Medical Technology - New Zealand

New Zealand

In New Zealand, the Medical Technology market market is expected to generate a revenue of US$1.36bn in 2024.
The largest market within this market is Medical Devices, which is projected to reach a market volume of US$1.16bn in the same year.
Over the period of 2024-2029, the revenue is anticipated to grow at an annual rate of 5.88%, resulting in a market volume of US$1.81bn by 2029.
When compared to other countries globally, the United States is expected to generate the highest revenue of US$210.00bn in 2024.
New Zealand is experiencing a growing demand for innovative medical technology solutions to improve healthcare access in remote areas.

Key regions: United States, Germany, China, Japan, France

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Analyst Opinion

The Medical Technology market in New Zealand is experiencing significant growth and development due to various factors.

Customer preferences: In New Zealand, customers have a strong preference for advanced medical technology that can provide accurate and efficient healthcare solutions. They are increasingly seeking out innovative medical devices and equipment that can improve patient outcomes and enhance the overall quality of healthcare services. Customers in New Zealand also value affordability and cost-effectiveness, as they strive to balance the need for high-quality healthcare with limited resources.

Trends in the market: One key trend in the Medical Technology market in New Zealand is the increasing adoption of digital health solutions. The country has been investing in telehealth and remote monitoring technologies, allowing patients to access healthcare services from the comfort of their homes. This trend has been further accelerated by the COVID-19 pandemic, which has highlighted the importance of remote healthcare delivery. As a result, there has been a growing demand for medical devices and software that enable telehealth consultations, remote patient monitoring, and virtual healthcare management. Another trend in the market is the focus on personalized medicine and precision diagnostics. New Zealand has been investing in genetic testing and molecular diagnostics, enabling healthcare providers to deliver targeted treatments based on an individual's genetic makeup. This approach allows for more accurate diagnoses and tailored treatment plans, leading to better patient outcomes. The demand for advanced diagnostic tools and technologies has been increasing as healthcare providers strive to offer personalized healthcare solutions.

Local special circumstances: New Zealand's healthcare system is characterized by a strong emphasis on public healthcare and universal access to medical services. The government plays a significant role in the regulation and funding of healthcare, which has a direct impact on the Medical Technology market. The country has a rigorous regulatory framework that ensures the safety and efficacy of medical devices and equipment. This regulatory environment provides a level of assurance to customers and promotes trust in the market.

Underlying macroeconomic factors: The growing Medical Technology market in New Zealand is also influenced by underlying macroeconomic factors. The country has a stable economy with a strong focus on innovation and technology. The government has been actively supporting research and development in the healthcare sector, which has led to the emergence of innovative medical technologies. Additionally, New Zealand has a well-developed healthcare infrastructure and a skilled workforce, which further supports the growth of the Medical Technology market. In conclusion, the Medical Technology market in New Zealand is experiencing growth and development driven by customer preferences for advanced healthcare solutions, the adoption of digital health technologies, and the focus on personalized medicine. The local special circumstances, including the emphasis on public healthcare and the robust regulatory framework, contribute to the market's growth. Furthermore, underlying macroeconomic factors such as a stable economy and government support for innovation play a significant role in shaping the market landscape.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.