What are the Fastest Growing Industries in Australia?

Ever thought about investing in a growing industry? Maybe you’re thinking about starting a business within one of Australia’s fastest growing industries. Or maybe you are wondering which industries provide the most growth to enter a career in. If that sounds like you – you’re in luck.

If you’re looking to start your own business, it’s important to understand the industry landscape. What industries are booming? And which aren’t?

You can have a great idea for a business or have a lot of know-how when it comes to running one. But, if the industry you’re planning to get into is on a downward trajectory, there won’t be much you can do about it.

Here, we’re sharing the fastest-growing industries in Australia 2021-2022 and some ideas for how you can start a business in one of these booming markets.

Simply put, one of the fastest growing industry in Australia is Healthcare.

However, there are also several other industries that are experiencing fast growth rates. These include:

What are the Fastest Growing Industries in Australia:

• Healthcare
• Manufacturing
• Construction
• Energy
• Food
• Technology

While there are a few industries to take note of, none are quite as fascinating as the Healthcare Industry.

Why is the Healthcare Industry one of Australia’s fastest growing industries?

Healthcare

Australia boasts one of the strongest healthcare systems in the world. It’s been a booming industry for decades but why is it still considered a growing industry? 

The main reason why Healthcare is one of Australia’s fastest growing industries can be attributed to the fact it permeates almost all other industry sectors.

Healthcare for Our Ageing Population

The first is due to our increasing aging population. Australians are living longer and therefore require more healthcare services over the course of their lives. 

Aged care requires more resources and allied services like occupational therapy and physiotherapy as well. These needs create more demand to respond to this demographic.

Healthcare and Technology

Another reason for the healthcare boom includes the fact that healthcare intercepts many other growing industries -- most particularly, the tech industry. They essentially go hand in hand.

With new technology like artificial intelligence and the increasing need for Telehealth services, it’s no secret that the push for technological advances will bring healthcare right along with it. 

As the tech industry continues to grow, it’ll require more skilled workers in the healthcare industry who understand these new technologies and create an exciting opportunity for anyone in the industry.

What are the Fastest Growing Segments of the Healthcare Industry

The fastest-growing segment of the healthcare industry is a combination of sectors. In the healthcare industry, the fastest-growing segments are:

• Infrastructure investment
• Healthcare technology
• Patient experience
• Aged care

Infrastructure investment refers to the construction and maintenance of healthcare facilities like hospitals and clinics. 

Healthcare technology is self-explanatory and refers to the technology used for healthcare purposes such as X-ray machines, bionics, and artificial intelligence.

Patient experience is a growing healthcare sector referring to organisational and administrative systems and protocols that ensure a positive experience for the patient. Telehealth and new patient-carer models also fall under this category.

Aged care is healthcare provided specifically for the aging population. Occupational therapy, speech-language therapy, dementia treatments, and aged care facilities all fall under the aged care sector.

Manufacturing

Australia’s manufacturing industry is well-known for innovative products. It’s a field that creates booming exports for the country. In fact, the manufacturing industry accounts for about 48% of exports. 

Although technological advances and digitisation have transformed manufacturing, it continues to be a fast-growing Australian industry expected to continuously thrive and adjust to the changing times.

Construction

The construction industry refers to the construction, renovation, and maintenance of buildings and infrastructure.

Construction contributes to about 7% of Australia’s GDP, employs 1.5 million people, and is expected to grow 2.5% over the next five years.

Between commercial and residential construction, it’s a fast-growing industry as cities continue to rise in population in addition to the need for eco-friendly building options become more of a priority.

Energy

Speaking of eco-friendliness, it’s no secret that the energy industry is undergoing huge changes. Renewable energy and the current coal-dominated energy model both have opportunities for growth in Australia.

The energy industry refers to the production, distribution, and supply of energy. Since all Aussie households and businesses require energy and with the ways energy is being sourced is changing, it makes sense that it’s a sector with a lot to offer.

Food

We all have to eat and the food industry is growing in 2020. Restaurants, on the other hand… that’s a different story since many small cafes and eateries were forced to shut down due to pandemic regulations. 

However, grocery stores and fresh food markets seem to be busier than ever.

Plus, fast food and quick, convenient food options have grown in popularity this year. Plus, takeaway and food delivery services are at an all-time high.

Tech

The Australian tech scene is dominants in the areas of bionics, artificial intelligence, data analytics, 3D printing, and robotics, to name a few. 

Tech contributes 6.6% of the GDP and is a huge factor in bringing new markets to Australia, making us more competitive on an international scale.

Technology is growing exponentially and bleeds into almost every other industry out there. From personal devices to sophisticated healthcare technology, if you’re interested in tech, it’s safe to say that there will be an industry there for you when you’re ready.

The Fastest Growing Industries to Start a Business:

Since healthcare, again, blends with so many other growing industries like construction, technology, and manufacturing, it’s clear that healthcare is the fastest-growing industry in Australia. 

Top that with pandemic-related research initiatives and a need for better preparation for outbreaks in terms of facilities and skilled workers, the healthcare industry in Australia shows no signs of slowing down.

Although it may not be your first instinct to start your own business in the healthcare industry, the numbers don’t lie and it offers amazing opportunities for Australian entrepreneurs. 

Even if you’re not a healthcare provider yourself, running a healthcare business could still be the opportunity you’ve been looking for. You could get involved with a Physio Inq franchise, for example, to bring quality physiotherapy services to your community. 

The best part is, you don’t need to know anything about being a physiotherapist. After all, you’ll be running the business side, requiring totally different skills. So, leadership skills and a strong work ethic will still be the most important qualities on your end. 

Or, you can niche your construction firm to focus on healthcare infrastructure. You might start a tech company focused on Telehealth or healthcare technologies. Finding a way to blend your expertise with the healthcare industry is a solid bet.

The point is, that owning a healthcare business not only allows you to build a brand and help your local area, but you’ll also be embracing a booming industry that’s the fastest-growing in Australia.

If you’re looking for more information on this topic, we took a lot of insight from the following resources when writing this blog: Trojan Recruit and Readwrite.com

Date Published: Tuesday, November 10, 2020
Date Modified: Tuesday, July 16, 2024