 2019–20 were $202.5 Bn, or $7,926 per person. The actual rise in healthcare spending was smaller at 1.8% than the decade average of 3.4%. In Australia, the government pays for the majority of healthcare expenses, but patients are also responsible for a considerable portion of the tab.
Australia's government and private health insurance companies both contribute to the cost of providing healthcare services. Australia's national healthcare program is known as Medicare. Australian citizens can receive healthcare through Medicare for nothing or at a significant discount. Every Australian pays taxes, which go towards paying for it.
Although not all of them, many necessary therapies are covered by Medicare. It includes things like visits to the doctor, some medications, and medically essential hospital operations in public facilities. Treatments received in private hospitals, ambulance services, and supplemental services like spectacles, dental care, and alternative therapies are not covered. For this reason, a lot of Australians opt for private health insurance.
Market Growth Drivers
The Australian healthcare Insurance market is expected to be driven by factors such as:
Market Restraints
The following factors are expected to limit the growth of the healthcare insurance market in Australia:
Key Players
February 2023- Phoenix Group bought ReAssure, a UK-based life insurance provider, in 2020 and has now partnered with TCS to develop synergies and improve the customer experience for ReAssure's clients. ReAssure's operations will change as a result of the expanded relationship, consolidating the legacy business on the same digital platform, TCS BaNCSTM, that Phoenix Group uses to manage its other books of business.
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
By Provider (Revenue, USD Billion):
It mainly includes healthcare insurance that provides safety against the increasing cost of medical treatments and in case of health emergencies such as critical illnesses. Hence, it is the best way to safeguard medical expenses.
By Coverage Type (Revenue, USD Billion):
In terms of sales and market share, it is anticipated to rule the market over the projection period. This is explained by a number of benefits provided by life insurance, including guaranteed death payout and permanent coverage. Additionally, investing in these kinds of plans enables working professionals to save taxes
By Health Insurance Plans (Revenue, USD Billion):
By Demographics (Revenue, USD Billion):
There is a high prevalence of lifestyle disease in the adult population that can increase health risks in the future. The population is more prone to cardiac and other diseases that require hospitalization. Healthcare insurance plans for seniors are more of a necessity, especially in the case of retirement. Also, it carries various advantages such as no medical screening before buying plans, includes coverage of the outpatient department, and provides the benefit of fee annual checkups along with lifetime renewability.
By End-user (Revenue, USD Billion):
A large number of people buy individual health plans as they are also customizable. Also, it gives more control over deductibles, co-pays, and benefits limits and is not dependent on employment status.
Methodology for Database Creation
Our database offers a comprehensive list of healthcare centers, meticulously curated to provide detailed information on a wide range of specialties and services. It includes top-tier hospitals, clinics, and diagnostic facilities across 30 countries and 24 specialties, ensuring users can find the healthcare services they need.
Additionally, we provide a comprehensive list of Key Opinion Leaders (KOLs) based on your requirements. Our curated list captures various crucial aspects of the KOLs, offering more than just general information. Whether you're looking to boost brand awareness, drive engagement, or launch a new product, our extensive list of KOLs ensures you have the right experts by your side. Covering 30 countries and 36 specialties, our database guarantees access to the best KOLs in the healthcare industry, supporting strategic decisions and enhancing your initiatives.
How Do We Get It?
Our database is created and maintained through a combination of secondary and primary research methodologies.
1. Secondary Research
With many years of experience in the healthcare field, we have our own rich proprietary data from various past projects. This historical data serves as the foundation for our database. Our continuous process of gathering data involves:
With extensive experience in the field, we have developed a proprietary GenAI-based technology that is uniquely tailored to our organization. This advanced technology enables us to scan a wide array of relevant information sources across the internet. Our data-gathering process includes:
2. Primary Research
To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:
Combining Secondary and Primary Research
By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:
Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.
We value your inquiry and offer free customization with every report to fulfil your exact research needs.