9 December 2019
IBISWorld discussed in the November report, Alternative Health Therapies in Australia, (opens in a new window) the acceptance and growth over the last five years of the sector, regulations limiting demand, and the recent questions related to clinical efficacy of alternative health therapies. The report also covers recent challenges for the sector faced in light of private health insurance and the government rebate ban in April, as well as the anticipation of the final government review and report due in 2020.
Overall, demand and growth in the industry is predicted to rise as the population continues to age and use industry therapies with increasing chronic disease and co-morbidities, and the growing recognition of the need for a preventative approach to health.
The report concludes,“Industry revenue is projected to grow by an annualised 1.7% over the five years through 2024-25, to $4.5 billion.”