Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Japan

Japan

Japan's Other Medical Devices market market is expected to experience significant growth in the coming years.
By 2024, the projected revenue is estimated to reach US$6.92bn in Japan.
This substantial figure highlights the country's strong position in the market.
Furthermore, the market is expected to continue expanding with an annual growth rate of 4.30% between 2024 and 2029.
This growth trajectory would result in a market volume of US$8.54bn by 2029, further solidifying in Japan's presence in the industry.
It is worth noting that in a global context, the United States is projected to generate the highest revenue in the Other Medical Devices market market.
In 2024 alone, the United States is expected to generate a remarkable revenue of US$58,900.00m, surpassing other countries in terms of market performance.
This highlights the dominance and significance of the US market within the industry.
Japan is at the forefront of innovation in the Other Medical Devices market, with cutting-edge technology and a strong focus on quality and precision.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

The Other Medical Devices market in Japan is experiencing steady growth due to various factors.

Customer preferences: Customers in Japan have a strong preference for high-quality medical devices that are reliable and technologically advanced. They prioritize safety and efficiency when choosing medical devices, and are willing to pay a premium for products that meet their requirements. Additionally, Japanese customers value products that are user-friendly and easy to operate, as well as those that offer innovative features and functionalities.

Trends in the market: One of the key trends in the Other Medical Devices market in Japan is the increasing demand for minimally invasive devices. These devices offer benefits such as shorter recovery times, reduced scarring, and lower risk of infection compared to traditional surgical procedures. As a result, there is a growing adoption of minimally invasive devices in various medical specialties, including cardiology, orthopedics, and gynecology. Another trend in the market is the rising prevalence of chronic diseases, such as diabetes and cardiovascular diseases, in Japan. This has led to an increased demand for medical devices that can help manage and treat these conditions. For example, there is a growing demand for insulin pumps and continuous glucose monitoring systems for diabetes management, as well as implantable cardiac devices for the treatment of heart conditions.

Local special circumstances: Japan has a rapidly aging population, with one of the highest life expectancies in the world. This demographic trend has significant implications for the Other Medical Devices market. As the elderly population grows, there is an increased need for medical devices that cater to their specific needs. For example, there is a growing demand for mobility aids, such as wheelchairs and walking aids, as well as home healthcare devices that can help monitor and manage chronic conditions in the elderly population. Another local special circumstance is the strict regulatory environment in Japan. The country has stringent regulations and quality standards for medical devices, which can pose challenges for foreign manufacturers looking to enter the Japanese market. Companies need to ensure that their products meet the necessary regulatory requirements and obtain the required certifications before they can be sold in Japan.

Underlying macroeconomic factors: The Japanese economy has been experiencing slow growth in recent years, which has had an impact on the Other Medical Devices market. However, the government has been implementing various policies to stimulate economic growth, including investments in healthcare infrastructure and initiatives to promote innovation in the medical device sector. These efforts are expected to drive the growth of the Other Medical Devices market in Japan in the coming years. Additionally, the government has been focusing on healthcare reforms to improve access to medical services and reduce healthcare costs, which is expected to increase the demand for medical devices in the country.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.