Fast Market Research recommends "The Medical Device Market: Japan" from Espicom Business Intelligence, now available
Boston, MA -- (SBWIRE) -- 09/16/2013 -- OVERVIEW OF THE MEDICAL MARKET IN JAPAN
Japan is the third largest economy in the world behind the USA and China. The medical device market remains the second largest, behind only the USA. Per capita GDP is also high, among the top ten in the world. The USA and Germany are the only countries to import more medical equipment, and Japan is the eighth highest exporter of medical devices in the world.
Japan has some of the best vital statistics in the world, including the lowest infant mortality rate and highest adult life expectancy. A rapidly ageing population has burdened the healthcare system both in terms of funding and facilities and is of great concern for the Japanese government. In September 2011, the Ministry of Health said medical spending has continued to rise in line with the ageing population and also blamed the rise on the use of increasingly sophisticated and expensive equipment & technology, such as MRI, CT and endoscopic keyhole surgery.
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Increasingly, domestic companies are tending to focus on developing their markets abroad, particularly in other parts of Asia, Eastern Europe and the Middle East. The leading local industry players have begun to place even more emphasis on expanding their marketing and sales presence in these emerging markets.
Japan's medical device market is projected to expand at a CAGR of 2.5% in the 2013-2018 period, which should see it grow from an estimated US$29.8bn in 2013 to around US$33.6bn in 2018. Due to exchange rate differences, actual growth, when measured in local currency terms, is expected to be higher, at 3.1% during the forecast period.
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