Healthcare is an essential sector in Australia, providing medical services, products, and technologies to the community.
The Australian Government has projected that total health spending in Australia will reach $238.6 billion in 2023 rising to $259.7 billion by 2025.
The industry includes a diverse range of providers, covering hospitals, clinics, pharmaceutical companies, medical device manufacturers, and health insurance providers. The Australian government also plays a significant role, providing funding and regulation to ensure that healthcare services are accessible and affordable to all Australians.
Key trends shaping the future of the healthcare industry include:
Health Information Exchange and Interoperability
Investment to improve real-time integration and interface between healthcare providers, systems and patients, with $429 million committed in the 2023-24 federal budget to modernise My Health Record
Digital Health Transformation
Digitisation being used to improve patient’s participation in their own care, streamline communication, facilitate diagnostic decisions, and optimise ongoing care delivery, and the overall performance and quality of health care systems
Artificial Intelligence (AI) and Data Analytics
AI and data analytics have the potential to revolutionise healthcare delivery by assisting early detection, diagnosis, treatment and personalised medicine
Ageing Population and Chronic Disease Management
Australia’s ageing population will increase the demand for healthcare services, with GP service demand projected to increase by 38% over the next decade. Chronic disease management and preventive care will become increasingly important to improve outcomes, reduce hospitalisations, and manage rising healthcare costs
Focus on Preventive Healthcare
There will continue to be a growing emphasis on preventive healthcare initiatives, such as health promotion campaigns, early detection and screening programs, and lifestyle interventions in order to reduce the burden of preventable diseases and promote healthy living
Get ahead of these trends.
Contact Fifth Quadrant.