Japan's medical devices market to grow by 4.1% from 2022 to 2027

The orthopaedics and prosthetics market will be the fastest-growing.

The forecast compound annual growth rate for Japan’s medical devices market will grow by 2022-2027 by 4.1% in local currency terms and 6.9% in US dollar terms, said Fitch's BMI Solutions.

In a statement, Japan's medical device market will have fastest-growing products in orthopaedics & prosthetics but will be from a smaller base.

"Diagnostic imaging and other medical devices will remain the largest product categories over the forecast period. The main growth drivers of the medical device market will be Japan's large and expanding elderly population and high prevalence of non-communicable disease," read the statement.

BMI Solutions also said there will be continued trends in Japan's medical devices market such as integration of new technologies, including data automation and artificial intelligence (AI).

Slowing economic growth in Japan will pose downside risks to the market in 2024, with the market's real GDP growth easing to 1.0% in 2024, down from a projected 1.3% in 2023.

"Continued global headwinds such as weaker economic growth in other developed markets and the ongoing Russia-Ukraine war are also likely to weigh on demand for Japan’s medical device exports in 2024," said BMI.