Webinar: Opportunities in the Australian Health and Wellness Sector

In 2015-16, total health expenditure in Australia reached A$170.4 billion (~€105.6 billion). The ratio of health expenditure to GDP has continued to increase gradually in Australia, reaching 10.3% in 2015-16. The growing Australian healthcare sector is being driven by a number of factors, most notably Australia’s ageing population and the increasing occurrence of chronic and degenerative disease. The growing health-conscious sentiment of Australian consumers is also leading to wellness trends focused on improving lifestyle factors such as health, nutrition and mental wellbeing. Together, these factors are driving the demand and need for innovative, digital health technologies that benefit patient outcomes as well as improving the efficiency and efficacy of Australia’s healthcare system.

Companies and sectors benefiting from this opportunity::

Based on BusinessFinland’s research, it appears that the following products, services and solutions will be in particular demand in the healthcare sector over the next five years:

  • Artificial Intelligence (AI)
  • Augmented & Virtual Reality
  • Electronic Medical Records (EMRs)
  • Healthcare as a Service for Wellness: Health tracking, personalised lifestyle management and actionable insights & notifications
  • Hospital Design;
  • Prevention and Outcome based Healthcare Models: Increased consumer control of health and wellness
  • IoT Enabled/Connected Medical Devices: Wearables, personalised implants, bionics; and Smart Home Technologies: Telehealth, sensors, 24/7 monitoring devices.

There are also an increased number of opportunities related specifically to aged care due to Australia’s growing aged population. Examples of technologies relevant to the aged care subsector include:

  • Automated lighting
  • Diversional therapy
  • Fall detection sensors and alarms
  • Monitoring Systems
  • Wearable health monitoring devices.

According to Women’s Health Magazine Australia, the renewed focus on self-care, exercise and nutrition in Australia means that the following wellness-related products and services are predicted to be in-demand:

  • Exercise: Strength training, tai chi, yoga, stretching;
  • Mental Wellbeing: Meditation, self-care retreats; and
  • Nutrition: Gut health, edible essential oils, superfoods, antioxidants and anti-inflammatories.

Welltodo’s ‘The Australia Report: Wellness Trends, Growth and Market Opportunities’ (December 2016) suggests that growing demand for other wellness products and services, e.g. health box subscription services such as GoodnessMe Box, wellness festivals/events, and wellness tourism, has been boosted by pro-wellness consumer sentiment and Australia’s ageing population.

Team Finland activities available for Finnish companies:

A webinar will be arranged on the 16th of January at 9.00 (Finnish time) on Australian opportunities in the health sector. If you are interested, pls contact lilli.pukka@businessfinland.fi.

Read more health related information about Australia: Country one pager Australia

More info

Liked the story? Share it!

Date

Jan 16 2019

Time

9:00 am

More Info

Read More
Category

Organizer

Business Finland

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top
Social Share Buttons and Icons powered by Ultimatelysocial