Australia and New Zealand Radiology Services Market Report and Forecast 2024-2032

Australia and New Zealand Radiology Services Market Outlook

The Australia and New Zealand radiology services market size is expected to grow at a CAGR of 6.4% during the forecast period of 2024-2032, driven by the increasing incidence of an aging population and chronic diseases across the region.

Australia and New Zealand Radiology Services Market Overview

The diagnostic imaging services in Australia have been witnessing a steady growth with an increase of 11.3% in January to March 2023. There has been a subsequent rise the demand for MRI and CT services as well. In 2023, the incidence for MRI services increased by 10.2% while CT services witnessed an upswing by 15.5%. The rising requirements can be accredited to growing geriatric population. As per the World Health Organization data, the world’s population aged 60 years or above is expected to grow by 22% between 2015 and 2050. As chronic diseases such as cancer, and cardiac diseases, Alzheimer, dementia, and arthritis coincide with an aging population, radiology services are expected to witness a significant growth in the forecast period.

Rising Integration of Software and Digital Tools to Drive Australia and New Zealand Radiology Services Market Growth

The medical diagnostic landscape is witnessing the convergence of digital and software aided tools to offer prompt, precise, and cost-effective results. The application of software provides effective monitoring and evaluation as well. In October 2023, I-MED Radiology  implemented DOSE radiation software in their CT scanners. DOSE software collates the patient reports and offers a structured analysis, while ensuring patient safety and adherence to quality standards as well. Deployed on 166 CT scanners, the software optimizes the entire experience by providing real-time email alerts within 48 business hours.

Infrastructure Development to Provide Improved Services

In September 2023, Canberra Hospital installed three novel Tesla (T) MRI machines with the help of ACT Government’s USD 9 million  investment. The increasing investments to improve and upgrade the infrastructure and offer high quality patient solutions is poised to bolster the Australia and New Zealand radiology services market share in the coming years. Combined with new computed tomography (CT) scanners, the new equipment reduces the scan time and allows high quality imagery by providing extra power in each scan.

New Product Launches to Drive Market Growth

In October 2023, the Australian Health Support Services (HSS), with their Medical Imaging Replacement Program (MIRP), a major ICT initiative, introduced a new Enterprise Medical Imaging Platform (EMIP) . The new equipment replaces the existing Picture Archiving and Communication System / Radiology Information System (PACS/RIS) while offering additional clinical functionalities. It provides enhanced imaging solutions, system stability and improves responsiveness as well. The Australia and New Zealand radiology services market size is expected to expand with such product launches in the upcoming years.

Increasing Application of Computation Biology to Provide Advanced Results

With the sudden outbreak of COVID-19, radiologist shortage was a major area of concern in Australia and New Zealand. In addition, the distribution of services across the region varied leading to maldistribution of resources. To address the dynamic demographics and meet the growing Australia and New Zealand radiology services market demand, the convergence of machine learning algorithms are one of the major market trends. In September 2023, the scientists at University of Canterbury  (New Zealand) deployed image processing algorithms to analyze specific regions of an image at high resolution. Using computational pathology, they aim at automating the algorithms to analyze tissue characteristics.

Australia and New Zealand Radiology Services Market Segmentation

Market Breakup by Type

• Products

• Services

Market Breakup by Procedure

• Conventional

• Digital

Market Breakup by Patient Age

• Adults

• Pediatric

Market Breakup by Radiation Type

• Diagnostics

• Interventional Radiology

Market Breakup by Application

• Cardiovascular

• Oncology

• Gynecology

• Neurology

• Urology

• Dental

• Pelvic and Abdominal

• Musculoskeletal

• Others

Market Breakup by End User

• Hospitals

• Ambulatory Centers

• Diagnostic Centers

• Clinics

• Others

Market Breakup by Country

• Australia

• New Zealand

Australia and New Zealand Radiology Services Market Regional Analysis

The rising prevalence of chronic diseases in the aging population is one of the major market trends influencing the market. Australia is anticipated to witness a significant rise in the cancer incidence, with 1.7 million cases expected  to be diagnosed between 2022 and 2031. Hence, the radiology services market demand is expected to surge. Consequently, the government initiatives to improve the healthcare infrastructure play a pivotal role in driving market growth. In 2023, the Australian government invested around USD 4 billion  in their healthcare sector, with major emphasis on offering digital health and provide targeted digital medicines.

In the forecast period, New Zealand is poised to experience expedited radiology services market growth, owing to rising emergence of technology driven start-ups along with a significant influx of investments from key healthcare providers.

Australia and New Zealand Radiology Services Market: Competitor Landscape

In May 2023, TRG Imaging , the radiology arm of Canopy Healthcare opened a new Canning Road Clinic in Hawke Bay, New Zealand, which accommodates the Siemens 3T MRI (magnetic resonance imaging) machine. The increasing investments for infrastructure expansion to offer early diagnosis and improved treatment pathways is a major market trend. With a USD 3 million investment, the division aims to establish a new PET-CT scanner and Therapy Centre in early 2024 as well.

The key features of the Australia and New Zealand radiology services market report include patent analysis, grants analysis, funding and investment analysis, partnerships, and collaborations analysis by the leading key players. The major companies in the market are as follows:

• Hitachi, Ltd.

• Siemens AG

• CANON MEDICAL SYSTEMS CORPORATION

• GENERAL ELECTRIC

• Koninklijke Philips N.V.

• Aspect Imaging Ltd.

• AURORA HEALTHCARE US CORP

• FONAR Corp.

• Neusoft Corporation

• Sanrad Medical Systems Private Limited

• FUJIFILM Holdings Corporation

• Shenzhen Mindray Bio-Medical Electronics Co., Ltd

• Quality Electrodynamics, LLC

• Hologic, Inc.

• ONEX Corporation

Kindly note that this only represents a partial list of companies, and the complete list has been provided in the report.

Key Highlights of the Report