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Alternative health therapies included in the industry are positioned as either alternatives to conventional Western medicine or complementary to conventional treatments. While the increasing acceptance of alternative therapies has had a strong influence on
revenue, industry revenue has also grown due to the ageing population and surging private health insurance membership.
With key external trends persisting, industry revenue is expected to continue rising. These trends include the ageing of the population and increases in total health expenditure, some of which will be met by alternative health therapies. Steady demand growth is forecast to drive revenue up by an annualised 3.4% over the next five years, to $4.5 billion in 2018-19
Key External Drivers in the Industry
Health Consciousness - As more and more consumers are becoming concerned with their health, they are likely to purchase additional treatments outside of conventional medicine
Population aged 50 + - Alternative health therapists are visited more often by individuals over the age of 50 than those in younger age groups
Private Health insurance - Private health insurance extras cover often includes chiropractic and osteopathy and is increasingly including other alternative health therapies, such as naturopathy and acupuncture. Holders of extras cover are more inclined to use
alternative health services
The industry is Booming!
The industry is in a growth phase of its life cycle, with the number of establishments climbing due to the widespread acceptance of alternative health therapies. Increased demand has also resulted in new entrants into the industry,
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