BMI View : Strained government health expenditure due to a rapid ageing population will hinder market growth . We expect the market to grow at 2.6% in local currency terms in 2017, which will be at a faster pace than the economy. The current trend of Japanese manufacturers seeking acquisition opportunities to expand their footprint and seek ing new growth opportunities will continue to play out .
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
The Japanese market remains the second largest in the world, behind only the USA. We maintain our forecast that the market will expand by a 2015-2020 CAGR of 5.1% in US dollar terms, which should see it rise to USD31.7bn in 2020. Market growth in local currency terms will be lower at a 2015-2020 CAGR of 3.3%, which will take expenditure to JPY3.5trn in 2020.
Japan is the world's third largest importer, behind only the USA and Germany. In 2016, we expect imports to reverse the US dollar downward trend experienced in 2014 and in 2015, despite low growth levels of the Japanese economy as a whole. Imports increased by 14.7% y-o-y to USD3.0bn in Q316, and by 5.7% to USD11.5bn in the 12 months to September 2016. In local currency terms, we expect imports to record positive growth due to rising demand, especially from its sizeable elderly population.
Japan is amongst the world's top 10 largest exporters. Exports will remain volatile in US dollar terms, but we expect them to slightly pick up in 2016. Exports grew by 6.5% y-o-y to USD1.7bn in the Q316, and by 2.2% to USD6.7bn in the 12 months to September 2016.
The failure of the US to ratify the TPP would be a blow for Japan, undermining confidence among investors. In contrast, we highlight that the ratification of the TPP agreement would benefit medical device manufacturers through lower costs, increased transparency and heightened efficiency by taking advantage of competition and economies of scale, in addition to paving the way for increased export opportunities within a more integrated trade environment with other member countries.
The Japan Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Japan provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Japan Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Japan, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Japan.
- Target Business Opportunities in the Japan Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Japan.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.