Australia Digital Health Market Analysis

Australia Digital Health Market Analysis


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Australia's digital health market was valued at $2.5 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 20.10% from 2022 to 2030 and will reach $10.96 Bn in 2030. One of the main reasons propelling the growth of this market is rising smartphone adoption, improved internet connectivity, and improved healthcare. The market is segmented by product, by end-user, and by component. Some key players in this market are Alcidion Corp., Doctors on Demand Pty Ltd, Ellume Limited, Genie Solutions Pty Ltd, and Harrison-Al Pty Ltd.

ID: IN10AUDH005 CATEGORY: Digital Health GEOGRAPHY: Australia AUTHOR: Nandini Shah

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Australia Digital Health Market Executive Summary

Australia's digital health market was valued at $2.5 Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of 20.10% from 2022 to 2030 and will reach $10.96 Bn in 2030. Australia is the world's sixth-largest country, with a land area of around 7.7 Mn square kilometers with a GDP of $1550 Bn economy. It is, nonetheless, one of the most sparsely populated countries in the world, with a population of only 25.7 Mn people. Australia’s health system is one of the greatest in the world, providing all Australians with safe and inexpensive health care. It is jointly run by all levels of the Australian government - federal, state and territory, and local. With over 14.2% of the population employed in the health sector, it is the country's largest employment sector. It includes a large private insurance industry as well as Medicare, Australia's national healthcare program.

Australia has experienced substantial changes to the way telehealth and virtual care services are reimbursed in the first half of 2020, as well as a rise in the use of digital health technologies by patients and the medical profession. To implement Australia's Long-Term National Health Plan, the Australian Government is investing $107.2 Mn towards the modernization of our healthcare system. The Government's sustained commitment to digital health includes $72 Mn over four years to support Phase Three of the Program, which will start the transformation of health payments and services toward a more streamlined, digital model, building on the success of earlier program phases.

australia digital health market analysis

Market Dynamics

Market Growth Drivers

IT companies are using a range of implementation strategies to increase the adoption of eHealth solutions that increase productivity in healthcare institutions, such as telemedicine, laboratory management systems, and clinical decision support systems. Businesses that educate healthcare professionals and payers about the need for follow-up following clinical treatments are seeing success with implementation. Deep medical learning is being improved by businesses in the digital health sector to predict a person's risk for dementia and Parkinson's disease. Some companies are getting better at utilizing artificial medical intelligence to identify possible sickness trends in people (AI)The key trends and opportunities in the digital health market as well as future trends are growing as a result of factors like rising smartphone adoption, improved internet connectivity, improved healthcare IT infrastructure, rising healthcare costs, rising prevalence of chronic diseases, rising demand for remote patient monitoring services, and increasing accessibility of virtual care

Market Restraints

Access: The ability to use and interact with digital health technology is strongly reliant on having internet connectivity, having safe, up-to-date devices, and having the necessary expertise and confidence to use and comprehend information.

​Health consumers who lack technology experience, are at a disadvantage owing to socioeconomic considerations or have a disability, cognitive impairment, dementia, or mental health concerns may find it difficult to utilize digital health services due to the complexity of the quickly evolving technology.

Interoperability and Data Development: Australians now have improved access to, ability to send, and ability to record health information because of advancements in digital health technologies (Services Australia 2021). High-quality digital information will always be a crucial component of healthcare. A better information-sharing and usage environment could result from advancements in the standardization and transmission of health data, in particular. These advancements depend heavily on interoperability and data creation.

Technical interoperability, or the capacity of two or more systems to communicate (the ability for communication to be meaningful and accurate). Both depend on reliable and consistent underpinning technical specifications and data standards, and they are both essential to the efficient movement of information between patients, practitioners, providers, and services. The National Digital Health Strategy's strategic aims include interoperability - the external site opens in a new window (National Healthcare Interoperability Plan) and seeks to improve the delivery of healthcare by expanding the exchange and availability of health data and information.

Data Literacy and Data Citizenship: Data literacy (the capacity to interpret and understand health data), data citizenship for the health care user (engaging with and using own health data in a meaningful, informed, consented, and empowered manner), and data citizenship for the health care provider (understanding the ethics, governance, and legal requirements for health data management) are key concepts in the context of digital health. The ability to share, access, and engage with technology as part of one's personal journey toward health and well-being is empowered by increased data citizenship and literacy, which promotes active involvement in digital health applications.

