Australia Telemedicine Market Analysis

Australia Telemedicine Market Analysis


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Telemedicine is a sector of immense growth potential with a market size of about $730 Mn in 2022 with a CAGR of about 19.7% and is expected to grow to $3,075 Mn in 2030 as predicted by Insights10 report on the Australia Telemedicine Market Analysis. The inclusion of telemedicine services by general practitioners and telemedicine coverage in Medicare Australia are major growth drivers. The market is segmented by component, modality, application, and end user. Doxy.me Inc. and Teladoc Health are major market players in telemedicine.

ID: IN10AUDH010 CATEGORY: Digital Health GEOGRAPHY: Australia

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Australia Telemedicine Market Executive Analysis

Australia's telemedicine market size is at around $730 Mn in 2022 and is projected to reach $3,075 Mn in 2030, exhibiting a CAGR of 19.7% during the forecast period 2022-30. In 2022-2023, the Australian government spent $105.8 Bn on health, or 16.8% of all expenditures. The cost of medical services and benefits, which primarily include Medicare and Private Health Insurance Rebate expenses, will account for $39.5 Bn, or 37.3% of overall costs associated with healthcare. Between 2022-2023 and 2025-2026, spending is projected to rise by 2.5% in real terms, mostly due to rising medicare costs. Between 2021-2023, expenses are projected to rise by 11.3% in real terms, primarily as a result of COVID-19 responses and the use of the Indigenous Australians Health Program. After that, spending is anticipated to decline by 8.4% in real terms between 2022-2026 as a result of the expiration of COVID–19 measures and lower payments made to states and territories under a national partnership agreement that is about to expire.

For countless Australian patients, telemedicine has proven essential in ensuring quality care. Healthcare can be accessed through telemedicine at any point in time. Over 100 Mn telemedicine services were delivered nationally to approximately 17 Mn Australians between March 13, 2020, and March 16, 2022. Medicare benefits worth more than $5 Bn have been paid, and more than 92,000 doctors are currently using telemedicine services to support their patients. General practitioner (GP) has delivered about 83 Mn of these services, specialists nearly 11 Mn, and allied health professionals about 5 Mn.

Australia Telemedicine Market Analysis

Market Dynamics

Market Growth Drivers

Over the subsequent five years, it is anticipated that the telemedicine sector would keep growing in Australia. For patients who rely on bulk-billed medications, the continued inclusion of telemedicine options for GP as well as some specialist consultations is largely responsible for this development in Australia. A number of healthcare providers are listed on the Medicare Benefits Schedule (MBS), and Medicare pays all or part of the cost of the services they offer. The scope of telemedicine services on the MBS has always been substantially constrained, however, during the COVID-19 pandemic, the number of telemedicine services that were eligible for Medicare funding significantly grew. Therefore, an increase in financing for Medicare offers telemedicine providers a chance. In 2022-2023, an increase in Medicare funding is predicted.

Market Restraints

Lack of technology infrastructure, problems with accessibility, restrictions on completing physical examinations, and worries about privacy and confidentiality are some of the potential obstacles to telemedicine in Australia. Healthcare fraud in Australia is also one of the major restraints of telemedicine. Continuous exposure to a variety of clinical, legislative, insurance, educational, regulatory, and interoperability issues and solutions, motivated by necessity, may lead to changes in patients' and physicians' expectations of what is desirable and attainable.

Competitive Landscape

Key Players

  • Instant Consult (AUS)
  • GP2U Telemedicine (AUS)
  • Doctoroo (AUS)
  • iCliniq (AUS)
  • Docto Online Hospital (AUS)
  • Zoom
  • Cisco Systems
  • American Well
  • Doxy.me
  • Teladoc
  • Vidyo

Healthcare Policies and Regulatory Landscape

In Australia, Medicare and public hospital systems are the citizens' main providers of low-cost services. The Medicare Benefits Schedule (MBS) includes a list of all government-provided health services. It can assist by ensuring that you pay less for treatments if you exceed a certain threshold for out-of-pocket expenses. MBS has now started including telemedicine services by GPs and Other Medical Practitioners (OMPs) for people living in flood-affected areas from 1st Jan 2022. All Australians who are eligible for Medicare will continue to be able to access telemedicine services according to the ongoing arrangements.

Reimbursement Scenario

The Pharmaceutical Benefits Scheme (PBS) is accessible to all Australian citizens with a valid Medicare card as well as some international residents with whom Australia has a reciprocal health care agreement. A Safety Net is also included in the Act. In the event that a patient fills additional prescriptions than the applicable Safety Net Threshold for a calendar year, concessional patients will continue to get PBS medications at no added charge for the rest of the year, while general patients would be required to pay at the concessional co-payment rate.

1. Executive Summary
1.1 Digital Health Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Digital Health Policy 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 Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Australia Telemedicine Market Segmentation

Component

  • Product
    • Hardware
    • Software
    • Others
  • Services
    • Tele-consulting
    • Tele-monitoring
    • Tele-education

Modality

The industry is driven by three concepts, which include real-time (synchronous), store and forward (asynchronous), and others comprising remote patient monitoring, etc.

  • Store and forward
  • Real-time
  • Others

Application

  • Teleradiology
  • Telepsychiatry
  • Telepathology
  • Teledermatology
  • Telecardiology
  • Others

Delivery Mode

  • Web/Mobile
  • Audio/Text-based
  • Visualized
  • Call centers

Facility

  • Tele-hospital
  • Tele-home

End-user

  • Providers
  • Payers
  • Patients
  • 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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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
  • Comprehensive Market Research Report in PDF and PPT formats

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Last updated on: 06 July 2023
Updated by: Riya Doshi

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