Why this is important to Wisconsin businesses: Growth in these sectors is being driven by an aging population, increasing incidence of chronic and degenerative diseases, and changing lifestyle behaviors.
Growth in Australia’s health care and senior care sectors is being driven by an aging population, increasing incidence of chronic and degenerative diseases, and changing lifestyle behaviors. These factors are also creating increased demand for innovative technologies that improve the efficiency and efficacy of Australia’s health care system.
According to the most recent figures published by the Australian Institute of Health and Welfare (AIHW), total health expenditures in Australia in 2015-16 were $126 billion ($170 billion Australian), equaling 10.3 percent of Australia’s GDP. This figure was 3.6 percent higher than in 2014-15.
In the Frost & Sullivan “Analysis of Healthcare IT Spending in Australia” report (2015), the Australian health care IT market was estimated to be worth nearly $1 billion ($1.2 billion Australian) in 2015, and was projected to grow at a compound annualized growth rate (CAGR) of 12.3 percent between 2013 and 2020. Based on these figures, the market size is currently estimated at about $1.2 billion ($1.7 billion Australian).
Although much of Australia’s digital health development has been led by the private sector, the Australian National Digital Health Strategy provides a roadmap for a coordinated and collaborative approach by state and federal governments. The strategy, released in August 2017, aims to achieve the following seven strategic priority outcomes by 2022:
- Health information is available whenever and wherever it is needed.
- Health information can be exchanged securely.
- High-quality data with a commonly understood meaning can be used with confidence.
- Better availability and access to prescriptions and medication information
- Digitally enabled models of care that drive improved accessibility, quality, safety and efficiency
- A workforce confidently using digital health technologies to deliver health care
- A thriving digital health industry is delivering world-class innovation.
Companies from Wisconsin with expertise and proven solutions aligned to these seven strategic priority areas should take advantage of the significant increase in government spending and act now to enter the Australian market.
Wisconsin exporters interested in forming partnerships with the Australian digital health sector are encouraged to:
- engage with research and innovation centers in the Australian health sector, such as Australian E-Health Research Centre, an industry-led national digital health body; ANDHealth; Digital Health Cooperative Research Centre, formed in July 2018 following the announcement of $41 million ($55 million Australian) in funding from the Australian Government over a seven-year period); and Australia’s leading data innovation group, Data61 CSIRO;
- consider connecting with key players in the public sector, including the Australian Digital Health Agency, eHealth NSW and the Medical Software Industry Association;
- make themselves aware of tenders and offers from state and territory authorities on Australian government tender websites; and
- participate in major industry events such as Australian Healthcare Week, Health Informatics Conference, ITAC (IT and Aged Care) Conference and Medical Software Industry Association Annual Summit.