Wellington, Feb 17 NZPA - New Zealand medical technology companies are backing themselves to be a billion dollar industry within five years.

The Emerging Medical Technology Group (EMTG) has been set up as a steering committee under the umbrella of the Medical Technology Association of New Zealand (MTANZ), which represents manufacturers who supply medical technology used in the diagnosis, prevention, treatment and management of disease and disability.

EMTG chairman Simon Hall said companies in this sector were poised to double their revenues from $587 million to $1.2 billion in five years' time. Total exports for the sector were currently worth about $510m or 88 percent of total revenues and have been growing at 16 percent a year.

"Putting this into perspective, total New Zealand wine exports for 2009 were around $900m," he said.

Among products that New Zealand companies currently design, manufacture and export are: machines to manage obstructive sleep apnea and other respiratory conditions; customised titanium hip, knee and neck implants; and specialised dental technology and implants.

"We're confident medical technology will be New Zealand's next billion dollar industry. It's vital, however, that there's greater collaboration across the sector to ensure we don't miss the opportunities," says MTANZ business development manager Angela Pantano.

MTANZ has organised an inaugural two-day conference in Auckland next Tuesday and Wednesday, bringing together representatives from government, research, the healthcare sector and the emerging medical technology industry.

The Government's chief science adviser Professor Sir Peter Gluckman will open the MTANZ conference. International speakers include Dr Jonathan Sackier, professor of surgery at the University of Virginia, who was involved in pioneering robotic surgery.