Australia And New Zealand Diagnostic Imaging Equipment Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 0.78 Billion |
| Market Size (2029) | USD 1.03 Billion |
| CAGR (2024 - 2029) | 5.55 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Australia And New Zealand Diagnostic Imaging Equipment Market Analysis
The Australia And New Zealand Diagnostic Imaging Equipment Market size is estimated at USD 0.78 billion in 2024, and is expected to reach USD 1.03 billion by 2029, growing at a CAGR of 5.55% during the forecast period (2024-2029).
The market is driven by rising technological advancements, the growing burden of chronic diseases, and the increasing uptake of diagnostic procedures in Australia and New Zealand. In addition, several benefits associated with diagnostic imaging in early disease diagnosis are also expected to contribute to the industry’s expansion.
The growing burden of chronic diseases is expected to propel the demand for diagnostic imaging to facilitate accurate disease diagnosis. This trend is projected to accelerate market growth in Australia and New Zealand over the study period. For instance, according to the December 2023 updated data of the Australian Institute of Health and Welfare, an estimated 580,000 Australians aged 18 and over developed coronary heart disease at some point in their lives.
In addition, as per the June 2024 data from the Australian Institute of Health and Welfare, heart diseases are among the country's top five reasons for morbidity. Thus, the increased burden of heart disease is likely to fuel the demand for single-photon emission computed tomography (SPECT) procedures to detect and monitor heart-related conditions, and this trend is expected to boost market growth.
Similarly, as per the data published by the Australian Institute of Health and Welfare in August 2024, prostate cancer is projected to be the most diagnosed cancer among males across Australia. With an estimated 26,400 new cases in 2024, prostate cancer is set to represent 28% of all cancers diagnosed in males this year. This anticipated rise in cancer cases in Australia is further expected to propel the demand for diagnostic imaging procedures like magnetic resonance imaging (MRI), and this, in turn, is anticipated to propel market growth over the forecast period.
This rise in the burden of chronic diseases has resulted in the increasing utilization of diagnostic imaging procedures like sonography, CT scans, and mammography to detect disease conditions at early stages. For instance, according to an article published by SONOGRAPHY in April 2024, the ultrasound and sonography landscape in Australia has significantly evolved in the past decade and is expected to flourish even more amid growth in patient-centric care. Thus, the evolving landscape of ultrasound in Australia is further poised to offer lucrative opportunities for the industry, and this trend is further expected to bolster industry uptake over the coming years.
Technological advancements in diagnostic imaging equipment, the launch of new diagnostic services in Australia and New Zealand, and growing regulatory approvals are also expected to boost market growth over the forecast period. For instance, in December 2022, the MGI robotic ultrasound system MGIUS-R3 received approval from the Therapeutic Goods Administration (TGA) for its use in Australia. This approval helped bolster diagnostic imaging practices in Australia.
Furthermore, hospitals' rising demand for new-generation diagnostic imaging solutions and growing integrations of advanced diagnostic imaging platforms are further anticipated to accelerate market expansion over the coming years. For instance, in May 2024, Rotorua Hospital New Zealand installed a new state-of-the-art CT scanner that significantly enhanced scanning speed and enabled the facility to accommodate more patients while consistently delivering high-quality images. Such utilization of innovative diagnostic imaging platforms is expected to expand their utilization rates in Australia and New Zealand. This is further projected to bolster market expansion over the study period.
However, the high cost of advanced diagnostic imaging devices may restrain market growth over the forecast period.
Australia And New Zealand Diagnostic Imaging Equipment Market Trends
X-ray Segment is Expected to Witness Considerable Growth Over the Forecast Period
An X-ray is a noninvasive medical test that aids in diagnosing and treating medical conditions. Imaging with X-rays involves exposing a part of the body to a small dose of ionizing radiation to produce pictures of the inside of the body. Rising fractures and chronic diseases are expected to drive the segment's growth. In addition, the growing burden of dental disorders has further contributed to the increased demand for radiographic equipment such as X-rays to image dental issues accurately.
Therefore, the rising burden of dental disorders in Australia is expected to boost segment expansion over the coming years. For instance, a report published by the Australian government in November 2023 stated that approximately one in three Australians over 15 years had untreated dental decay, and 42% of children aged 5 to10 years experienced dental caries in their deciduous teeth. This burden signifies the need for radiographic methods such as X-rays to image dental lesions precisely. Hence, the rise in the burden of dental disorders is expected to propel market growth over the forecast period.
