Ageing population, tech drive Japan’s medical device market | Healthcare Asia Magazine
, Japan
399 views
Photo by Natanael Melchor on Unsplash

Ageing population, tech drive Japan’s medical device market

The country is already home to the highest senior population ratio in the world.

Japan’s medical device market is projected to grow by at least 5.5% each year through 2027 mainly driven by its propensity for advanced technologies and an ageing population, according to a report by Fitch Solutions.

Fitch estimated the market is set to expand at a compound annual growth rate of 5.5% in local Japanese yen terms and 5.8% in US dollars between 2022 and 2027, which could push the sector’s size to as high as JPY 4.1t (USD 35.7b) by 2027.

One of the key long-term growth drivers of the market is Japan’s elderly as its share of the total population is projected to surge to 37.5% by 2050 from less than 30% in 2020. Currently, the country is already home to the highest senior population ratio in the world.

Fitch said the increased demand for healthcare services from the growing elderly population for treatments for chronic illnesses and the like, will support the growth of the medical device market.

“Japan’s medical device market is (also) receptive to high-margin and innovative technologies, which will support uptake of modern devices. Increasing demand for healthcare services from the elderly combined with adoption of new technologies will be key growth drivers over our forecast period,” it added.

One factor affecting the sector’s growth, however, is the declining demand for COVID-related medical devices as seen in weak trades of such products.

“Other medical devices and orthopaedics and prosthetics were key import growth drivers in the three months to February 2023, which suggests a recovery in elective procedures that will likely accelerate in the coming months,” Fitch added.

Follow the link for more news on

Join Healthcare Asia Magazine community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

Malaysia’s health expenditure to grow by 8.3% CAGR until 2028
Its medium-term health expenditure growth is expected to be one of the fastest in the ASEAN. 
Healthcare
Hospital infection therapeutics market eyes 5.27% CAGR growth until 2028
It is expected to grow by $3.46b amidst the increasing prevalence of HAIs within the forecast period.
Healthcare
ADB approves $170m loan to strengthen India’s health systems
The initiative is in support of the government’s National Health Policy 2017 to provide quality healthcare to all.
Healthcare