Australia and New Zealand Diagnostic Imaging Equipment Market Size (2024 - 2029)

The diagnostic imaging equipment market in Australia and New Zealand is poised for growth, driven by technological advancements and an increasing prevalence of chronic diseases such as cancer and cardiovascular conditions. The COVID-19 pandemic has further highlighted the importance of diagnostic imaging, leading to heightened demand in the region. Despite the challenges posed by the high costs of advanced imaging devices, the market is expected to expand due to the continuous development and distribution of innovative diagnostic technologies.

Market Size of Australia and New Zealand Diagnostic Imaging Equipment Industry

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Australia Diagnostic Imaging Equipment Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR 6.11 %
Market Concentration Low

Major Players

Australia Diagnostic Imaging Equipment Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Australia and New Zealand Diagnostic Imaging Equipment Market Analysis

The Australia and New Zealand diagnostic imaging equipment market is expected to register a CAGR of nearly 6.11% during the forecast period (2022-2027).

With the rapid development of diagnostics, expedited regulatory approvals, and increased distribution in various regions to help slow the spread of the virus, the COVID-19 pandemic has shone a spotlight on the diagnostics industry around the world. The rising demand for COVID-19 diagnosis is primarily expected to drive up the demand for diagnostic products in Australia and New Zealand. According to a study published in July 2021, titled 'The impact of the COVID19 pandemic on diagnostic imaging services in Australia,' it was found that nuclear medicine and computed tomography (CT) services were relatively less impacted than general radiography, ultrasound, and magnetic resonance imaging (MRI) services. Nuclear imaging services performed in March 2020 decreased by 10.1%, in April 2020 by 24.6% and in May 2020 by 12.3%, followed by a significant increase in June 2020 by 11.0%. Thus, the COVID-19 pandemic is expected to have a significant impact on the market.

The market studied is driven by several factors, such as growing technological advancements, including handheld X-ray and upright MRI, and increasing interest among researchers regarding medical imaging equipment. Diagnostics imaging is a novel and advanced technique for the diagnosis of several diseases such as cancer, cardiovascular diseases and other neurological disorders. Increase in prevalence of such disorders will boost the demand for studied market. According to the estimates of the Global Cancer Observatory, in 2020, there were an estimated 200,021 new cancer cases diagnosed and 48,236 cancer deaths in Australia. Moreover, according to the Australian Institutes of Health and Welfare in September 2021, based on information from the Australian Bureau of Statistics 2020-21 National Health Survey and self-reported data, an estimated 571,000 Australians aged 18 and over (2.9% of the adult population) had Coronary heart disease (CHD) in 2020-21. With age, the prevalence of CHD rises sharply; it affects 1 in 9 (11%) of adults aged 75 and over. Additionally, in Newzealnd prevalence of chronic diseases such as cancer, heart disease , orthopedic diseases is expected to boost the market growth. For instance, according to the Cancer Society of New Zealand in April 2022, a total of 80,000 New Zealanders are diagnosed with skin cancer each year, which accounts for 80% of all new cases of cancer. As a result, greater demand for diagnostic imaging equipment is anticipated in New Zealand due to the rising prevalence of chronic diseases such as cancer, which commonly necessitates imaging studies for the assessment of cancer patients.

Technological advancement in diagnostics imaging equipment expected to boost the segment growth over the forecast period. For instance, April 2021, Koninklijke Philips N.V. installed its most advanced digital diagnostic and interventional neurovascular imaging solutions at Westmead Hospital Australia. Thus, above mentioned factors expected to boost the market growth. However, high cost of advanced imaging devices restraint the market growth over the forecast period.

Australia and New Zealand Diagnostic Imaging Equipment Industry Segmentation

This report includes an in-depth study of the Australia & New Zealand diagnostic imaging equipment market (henceforth, referred to as the market studied). 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 (MRI, Computed Tomography, Ultrasound, X-ray, Nuclear Imaging, Fluoroscopy, Mamography), Application (Cardiology, Oncology, Neurology, Orthopedics, Gastroenterology, Gynecology, Other Applications), End User (Hospital, Diagnostic Centers, Others). The report offers the value (in USD million) for the above segments.

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
Others
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Australia and New Zealand Diagnostic Imaging Equipment Market Size Summary

The diagnostic imaging equipment market in Australia and New Zealand is poised for significant growth, driven by technological advancements and an increasing prevalence of chronic diseases such as cancer and cardiovascular disorders. The COVID-19 pandemic has further accelerated demand, highlighting the importance of diagnostic imaging in disease detection and management. The market is characterized by the introduction of innovative technologies, such as handheld X-ray and upright MRI systems, which are enhancing diagnostic capabilities. The presence of major players like Canon Medical Systems, GE Healthcare, and Siemens Healthineers is intensifying competition, with companies focusing on product innovation and connectivity to maintain a competitive edge.

The rising incidence of conditions requiring imaging studies, coupled with the growing number of fractures, is expected to bolster the demand for diagnostic imaging equipment. In New Zealand, the high prevalence of skin cancer and other chronic diseases is driving the need for advanced imaging solutions. Despite the high cost of advanced devices posing a challenge, the market is witnessing increased product innovation, as seen with the launch of portable and mobile imaging solutions. These developments are anticipated to propel market growth over the forecast period, as stakeholders continue to invest in advanced diagnostic technologies to meet the evolving healthcare needs of the region.

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Australia and New Zealand Diagnostic Imaging Equipment Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Market Overview

    2. 1.2 Market Drivers

      1. 1.2.1 Technological Advancements

      2. 1.2.2 Growth Burden of Chronic Diseases

    3. 1.3 Market Restraints

      1. 1.3.1 High Cost of Advanced Diagnostic Imaging Devices

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Threat of New Entrants

      2. 1.4.2 Bargaining Power of Buyers/Consumers

      3. 1.4.3 Bargaining Power of Suppliers

      4. 1.4.4 Threat of Substitute Products

      5. 1.4.5 Intensity of Competitive Rivalry

  2. 2. MARKET SEGMENTATION (Market Size by Value - USD Million)

    1. 2.1 By Modality

      1. 2.1.1 MRI

      2. 2.1.2 Computed Tomography

      3. 2.1.3 Ultrasound

      4. 2.1.4 X-ray

      5. 2.1.5 Nuclear Imaging

      6. 2.1.6 Fluoroscopy

      7. 2.1.7 Mamography

    2. 2.2 By Application

      1. 2.2.1 Cardiology

      2. 2.2.2 Oncology

      3. 2.2.3 Neurology

      4. 2.2.4 Orthopedics

      5. 2.2.5 Gastroenterology

      6. 2.2.6 Gynecology

      7. 2.2.7 Other Applications

    3. 2.3 By End User

      1. 2.3.1 Hospital

      2. 2.3.2 Diagnostic Centers

      3. 2.3.3 Others

Australia and New Zealand Diagnostic Imaging Equipment Market Size FAQs

The Australia and New Zealand Diagnostic Imaging Equipment Market is projected to register a CAGR of 6.11% during the forecast period (2024-2029)

Siemens AG, Koninklijke Philips NV, GE Healthcare, Carestream Health and Canon Australia Pty Ltd are the major companies operating in the Australia and New Zealand Diagnostic Imaging Equipment Market.

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