Market Size of Japan Cardiovascular Devices Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 3.10 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Japan Cardiovascular Devices Market Analysis
The Japanese cardiovascular devices market is expected to register a CAGR of 3.1% during the forecast period.
COVID-19 has significantly impacted the Japanese cardiovascular devices market due to the decrease in cardiovascular surgeries during the pandemic. According to the NCBI study in January 2021, many departments prohibited cardiological procedures, and the rate of cardiovascular procedures varied according to the pandemic scenario. The decline in procedures during the pandemic restricted the growth of the cardiovascular devices market due to less adoption of these devices. Hence, as the pandemic has subsided, the market is expected to gain traction in the forecast period due to the resumption of cardiovascular surgical procedures after the relaxation of strict regulation on elective surgeries, which will lead to market growth in the post-pandemic era.
The major factors driving the market growth in Japan are the increasing burden of cardiovascular diseases and the increased adoption of minimally invasive procedures.
According to the National Cerebral and Cardiovascular Center, Japan, in December 2021, the number of heart failure patients in Japan was estimated to be approximately 1.2 million. According to the same source, the prevalence rate of cardiovascular diseases increases with age, and the number of heart failure patients is expected to increase further in Japan, where people live to be 100 years old. The high prevalence of heart failure patients in Japan is anticipated to increase the adoption of cardiovascular devices, driving the market growth.
Furthermore, Japan has the world's fastest-aging population. According to World Data 2022, around 29% of Japan's population was 65 and above in 2021. As the geriatric population is more prone to chronic cardiovascular diseases, the rise in the geriatric population is expected to drive market growth in Japan.
In addition, rising initiatives from the key market players are also expected to drive market growth in Japan due to the rise in the sale of such products. For instance, in March 2022, Rampart IC signed an exclusive distribution agreement with Japan Lifeline (JLL), securing distribution to the Japanese market. The Rampart M1128 is a device developed for interventional cardiologists (ICs) but has found its application in several interventional specialties. Such distribution partnerships will lead to increased adoption of cardiovascular devices in Japan, driving the market growth.
Thus, the rising geriatric population and a high prevalence of heart diseases are expected to show significant growth over the forecast period. However, stringent regulatory policies and the high cost of instruments and procedures are expected to hinder the market growth.
Japan Cardiovascular Devices Industry Segmentation
Cardiovascular diseases are a group of heart and blood vessel disorders that include coronary heart disease, peripheral arterial disease, congenital heart disease, and cerebrovascular disease. Cardiovascular devices are used to treat or prevent different cardiovascular conditions.
The Japan Cardiovascular Devices Market is Segmented By Device Type (Diagnostic and Monitoring Devices (Electrocardiogram (ECG), Remote Cardiac Monitoring, and Other Diagnostic and Monitoring Devices) and Therapeutic and Surgical Devices (Cardiac Assist Devices, Cardiac Rhythm Management Devices, Catheter, Grafts, Heart Valves, Stents, and Other Therapeutic and Surgical Devices). The report offers the value (in USD million) for the above segments.
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Japan Cardiovascular Devices Market Size Summary
The Japanese cardiovascular devices market is poised for growth, driven by the increasing prevalence of cardiovascular diseases and the adoption of minimally invasive procedures. The market experienced a setback during the COVID-19 pandemic due to a decline in cardiovascular surgeries, but it is expected to recover as elective surgeries resume. The aging population in Japan, which is the fastest-growing globally, is a significant factor contributing to the market's expansion, as older individuals are more susceptible to chronic cardiovascular conditions. Additionally, strategic initiatives by key market players, such as distribution agreements and product launches, are anticipated to further propel market growth. However, challenges such as stringent regulatory policies and the high cost of devices and procedures may impede progress.
The electrocardiogram (ECG) segment is expected to hold a substantial share of the market, driven by the rising incidence of heart diseases and the need for long-term monitoring. The introduction of portable and wireless ECG devices is enhancing their adoption, particularly in home healthcare settings. Remote cardiac monitoring is also gaining traction, allowing for efficient management of acute and chronic conditions without the need for patient travel. The market is moderately fragmented, with major players like Abbott Laboratories, Boston Scientific Corporation, and Medtronic PLC leading the way. Technological advancements and frequent product approvals are key factors supporting the market's growth trajectory.
Japan Cardiovascular Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Burden of Cardiovascular Diseases
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1.2.2 Increased Preference of Minimally Invasive Procedures
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1.3 Market Restraints
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1.3.1 Stringent Regulatory Policies
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1.3.2 High Cost of Instruments and Procedures
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1.4 Industry Attractiveness - Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Million)
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2.1 By Device Type
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2.1.1 Diagnostic and Monitoring Devices
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2.1.1.1 Electrocardiogram (ECG)
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2.1.1.2 Remote Cardiac Monitoring
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2.1.1.3 Other Diagnostic and Monitoring Devices
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2.1.2 By Therapeutic and Surgical Devices
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2.1.2.1 Cardiac Assist Devices
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2.1.2.2 Cardiac Rhythm Management Devices
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2.1.2.3 Catheter
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2.1.2.4 Grafts
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2.1.2.5 Heart Valves
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2.1.2.6 Stents
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2.1.2.7 Other Therapeutic and Surgical Devices
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Japan Cardiovascular Devices Market Size FAQs
What is the current Japan Cardiovascular Devices Market size?
The Japan Cardiovascular Devices Market is projected to register a CAGR of 3.10% during the forecast period (2024-2029)
Who are the key players in Japan Cardiovascular Devices Market?
Abbott Laboratories, Boston Scientific Corporation, Cardinal Health Inc, Edwards Lifesciences and Medtronic PLC are the major companies operating in the Japan Cardiovascular Devices Market.