Moreover, the growing burden of osteoporosis and bone fractures in the country is further projected to propel the demand for X-rays, and this is ultimately projected to drive segment growth over the study period. For instance, according to data from the Australian Institute of Health and Welfare, in June 2024, around 853,600 (3.4%) Australians were living with osteoporosis, which is associated with low bone density. This high disease burden of osteoporosis signifies the higher demand for X-ray modalities to diagnose bone-related issues and assess the risks of fractures accurately.
Furthermore, various developments undertaken by market participants to bolster the uptake of X-ray and associated services in these countries are further expected to boost segment market expansion. For instance, in November 2023, Pearl and Gamma Tech partnered to distribute X-ray services incorporated with artificial intelligence-based software second opinion in Australia and New Zealand. This AI-powered software tool will help detect dental disorders like tooth decay and bone loss.
Similarly, the growing adoption of advanced and new-generation X-ray systems by healthcare facilities is further expected to contribute to the enhanced demand for X-ray systems. For instance, in July 2024, Alpine Health upgraded its medical imaging capabilities and invested in new X-ray equipment to offer better diagnostic services for society. Such instances are expected to propel industry uptake over the study period.
Therefore, the factors mentioned above, including the role of X-ray in detecting critical musculoskeletal and dental disorders, coupled with growing demand for new-generation products, are expected to boost segment expansion over the study period.
Oncology Segment is Anticipated to Witness Considerable Growth Over the Forecast Period
The increasing number of cancer cases in Australia and New Zealand is one of the major drivers for the segment. MRI, computed tomography, ultrasound, mammography, and nuclear imaging are widely used for the detection of cancer like solid tumors and hematological malignancies.
The significant burden of cancer cases across Australia and New Zealand is expected to propel the demand for diagnostic imaging modalities. For instance, according to an article published by the Journal of Otolaryngology-Head & Neck Surgery in June 2024, head and neck cancer (HNC) was diagnosed as a profound burden across the Pacific. New Zealand also has a high burden of such solid tumors, with 500 to 550 new cases annually in a population of 5 million people. This high disease burden translates to the demand for imaging modalities to track and position tumor size and design a targeted treatment approach.
In addition, according to the data published by the Australian Institute of Health and Welfare in August 2024, around 21,000 cases of breast cancer are anticipated in females for 2024, constituting about 28% of all estimated female cancer diagnoses. Breast cancer ranks as the second most diagnosed cancer for Australians aged 20 to 39 and 60 to 79, while it stands as the most prevalent for those aged 40 to 59. This trend highlights the robust demand for imaging modalities like ultrasound, nuclear medicine, and CT scans to facilitate effective cancer detection.
Furthermore, the launch of new medical imaging facilities to transform overall research activities in oncology is further expected to bolster segment uptake over the study period. For instance, in December 2023, the Australian National Total Body PET Facility opened in Sydney. This facility has increased diagnostic imaging rates and helped in cancer research activities. Thus, such efforts are expected to drive segment uptake over the forecast period.
Thus, the growing burden of cancer cases in Australia and New Zealand, the increasing number of diagnostic imaging procedures, and the openings of new medical imaging facilities are expected to boost market growth over the forecast period.
Australia And New Zealand Diagnostic Imaging Equipment Industry Overview
The market is semi-consolidated in nature, and companies are trying to gain a sustainable competitive advantage through innovation while maintaining their consumer base through interactive upgrades in product segments. There is significant competition on the basis of product innovation, connectivity, and ease of operation in the portable diagnostic imaging equipment segment. Major market players, such as Canon Medical Systems Ltd, Carestream Health, GE Healthcare, Koninklijke Philips NV, and Siemens Healthineers, are expected to increase the overall market competition.
Australia And New Zealand Diagnostic Imaging Equipment Market Leaders
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Koninklijke Philips NV
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GE Healthcare
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Carestream Health
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Siemens Healthineers AG
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Canon Medical Systems Ltd
*Disclaimer: Major Players sorted in no particular order
Australia And New Zealand Diagnostic Imaging Equipment Market News
- August 2024: Northern Health launched a new PET/CT department to enhance imaging services for a diverse range of patients, including outpatients, inpatients, and those from community and private hospitals.
