Did you know that Australians are spending up to $250 a month on average in their quest for health and wellness?
A survey conducted by St George Bank among 1,000 participants found that this amount primarily goes to vitamins, supplements, and gym memberships. This demonstrates the willingness of Australians to invest in health care and explains the growth of the medical, health and wellness industry.
With COVID-19 accelerating the demand for health and wellness, it will only be natural for the health care industry to grow even further.
In 2017, the global medical, health, and wellness industry was already valued at $4.2 trillion, welcomed by a 12.8% growth from $3.7 trillion in 2015. Latest data shows that it’s now a $4.5 trillion global market.
Below are other key drivers of the health care industry’s growth and the reasons why now is the perfect time to start your own medical clinic:
A willingness to spend on preventive health care
Australia has one of the best health outcomes compared to other developed countries all over the world. This is because of the willingness of its people to spend and invest in health care. According to a study in Statista, about 10 percent of Australia’s GDP goes on preventive care services even before the pandemic came. This value amounted to 195 billion Australian dollars for the financial year 2019.
Changes in people’s lifestyles during this pandemic also augmented the growth of the wellness market in Australia. On average, 30% of Australian women participate in fitness and wellness activities. Some of these are as follows:
- Yoga
- Spa retreats
- Personal care and beauty
- Oxygen therapy
- Infrared sauna
On the other hand, an estimated 925,700 male Australians aged 25 to 35 years are involved in wellness and fitness activities, which includes going to the gym, health clubs, sports, or leisure centres.
A maturing population
According to McCrindle, our nation will have more people aged over 65 than under 18 by 2030. Latest data shows that there are approximately 5 million baby boomers across Australia.
A need for medical practitioners in health centers.
The 2019 General Practitioner Workforce Report by Deloitte revealed that there will be a shortfall of nearly 9,300 full-time general practitioners by 2030.