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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