Diagnostic Imaging Devices - Australia

In Australia, the revenue generated from the Diagnostic Imaging Devices market market is estimated to reach US$686.00m by the year 2024.
It is expected that the revenue will exhibit an annual growth rate of 5.08% between 2024 and 2029, leading to a market volume of US$878.90m by 2029.
When comparing globally, the United States is projected to generate the highest revenue of US$11.93bn in 2024.
Australia is seeing a growing demand for advanced diagnostic imaging devices in the medical technology market.

Definition:
The market covers diagnostic imaging devices such as X-ray systems, ultrasound systems, computed tomography scanners, Magnetic resonance imaging (MRT) systems, and related components.

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: Siemens Healthineers, General Electric, Philips, Fujifilm Holdings. Further information on the key players can be found in the Market Shares boxes.

X-ray systems
Computed tomography (CT) scanners
Magnetic resonance imaging (MRT) systems
Positron emission tomography (PET) scanners

Non-imaging diagnostics
In vitro diagnostics (IVD)

The Diagnostic Imaging Devices market in Australia is experiencing steady growth due to several factors.

Customer preferences: Customers in the Australian market have a strong preference for advanced diagnostic imaging devices that offer high-quality imaging and accurate results. They also value devices that are user-friendly and easy to operate. Additionally, there is a growing demand for portable and handheld imaging devices that can be used in remote or rural areas. This preference for advanced and portable devices is driving the market growth in Australia.

Trends in the market: One of the key trends in the Diagnostic Imaging Devices market in Australia is the increasing adoption of digital imaging technologies. Digital imaging offers numerous advantages over traditional film-based imaging, including faster image acquisition, improved image quality, and the ability to easily store and share images. This trend is driven by the need for more efficient and cost-effective diagnostic processes in healthcare facilities across the country. Another trend in the market is the integration of artificial intelligence (AI) technology in diagnostic imaging devices. AI algorithms can analyze medical images and assist healthcare professionals in making accurate diagnoses. This trend is driven by the need for improved diagnostic accuracy and efficiency. AI-powered imaging devices are being increasingly used in Australia to detect and diagnose various medical conditions, including cancer and cardiovascular diseases.

Local special circumstances: Australia has a well-developed healthcare system with a strong focus on preventive care and early detection of diseases. This emphasis on early diagnosis and treatment has led to an increased demand for diagnostic imaging devices in the country. Additionally, Australia has a large aging population, which further drives the demand for diagnostic imaging devices, as older individuals are more likely to require medical imaging for the diagnosis and management of age-related diseases.

Underlying macroeconomic factors: The growing population and increasing healthcare expenditure in Australia are key macroeconomic factors driving the growth of the Diagnostic Imaging Devices market. The government's focus on improving healthcare infrastructure and access to healthcare services also contributes to the market growth. Furthermore, advancements in technology and the availability of innovative imaging devices are attracting investments from both domestic and international players in the market. In conclusion, the Diagnostic Imaging Devices market in Australia is experiencing steady growth due to customer preferences for advanced and portable devices, the adoption of digital imaging technologies, the integration of AI technology, the emphasis on early diagnosis and treatment, and the underlying macroeconomic factors such as population growth and healthcare expenditure. This market is expected to continue growing in the coming years as the demand for accurate and efficient diagnostic imaging devices remains high.

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.