New Zealand Medical Imaging Services Market Value Expected to Grow $668 Million by 2023 End

"The medical imaging market has gained the attention of the medical industry due to the high accuracy of the medical device industry and precision technology combined with a wide range of applications for various disease manifestations such as cardiology, oncology, neurology and orthopedics. Recent MRI developments such as the evolution of software to perform faster contrast scans, a simplified cardiac imaging workflow, and lung MR scan permits have propelled market growth."

According to a new report from Allied Market Research, New Zealand Medical Imaging Services Market by Scans, Application, and City: Opportunity Analysis and Industry Forecast, 2017-2023, the New Zealand medical imaging services market was valued at $423 million in 2016, and is projected to reach $668 million by 2023, registering at a CAGR of 6.7% from 2017 to 2023. In terms of value, the computed tomography (CT) scan segment dominated the New Zealand medical imaging services market, accounting for about half of the total market share in 2016.

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Medical Imaging is essential for patient diagnosis and treatment. Medical imaging services are being developed as an integral part of the national healthcare system.

Emerging advanced medical imaging modalities, along with high prevalence of chronic diseases, is projected to drive the market growth. In addition, increased focus on early diagnosis of diseases propels the demand for medical imaging services among healthcare professionals as well as patients in the country. However, scarcity of helium hampering the adoption of MRI systems and significant costs associated with the sophisticated medical imaging modalities restrain this growth. Conversely, increase in demand for use of multiple medical imaging modalities together is projected to offer lucrative opportunities for market expansion in the country.

In terms of value, the magnetic resonance (MRI) segment accounted for four-fifths share of the total market in 2016. This was attributable to significant technological advancements with the introduction of novel MRI systems, which have reduced examination times and improved image quality as well as the patient experience. In addition, the cardiovascular and thoracic application segment dominated in 2016, accounting for seven-ninths of the total market share.

Key Findings of the New Zealand Medical Imaging Services Market:

• In terms of value, the ultrasound segment was the third leading segment in the New Zealand medical imaging services market in 2016 and is expected to continue this trend from 2017 to 2023.
• Breast health application is projected to grow at the fastest pace, registering a CAGR of 8.1%.
• In terms of both value and volume, Auckland generated highest revenue in 2016 and is anticipated to maintain the dominance throughout the forecast period.
• In terms of value, the Hamilton city registered the highest growth rate from.

Among the cities, Auckland dominated the New Zealand medical imaging services market, in terms of both value and volume in 2016.

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The major companies profiled in this report include Esaote S.P.A, Fujifilm Corporation, GE Healthcare, Hitachi Medical Corporation, Hologic, Inc., Philips Healthcare, Samsung Medison, Shimadzu Corporation, Siemens Healthcare, and Toshiba Medical Systems Corporation.

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