Australia Telehealth Market Size & Growth Rate
The Australia Telehealth Market is projected to grow at a CAGR of 0.7% during 2021–2027. Growth is driven by government subsidies, an aging population, and increased demand for remote healthcare services amid COVID-19.
Australia Telehealth Market Synopsis
Australia Telehealth Market witnessed significant growth during the period 2017-2020 underpinned by government initiatives to promote telehealth in Australia. Moreover, the outbreak of the COVID-19 pandemic acted as a boon for the telehealth market owing to the social distancing norms which accelerated the use of telehealth services as people were reluctant to visit hospitals for checkups due to the virus. Furthermore, the stringent lockdown imposed across the country forced the people to stay at home and step out only, if necessary, which pushed them to use self-monitoring devices for their routine checkups and video consultations from telehealth services for consulting doctors.
According to 6Wresearch, Australia Telehealth Market size is projected to grow at a CAGR of 0.7% during 2021-2027. Government support in the form of subsidies, a growing aged population, and benefits such as a reduction in waiting time and access to diagnosis & prescriptions from anywhere across the country would bolster the growth of telehealth across the country in the forthcoming years. The growth in the telehealth market in Australia can be further attributed to the factors such as the increasing number of people suffering from chronic diseases in the Australian population, overcrowding of hospitals and the need to reduce healthcare expenditure. Moreover, the technologies like IoT, artificial intelligence, cloud and machine learning would give a major boost to the market owing to the efficiency and security they can provide for the remote monitoring of patients.
The services segment led the Australian telehealth market in 2020 on account of the increasing number of doctors and hospitals joining the telehealth industry for providing healthcare services to patients remotely and the increased emphasis on patient monitoring for elderly people and covid-19 patients. This trend is anticipated to persist during the forecast period as well owing to the increasing adoption of virtual consultations, time convenience, booming internet penetration and companies coming up with innovative ideas for providing better services to patients remotely. The tele hospitals segment accounted for the largest revenue share in 2020 as major hospitals had started virtual consultations under the digitization model of the Australian government, especially during the critical times of COVID-19 when social distancing is a must. In the forecast period, tele hospitals are expected to retain their dominancy owing to the rising adoption of virtual consultations, ease of home delivery of medicines and faster and more convenient doctor appointments.
Market Analysis by Types
On the basis of types, the tele hospitals segment accounted for the largest revenue share in Australia telehealth market revenues in 2020 as major hospitals had started virtual consultations under the digitization model of the Australian government, especially during the critical times of covid-19 when social distancing is a must.
Market Analysis by Components
On the basis of components, Integrated software held the majority market share in the Australia telehealth software market in 2020 owing to its diversified functionalities as compared to standalone software. Integrated software has given an edge to service providers in providing multiple services through a single platform.
Key Attractiveness of the Report
- COVID-19 Impact on the Market.
- 10 Years Market Numbers.
- Historical Data Starting from 2017 to 2020.
- Base Year: 2020
- Forecast Data until 2027.
- Key Performance Indicators Impacting the Market.
- Major Upcoming Developments and Projects.
Key Highlights of the Report:
- Australia Telehealth Market Overview
- Australia Telehealth Market Outlook
- Australia Telehealth Market Forecast
- Historical Data and Forecast of Australia Telehealth Market Revenues for the Period 2017-2027F
- Historical Data and Forecast Australia Telehealth Market Revenues By Type for the Period 2017-2027F
- Historical Data and Forecast Australia Telehealth Market Revenues By Components for the Period of 2017-2027F
- Market Drivers
- Market Restraints
- Market Trends
- Industry Life Cycle
- Porter’s Five Force Analysis
- Market Opportunity Assessment
- Market Player’s Revenue Shares/Ranking
- Market Competitive Benchmarking
- Company Profiles
- Key Strategic Recommendations
- Market Forecast
Market Scope and Segmentation
Thereportprovides a detailed analysis of the following market segments:
By Types
- Tele Hospitals
- Tele Homes
- mHealth (Mobile Health)
By Components
- Products (Software (Integrated, Standalone)
- Hardware (Medical Peripheral Devices, Monitors (HD, Full HD, 4K/8K))
By Services
- General Practitioner
- Specialist Consultation
- Mental Health Consultation
- Nurse Practitioner Consultation
- Allied Health Consultation