- May 2024: Mercy Radiology and Mobile Health Group partnered to develop and build a mobile PET and CT scanner in New Zealand. This new modality can facilitate diagnostic imaging practice in New Zealand.
Australia And New Zealand Diagnostic Imaging Equipment Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumption and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements
4.2.2 Growth Burden of Chronic Diseases
4.3 Market Restraints
4.3.1 High Cost of Advanced Diagnostic Imaging Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Modality
5.1.1 MRI
5.1.2 Computed Tomography
5.1.3 Ultrasound
5.1.4 X-ray
5.1.5 Nuclear Imaging
5.1.6 Fluoroscopy
5.1.7 Mamography
5.2 By Application
5.2.1 Cardiology
5.2.2 Oncology
5.2.3 Neurology
5.2.4 Orthopedics
5.2.5 Gastroenterology
5.2.6 Gynecology
5.2.7 Other Applications
5.3 By End User
5.3.1 Hospital
5.3.2 Diagnostic Centers
5.3.3 Other End Users
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Canon Medical Systems Ltd
6.1.2 Carestream Health
6.1.3 Shenzhen Mindray Bio-Medical Electronics Co. Ltd
6.1.4 Fujifilm Holdings Corporation
6.1.5 GE Healthcare
6.1.6 Hologic Inc.
6.1.7 Koninklijke Philips NV
6.1.8 Siemens Healthineers AG
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Australia And New Zealand Diagnostic Imaging Equipment Industry Segmentation
As per the scope of the report, diagnostic imaging is used to take images of the internal structure of the human body using electromagnetic radiation for an accurate diagnosis of the patient. There are various modalities in medical imaging, the most common ones being CT scans and MRI systems.
The Australia and New Zealand diagnostic imaging equipment market is segmented by modality, application, and end user. Based on modality, the market is segmented into MRI, computed tomography, ultrasound, X-ray, nuclear imaging, fluoroscopy, and mammography. Based on application, the market is segmented as cardiology, oncology, neurology, orthopedics, gastroenterology, gynecology, and other applications. Based on end user, the market is segmented as hospitals, diagnostic centers, and other end users. The report also covers the market sizes and forecasts for the Australia and New Zealand diagnostic imaging equipment market. The market size is provided for each segment in terms of value (USD).
| By Modality | |
| MRI | |
| Computed Tomography | |
| Ultrasound | |
| X-ray | |
| Nuclear Imaging | |
| Fluoroscopy | |
| Mamography |
| By Application | |
| Cardiology | |
| Oncology | |
| Neurology | |
| Orthopedics | |
| Gastroenterology | |
| Gynecology | |
| Other Applications |
| By End User | |
| Hospital | |
| Diagnostic Centers | |
| Other End Users |
Australia And New Zealand Diagnostic Imaging Equipment Market Research Faqs
How big is the Australia And New Zealand Diagnostic Imaging Equipment Market?
The Australia And New Zealand Diagnostic Imaging Equipment Market size is expected to reach USD 0.78 billion in 2024 and grow at a CAGR of 5.55% to reach USD 1.03 billion by 2029.
What is the current Australia And New Zealand Diagnostic Imaging Equipment Market size?
In 2024, the Australia And New Zealand Diagnostic Imaging Equipment Market size is expected to reach USD 0.78 billion.
Who are the key players in Australia And New Zealand Diagnostic Imaging Equipment Market?
Koninklijke Philips NV, GE Healthcare, Carestream Health, Siemens Healthineers AG and Canon Medical Systems Ltd are the major companies operating in the Australia And New Zealand Diagnostic Imaging Equipment Market.
What years does this Australia And New Zealand Diagnostic Imaging Equipment Market cover, and what was the market size in 2023?
In 2023, the Australia And New Zealand Diagnostic Imaging Equipment Market size was estimated at USD 0.74 billion. The report covers the Australia And New Zealand Diagnostic Imaging Equipment Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Australia And New Zealand Diagnostic Imaging Equipment Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Australia And New Zealand Diagnostic Imaging Equipment Industry Report
Statistics for the 2024 Australia & New Zealand Medical Imaging Equipment market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Australia & New Zealand Medical Imaging Equipment analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
