The medical imaging market has gained the interest of the healthcare industry, due to high accuracy of devices and precise techniques coupled with their wide range of applications for various disease indications such as cardiology, oncology, neurology, and orthopedics. Recent developments in magnetic resonance imaging (MRI), such as the advancements in software to perform faster contrast scans, simplified cardiac imaging workflows, and permit of MR scans of the lungs, propel the market growth.
The report offers a detailed analysis of key players operating in the New Zealand medical imaging services market including Ascot Central, Sonic Healthcare Limited, Horizon Radiology, eastMED Radiology Auckland, and TRG Imaging. Other companies analyzed in the research include Canon Inc. (Canon Medical Systems Corporation), Fujifilm Holdings Corporation, Esaote S.p.A, Hitachi Limited (Hitachi Medical Corporation), General Electric Company (GE Healthcare), Koninklijke Philips N.V. (Philips Healthcare), Hologic, Inc., Shimadzu Corporation, Samsung Electronics Co., Ltd. (Samsung Medison), and Siemens AG (Siemens Healthcare).
New Zealand medical imaging services market is estimated to garner $500 million by 2025, growing at a CAGR of 7.3% from 2019 to 2025, in terms of value.
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The medical imaging market has experienced a significant growth over the past few years, owing to advancements in technology, surge in incidence of chronic diseases, increase in number of diagnostic imaging methods, and preference for early diagnosis of disorders. On the other hand, high initial cost of medical imaging systems and scarcity of helium hinder the market growth.
Based on application, the breast health segment is estimated to experience the highest growth rate with a CAGR of 8.6% during the forecast period. This is due to surge in technological advancements in ultrasound and mammography for breast imaging with increase in awareness regarding early breast cancer detection and diagnosis. On the other hand, the cardiovascular and thoracic segment contributed the highest revenue in 2016, owing to invention of technologically advanced point-of-care imaging systems for patients undergoing cardiac arrest and other critical conditions.
Auckland contributed the highest market share in the New Zealand medical imaging services market, contributing to nearly two-fifths of the total market share in 2017.
However, Hamilton would register the fastest growth rate during the forecast period, owing to the presence of major medical imaging service providers such as McMaster University, DEDJTR Hamilton Centre, St Joseph’s Health Care, Hamilton Health Sciences, and Greater Niagara Medical Imaging in the region.
Based on the provider segment, the public provider segment held the major market share in 2017, and is estimated to register the highest growth rate by 2015. Factors including availability of huge number of public hospitals and major share of public funding in the healthcare expenditure in the country considerably contributes toward the growth of the segment.
On the basis of payer, the district health board (government) segment contributed the highest share in 2017, owing to the huge collection of funding by government, contributing nearly 70% of the total funding for healthcare.
Key Findings of the Report:
- Auckland held nearly one-third of the total share of the market in 2017.
- The mammography segment is expected to register the fastest CAGR during the forecast period.
- The public provider segment contributed the major share, with nearly two-thirds of the total market share in 2017.
- District health board is expected to register the highest growth rate during the forecast period.
New Zealand medical imaging services is discussed across five cities such as Auckland, Christchurch, Wellington, Tauranga, Hamilton, and rest of New Zealand. Among the aforementioned cities, Auckland contributed the highest market share in the New Zealand medical imaging services market in 2017 and will maintain its dominant share by 2025.
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