Technological advancements related to medical imaging modalities, rise in the prevalence of chronic diseases, and surge in need for early diagnosis of diseases have fueled the growth of New Zealand medical imaging services market. On the other hand, shortage of helium and high cost of sophisticated medical imaging modalities have restrained the growth to some extent. Nevertheless, increase in demand for use of multiple medical imaging modalities together has created multiple opportunities in the segment.
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.
The medical imaging market has gained the interest of the healthcare industry, due to high accuracy of devices and precise techniques coupled with their wide range of applications for various disease indications such as cardiology, oncology, neurology, and orthopedics. Recent developments in magnetic resonance imaging (MRI), such as the advancements in software to perform faster contrast scans, simplified cardiac imaging workflows, and permit of MR scans of the lungs, propel the market growth.
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The medical imaging market has experienced a significant growth over the past few years, owing to advancements in technology, surge in incidence of chronic diseases, increase in number of diagnostic imaging methods, and preference for early diagnosis of disorders. On the other hand, high initial cost of medical imaging systems and scarcity of helium hinder the market growth.
Based on modality, the ultrasound segment accounted for nearly one-third of the total market in 2017 and is expected to dominate throughout the forecast period. Rise in demand for ultrasound imaging due to the introduction of point-of-care ultrasound devices and increase in focus of key players on the development of application-specific devices have spurred the growth. On the other hand, the mammography segment is expected to grow at the highest CAGR of 9.6% throughout 2018-2025. Surge in awareness towards the need of early screening of breast cancer has driven the market.
Key Findings of the Report:
- Auckland held nearly one-third of the total share of the market in 2017.
- The mammography segment is expected to register the fastest CAGR during the forecast period.
- The public provider segment contributed the major share, with nearly two-thirds of the total market share in 2017.
- District health board is expected to register the highest growth rate during the forecast period.
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.
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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).
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