In good health: Fee growth and demand from an ageing population have boosted industry revenue

Australia's ageing population and a rising incidence of chronic disease are driving demand for the Specialist Medical Services industry. Greater demand, along with moderate growth in fees, has boosted industry revenue growth over the past five years. The Federal Government supports qualified specialists through Medicare, which funds a schedule fee that covers part or all of a specialist service. Medicare also provides safety nets to ensure that the annual accumulation of gap payments does not place an excessive financial burden on patients. Medicare rebates per service have been boosted by higher schedule fees, but constrained by the Federal Government's Medicare indexation freeze from November 2012. Overall, benefits paid per service have increased over the past five more.

Industry Statistics & Market Size
Annual Growth 14-19
Forecast Growth 19-24
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Demand for industry services has risen as Australia’s population has continued to grow and age
  • The ageing population has increased the incidence of chronic diseases, boosting demand
  • Rising wages will place downward pressure on profit margins over the next five years
  • Industry Report - Industry Key Buyers Chapter

    The Specialist Medical Services industry has low market share concentration, as the four largest players account for less than 5% of annual industry revenue. The industry is highly fragmented and diverse, and consists predominantly of small, privately owned practices. According to ABS data, non-employing businesses made up 56.0% of all businesses in the industry, while only 0.7% employed 20 or more people. These figures represent the industry's high degree of fragmentation. This fragmentation can be attributed to the variety of service types. Industry players usually service a particular specialisation, none of which account for a great proportion of industry revenue. Mar...purchase to read more.

    Additional Insights for the Specialist Medical Services Industry

    IBISWorld has determined the most important Key Success Factors for the Specialist Medical Services are:

  • Having contacts within key markets
  • Proximity to key markets
  • Having a good technical knowledge of the product
  • IBISWorld analysts also discuss how external factors such as Federal funding for Medicare and Population aged 50 and older in the Specialist Medical Services industry impact industry performance..

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    What's in this report

    What is the Specialist Medical Services Industry?

    The industry includes registered medical practitioners (including medical clinics or group practices) that provide specialist medical services (other than pathology and diagnostic imaging specialities) as a private company, or for government agencies or non-profit organisations.

    Industry Products
  • Physicians
  • Surgeons
  • Anaesthetists
  • Psychiatrists
  • Obstetricians and gynaecologists
  • Paediatricians
  • Other medical specialists
  • Industry Activities
  • Anaesthetist services
  • Dermatology services
  • Gynaecology and obstetrics services
  • Neurology services
  • Ophthalmology services
  • Paediatric services
  • Psychiatry services
  • Rheumatology services
  • Specialist medical clinic operation
  • Surgery
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Federal funding for Medicare
  • Population aged 50 and older
  • Female population aged between 15 and 45
  • Total visits to a general practitioner
  • Private health insurance membership

  • Current Performance
  • Growing demand
  • Ageing population
  • Medicare assistance
  • Chart: Revenue Growth

  • Industry Outlook
  • Demand
  • Industry fragmentation and competition
  • Table: Specialist Medical Services Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Specialist Medical Services Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Health Insurance
  • Central Government Administration
  • General Hospitals
  • Psychiatric Hospitals
  • General Practice Medical Services

  • Key Selling Industries
  • General Hospitals
  • Medical and Surgical Equipment Manufacturing
  • Pathology Services
  • Pharmaceutical Product Manufacturing
  • Pharmaceuticals Wholesaling
  • Psychiatric Hospitals

  • Products & Services
  • Physicians
  • Other medical specialists
  • Surgeons
  • Anaesthetists
  • Psychiatrists
  • Paediatricians
  • Obstetricians and gynaecologists
  • Chart: Specialist Medical Services Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • People aged 65 and over
  • People aged 45 to 64
  • People aged 25 to 44
  • People aged 24 and under
  • Chart: Major Market Segmentation for the Specialist Medical Services Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Wages
  • Purchases
  • Rent
  • Other Costs
  • Chart: Cost Structure Benchmarking – Sector vs Specialist Medical Services

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Specialist Medical Services Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Specialist Medical Services Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Specialist Medical Services Industry
  • Industry Revenue (2010-2024)
  • Industry Gross Product (2010-2024)
  • Establishments (2010-2024)
  • Businesses (2010-2024)
  • Employment (2010-2024)
  • Wages (2010-2024)
  • Wages (2010-2024)
  • Purchases (2010-2024)
  • Profit (2010-2024)
  • Depreciation (2010-2024)
  • Rent (2010-2024)
  • Utilities (2010-2024)
  • Other (2010-2024)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
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  • The process by which an egg is fertilised by sperm outside the body to induce pregnancy.
  • Nephrology
  • The branch of medicine concerned with kidney function, problems and transplantation.
  • Ophthalmology
  • The branch of medicine concerned with the eye and its diseases.
  • Schedule Fee
  • The fee amount covered by the Federal Government through Medicare for a specialist consultation.
  • Urology
  • The branch of medicine that deals with the diagnosis and treatment of diseases of the urinary tract and urogenital system.
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Specialist Medical Services market research report can be used to help you: understand market size and growth potential; major companies; draft business plans and pitch books; and conduct benchmarking and SWOT analysis. Our industry analysis highlights macro industry trends in the overall sector and micro trends faced by companies that do business in the industry. The industry report also provides key industry statistics and 5-year forecasts to anticipate future industry prospects so you can decide with confidence.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Specialist Medical Services:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Specialist Medical Services market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Specialist Medical Services, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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