Photos from Envato
It is expected to surpass Germany to become the third largest market in the world.
According to a report from BMI, the Japanese medical device market is expected to grow at a CAGR in USD at a 9.4% CAGR in USD by 2029, which is expected to be in 2029.
Japan is currently the fourth largest medical device market in the world, but is expected to surpass Germany to become the third largest medical device market in the forecast period.
The expansion of the industry is mainly due to aging population and the increased demand for chronic diseases and long-term care solutions.
At the same time, due to political uncertainty and increased inflation, the market faces moderate risks in the short term.
“The possibility of Japan's Japanese-led Liberal Democratic Party-Cometo government and the Liberal Party-Cometo coalition losing a majority in the House of Lords elections in July could lead to the replacement of Prime Minister Shigeru Ishiba,” the report said.
However, the country’s regulatory framework and healthcare priorities are expected to address population challenges to mitigate the impact of any political shift on the market.
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