According to a new report published by Allied Market Research, titled,"New Zealand Medical Imaging Services Market by Modality, Application, City, Provider and Payer: New Zealand Opportunity Analysis and Industry Forecast, 2018 - 2025,"the New Zealand medical imaging services market is expected to reach $500 million by 2025, registering a CAGR of 7.3% from 2019 to 2025, in terms of value.
Medical imaging refers to the use of different imaging modalities to obtain visual representations of the interior of a body for diagnostic purposes. The different imaging modalities utilized include ultrasound, computed tomography, magnetic resonance imaging, and others. The medical imaging market has gained prominence in the recent years, owing to rapid technological advancements, rise in incidence of chronic disorders, increase in number of diagnostic imaging procedures, and surge in awareness for early diagnosis of diseases. However, high cost of medical imaging systems and shortage of helium impede the market growth.
Depending on application, the breast health segment is expected to exhibit the fastest growth rate of 8.6%. This is attributed to technological innovations in mammography and ultrasound for breast imaging, due to rise in awareness for early detection and diagnosis of breast cancer. However, the cardiovascular and thoracic segment was the highest revenue contributor in 2016, due to development of technologically advanced point-of-care imaging systems for patients suffering from cardiac arrest and other critical cardiac care systems.
Auckland was the highest revenue contributor in the New Zealand medical imaging services market, accounting for 37% share of the total market in 2017. However, Hamilton is expected to grow at the highest rate, owing to the presence of several medical imaging service providers such as McMaster University, Hamilton Health Sciences, St Josephs Health Care, DEDJTR Hamilton Centre, and Greater Niagara Medical Imaging.
According to provider, the public provider segment occupied the largest share of New Zealand medical imaging market in 2017, and is expected to grow at the highest rate during the forecast period. Factors such as presence of large number of public hospitals in New Zealand and greater share of public funding in the total healthcare expenditure in New Zealand significantly contribute toward the growth of this segment.
By payer, the district health board (government) occupied the largest share in 2017, owing to the fact that almost 70% of the funding for healthcare is made by the Government in New Zealand.
Key Findings of the New Zealand Medical Imaging Services Market:
- Auckland occupied one-third share of the New Zealand medical imaging market in 2017.
- The mammography segment is anticipated to grow with the highest CAGR throughout the forecast period.
- The public provider segment accounted for two-thirds share of the market in 2017.
- District health board is anticipated to grow at the highest rate during the analysis period.
New Zealand medical imaging services is analyzed across five main cities namely Auckland, Wellington, Christchurch, Hamilton, Tauranga, and rest of New Zealand. Of the aforementioned cities, Auckland dominated the New Zealand medical imaging services market in terms of value in 2017.
The report includes the major service providing key players in the New Zealand medical imaging services market, such as Ascot Central, eastMED Radiology Auckland, Horizon Radiology, Sonic Healthcare Limited, and TRG Imaging.
The major companies profiled in this report include Canon Inc. (Canon Medical Systems Corporation), Esaote S.p.A, Fujifilm Holdings Corporation, General Electric Company (GE Healthcare), Hitachi Limited (Hitachi Medical Corporation), Hologic, Inc., Koninklijke Philips N.V. (Philips Healthcare), Samsung Electronics Co., Ltd. (Samsung Medison), Shimadzu Corporation, and Siemens AG (Siemens Healthcare).