Security and Privacy: Data security, privacy, and protection are more crucial than ever. Digital health systems must support safe data storage and sharing in order to satisfy regulatory obligations and foster public confidence in a climate where community awareness of data collecting, new data sources, methodologies, and technology has increased.

All private health care providers in Australia are subject to the Commonwealth Privacy Act of 1988- external site opens in a new window and the Australian Privacy Principles, which govern data containing personally identifiable information about a person.

Competitive Landscape

Key Players

  • Alcidion Corp. (AU)
  • Doctors on Demand Pty Ltd (AU)
  • Ellume Limited (AU)
  • Genie Solutions Pty Ltd (AU)
  • Harrison-Al Pty Ltd (AU)
  • HealthEngine Pty Ltd (AU)
  • HotDoc Online Pty Ltd (AU)
  • MedAdvisor International Pty Ltd (AU)
  • Smiling Mind Pty Ltd (AU)
  • Vaxxas Pty. Ltd. (AU)
  • Azure
  • Global Health
  • Allscripts
  • Telefónica S.A.
  • Mckesson Corporation
  • Epic Systems Corporation

Notable Deals

  1. The Citadel Group purchased Genie Solutions, a provider of technology for medical practice administration, in November 2021 for an undisclosed sum that is estimated to be in the neighborhood of $260 Mn
  2. Telstra paid $350 Mn in August 2021 to acquire the GP clinical and management software business Medical Director.
  3. Livingbridge paid $500 Mn in August 2021 to buy a sizable controlling interest in Everlight Radiology
  4. Seer Medical, a provider of technologies for epilepsy diagnosis and monitoring, raised $34 Mn in a Series A fundraising round in August 2021
  5. For $95 Mn in July 2021, Telstra purchased the bulk of the stock in the provider of medical software Power Health
  6. The Citadel Group purchased Genie Solutions, a provider of technology for medical practice administration, in November 2021 for an unknown sum
  7. Harrison.ai, a provider of healthcare AI, raised $60 million in July 2021 through a $40 Mn Series B funding round and a $20 Mn investment from I-MED Radiology. (In December 2019, Harrison.ai raised $29 Mn in a Series A fundraising round.)
  8. Eucalyptus, a telehealth firm, raised $30 Mn in a Series B fundraising round in July 2021. (In May 2020, Eucalyptus raised $8 Mn in a Series A fundraising round.)
  9. Tyro Payments, a fintech company, purchased Medipass, a digital health payment platform, for $22.5 Mn in May 2021

Healthcare Policies and Regulatory Landscape

The National Digital Health Strategy is managed by the Australian Government portfolio organization, the Australian Digital Health Agency, on behalf of the industry. The organization's main goal is to provide a national infrastructure that makes it possible for data and technology to be used safely by patients, consumers, carers, and healthcare professionals.

By giving you access to the most up-to-date tools and technology, greater control, and better access to your health information, digital health can enhance your well-being. The Australian Government has come out with 3 digital services: 

  1. Health Record: A place where patients may keep important medical records that are safe, secure, and accessible at all times to them and their healthcare providers, even in an emergency
  2. Electronic Prescription: An electronic prescription is just a paper prescription in digital form. Doctors may email or SMS patients electronic prescriptions throughout the course of their appointment.
  3. TeleHealth: Telehealth refers to communicating with a healthcare professional by phone or video call. When a physical examination is not required, many doctors, specialists, and other healthcare practitioners now offer telehealth consultations. When you can't see a doctor in person, it's meant to be a handy alternative rather than a replacement for necessary doctor appointments.

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 Digital Health Market Segmentation

By Product

  • Digital Health Systems
  • Healthcare Analytics
  • mHealth
  • Tele Healthcare 

By Component

  • Services
    • Consulting Services
    • Design & Integration Services
    • Maintenance Services
  • Software

By End-use (Revenue, USD Billion):

  • Diagnostic Centres
  • Healthcare Payers
  • Healthcare Research Centres
  • Hospitals & Clinics
  • Nursing Care Centres
  • 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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Last updated on: 22 November 2023
Updated by: Vidhi Upadhyay

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