A study conducted by the Medical Technology Association of New Zealand (MTANZ) has forecasted a tremendous growth in the New Zealand's medical technology sector along with the possibility of new employment opportunities.

The companies in the expanding medical technology sector have drafted a plan to hire around 165 skilled staff members over the next 2 years. In addition to this, another 22 companies are looking forward to climb $44.1 million.

The report has exposed that around 8 of these companies were seeking financial support from the venture capital funds and another 8 from the angel investors

The CEO of the Medical Technology Association of New Zealand, Faye Sumner, has claimed estimated earnings of $611.5 million, including $578.8 million through exports, in the particular sector.

Fisher & Paykel Healthcare, manufacturers of respiratory humidifiers and products used for the treatment of sleep apnoea, has contributed to a noticeable extent with operating revenue of $503.3 million.

"And then of course for every dollar you spend on research and development in New Zealand you've got to get five or six times that amount to market [products] internationally”, added Mr. Sumner while focusing on the need of further firms comprising similar business standards as that of Fisher & Paykel Healthcare.