Medical Devices - New Zealand | Statista Market Forecast

The projected revenue in the Medical Devices market market in New Zealand is expected to reach US$1.15bn in 2024.
Among the various markets, Cardiology_Devices is the largest, with a projected market volume of US$170.20m in 2024.
The market is expected to grow at an annual growth rate of 6.25% from 2024 to 2029, resulting in a market volume of US$1.56bn by 2029.
When compared globally, the United States is projected to generate the highest revenue of US$181.00bn in 2024.
New Zealand's medical device market is experiencing a surge in demand for innovative technologies, driven by the country's strong focus on healthcare advancements and patient-centric care.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

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: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

The Medical Devices market in New Zealand is experiencing steady growth due to customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Medical Devices market in New Zealand are driven by a desire for advanced technology and innovative solutions. Consumers in New Zealand value medical devices that are user-friendly, efficient, and provide accurate results. They are also increasingly seeking devices that are portable and can be used at home, allowing for greater convenience and independence in managing their health. As a result, there is a growing demand for wearable medical devices and home monitoring systems in the country. Trends in the market are also contributing to the development of the Medical Devices market in New Zealand. One key trend is the increasing focus on preventive healthcare and early detection of diseases. This has led to a rising demand for diagnostic devices, such as imaging equipment and laboratory instruments, which enable healthcare professionals to identify and treat medical conditions at an early stage. Another trend is the growing adoption of telemedicine, which allows patients to consult with healthcare providers remotely using digital devices. This trend has been accelerated by the COVID-19 pandemic and the need for social distancing measures. Local special circumstances in New Zealand further support the growth of the Medical Devices market. The country has a well-established healthcare system that provides universal access to healthcare services. This ensures a consistent demand for medical devices across the population. Additionally, New Zealand has a strong regulatory framework for medical devices, which ensures the safety and effectiveness of products in the market. This gives consumers confidence in the quality of medical devices available in the country. Underlying macroeconomic factors also play a role in the development of the Medical Devices market in New Zealand. The country has a stable economy with a high standard of living, which enables individuals to afford and access medical devices. Furthermore, the government of New Zealand has been investing in healthcare infrastructure and technology to improve the delivery of healthcare services. This includes the development of digital health initiatives and the expansion of telehealth services, which create opportunities for the Medical Devices market. In conclusion, the Medical Devices market in New Zealand is growing due to customer preferences for advanced technology and innovative solutions, trends in the market such as preventive healthcare and telemedicine, local special circumstances including a well-established healthcare system and strong regulatory framework, and underlying macroeconomic factors such as a stable economy and government investment in healthcare infrastructure. These factors are driving the demand for medical devices in New Zealand and creating opportunities for market growth.

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.