Australia and New Zealand Diagnostic Imaging Equipment Market Size

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.