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 |
Need a report that reflects how COVID-19 has impacted this market and its growth?
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.
