Australia And New Zealand Diagnostic Imaging Equipment Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

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

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).