New Zealand Sees Rise in Medical Device Exports

Medical devices have boosted export earnings in New Zealand's high-tech production sector by more than one-fourth, according to a new report by the country's Ministry of Business, Innovation and Employment.

In total, New Zealand's technology export earnings in 2013 have come to $1.4 billion. Out of this, $379 million came from medical devices. Compared to previous years, sales of medical equipment show a 5% compound annual growth rate.

In particular, companies like Paykel Healthcare, Mesynthes and Fisher stand out as contributing towards export growth. In 2012, Paykel did $287 million worth of exports for its therapeutic respiration devices. Mesynthes, a medical biomaterial company, believes that a new U.S.-based expansion could help it double in size by next year.

All this being said, there are many small medical device companies that contribute towards export revenues too. Companies in New Zealand manufacture products like specialized dental implants, neck implants, knee implants, hip implants, obstructive sleep apnea devices and more.

"We are delighted to see innovation and the investment in R&D paying off for companies in this sector and for New Zealand. The New Zealand medical technology manufacturing sector is expected to double export revenue within the next 3-5 years," stated Faye Sumner, CEO of the Medical Technology Association of New Zealand.