What lies ahead for New Zealand’s medical device market?

A shift in policy involves decreased funding for digital health, impacting the sector’s growth.

The growth of New Zealand’s medical device market is expected to slow down through 2028 at a compound annual growth rate of 4.5% to reach $1.4b, said BMI.

This projection was attributed to reduced post-pandemic demand and a shift in the country’s healthcare policy, following the 2023 general election.

One notable change is a decrease in funding for digital health initiatives and the absence of new strategies, limiting the potential for technology-enabled medical devices.

“However, an expansion of cancer screening programmes will support diagnostic imaging,” the report said.

In addition, an expanding private health sector, particularly in outpatient services and elective procedures, will support growth in consumables, orthopaedic devices, and other medical device product areas.