The Japanese diagnostic imaging market has been estimated at USD XX billion for the year 2016 and is projected to reach USD XX billion by the end of 2021,growing at a CAGR of XX% during the forecast period from 2016 to 2021. It is the largest market in Asia. While Japan produces most of its own X-rays, CTs, and ultrasounds, it imports most MRIs from the USA.
Japan Diagnostic Imaging Market-Market Dynamics
Paying for diagnostic imaging procedures is easier in Japan than it is in other Asian countries. Not only do the Japanese have high average annual incomes but they also have a government that provides some form of health insurance to all individuals. Japan's Ministry of Health and Welfare has established the MRI reimbursement rate at USD 200 per scan, one-fifth of the US average.
Factors contributing to the growth of the diagnostic imaging market in Japan include increased incidence of chronic diseases, high levels of healthcare expenditure and a massive elderly population. Nearly one in three Japanese citizens are older than 60, and many of them suffer from chronic conditions requiring diagnostic imaging. Until recently, many elderly Asians with chronic conditions (like cancers, kidney disease, heart disease, brain and joint disorders) had gone undiagnosed for decades. But as the per capita GDP increased, more and more of them could afford to spend on diagnostic methods and treatment. Growth trends for the future also include higher demand for mammography equipment, nuclear imaging equipment, and low dosage imaging.
The side effects of diagnostic imaging procedures and saturation in the developed regions are the major challenges faced by the diagnostic imaging equipment. Cost rarely gets in the way of medical imaging procedures in Japan. There is no healthcare cost crisis in Japan.
The market is segmented based on type (X-ray, MRI, nuclear medicine, ultrasound, tomography, tactile imaging, photoacoustic imaging, thermography, elastography, echocardiography, and functional near infrared spectroscopy).
Medical imaging technology is a rapidly changing field, and healthcare organizations have multiple options for new acquisitions. Many players in this market are trying to expand their product portfolio in order to top the global market. A few companies have adopted product innovation and new product launches as their key business strategy to ensure their dominance in this market.
Some of the key players in the market are:
Key Deliverables in the Study