The Australia & New Zealand diagnostic imaging equipment market is expected to register a CAGR of nearly 6.11% during the forecast period. 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. Additionally, an increase in chronic diseases and increasing government funding pertaining to diagnostic imaging studies are also responsible for driving the growth of the market studied.
According to the Australian Government Department of Health, in 2017-18, around 27 million diagnostic images were performed by healthcare professionals on the equipment that was covered under Medicare. Hence, it is expected to boost the diagnostic imaging equipment market in Australia & New Zealand.
Key Market Trends
X-ray Segment Captures the Largest Market Share and is Expected to Retain its Dominance over the Forecast Period
An X-ray is a non-invasive medical test that helps physicians diagnose and treat medical conditions. Imaging with X-rays involves exposing a part of the body to a small dose of ionizing radiation to produce pictures of the inside of the body. The rising number of fractures is expected to aid as a key contributor in the market. For instance, in 2016-17, around 85,509 people aged 50 and above were admitted to hospitals for minimal trauma fractures. In addition, there is also a rising need for radiographers in Australia that is expected to boost the Australian market. In 2018, the New Zealand scientists were found performing the first 3-D, color X-ray on a human, using a technique that promises to improve the field of medical diagnostics. Hence, these technologies are also being commercialized by the New Zealand company, MARS Bioimaging, and may increase the overall market.
The presence of major market players, such as Canon Medical Systems Ltd, Carestream Health, GE Healthcare, Koninklijke Philips NV, and Siemens Healthineers, is expected to increase the overall market competition. Companies are trying to gain a sustainable competitive advantage through innovation, while maintaining their consumer base through interactive upgrades in product segments. There is significant competition on the basis of product innovation, connectivity, and ease of operation in the portable diagnostic imaging equipment segment.
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