In Vitro Diagnostics - New Zealand

The projected revenue for the In Vitro Diagnostics market market in New Zealand is estimated to reach US$201.40m by the year 2024.
The market is expected to exhibit a compound annual growth rate (CAGR 2024-2029) of 3.19%, leading to a market volume of US$235.60m by 2029.
When compared globally, the United States is anticipated to generate the highest revenue, with a projected amount of US$30.10bn in 2024.
New Zealand's In Vitro Diagnostics market is experiencing a surge in demand for advanced diagnostic technologies.

Definition:
The market In Vitro Diagnostics (IVD) consists of medical instruments and accessories used to perform tests with the help of biological samples. In Vitro Diagnostics provide valuable information used for detection, prognosis, prevention, and therapeutic monitoring of diseases.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Roche Diagnostics, Abbott Laboratories, Danaher, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

Molecular diagnosis
Immunoassays
Clinical chemistry
Microbiology
Hematology

Services (i.e., treatment expenses)
Imaging diagnostics

The In Vitro Diagnostics market in New Zealand is experiencing steady growth and development, driven by customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in New Zealand are shifting towards preventive healthcare and early disease detection. With an increasing emphasis on wellness and a proactive approach to healthcare, there is a growing demand for In Vitro Diagnostics tests that can detect diseases at an early stage. Customers are also seeking convenience and accessibility in healthcare services, leading to a rise in the adoption of point-of-care testing. This allows patients to receive test results quickly, enabling faster diagnosis and treatment. Trends in the market are further driving the development of the In Vitro Diagnostics industry in New Zealand. Technological advancements have led to the development of innovative diagnostic tests that offer improved accuracy and efficiency. For example, the introduction of molecular diagnostics has revolutionized the detection of infectious diseases by allowing for faster and more accurate identification of pathogens. Furthermore, the increasing focus on personalized medicine is driving the demand for companion diagnostics, which can help determine the most effective treatment options for individual patients. Local special circumstances in New Zealand are also contributing to the growth of the In Vitro Diagnostics market. The country has a well-established healthcare system with a strong emphasis on quality and safety. This provides a conducive environment for the adoption of advanced diagnostic technologies. Additionally, New Zealand has a high prevalence of certain diseases, such as cardiovascular diseases and cancer, which creates a significant demand for diagnostic tests. Underlying macroeconomic factors are also playing a role in the development of the In Vitro Diagnostics market in New Zealand. The country has a stable economy with a growing healthcare sector. Government initiatives to improve healthcare access and outcomes are driving investments in healthcare infrastructure, including diagnostic facilities. Furthermore, the increasing aging population in New Zealand is driving the demand for diagnostic tests, as older individuals are more likely to require medical monitoring and screening. In conclusion, the In Vitro Diagnostics market in New Zealand is experiencing growth and development due to customer preferences for preventive healthcare and early disease detection, trends in the market such as technological advancements and personalized medicine, local special circumstances such as a well-established healthcare system and high disease prevalence, and underlying macroeconomic factors including a stable economy and a growing healthcare sector.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.