Market Size of Japan Neurology Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 5.50 % |
| Market Concentration | Medium |
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 Neurology Devices Market Analysis
The Japan Neurology Devices Market is expected to grow at a CAGR of 5.5% during the forecasted period.
COVID-19 had a significant impact on the Japanese neurology devices market and the overall healthcare industry. According to the study published in Spine Surgery and Related Research in February 2022, the initial COVID-19 semi-lockdown in Japan resulted in fewer elective surgeries and more urgent surgeries that had affected progressive neurological deterioration for some spine patients, even in a nonepidemic region. Moreover, according to the study published in Surgery Today in November 2022, during the COVID-19 pandemic, overall, fewer surgeries were performed, and the rate of decline was about 10% to 15%. Hence, COVID-19 had a significant impact on the Japanese neurology devices market in the initial phase of the pandemic. However, currently, the market is growing at a stable pace owing to a resumption of neurological surgeries, diagnosis procedures, a resumption of manufacturing activities, and the widespread availability of products across Japan, and it is expected to witness a similar trend over the coming years.
The key factors propelling the growth of this market are an increase in the incidence of neurological disorders, huge investments by private players in neurology devices, and an increase in R&D in the field of neuro therapies. For instance, according to the study published in the Journal of Alzheimer's Diseases in March 2021 in Japan, it was predicted that there will be between 6.5 million to 7 million and 8.5 million to 11.5 million people with dementia in 2025 and 2060, respectively. Likewise, in Japan, 50-75% of dementia cases are caused by Alzheimer's disease (ADD). In addition, according to the World Alzheimer Report 2022, about 43% of those with mild dementia, 67% of those with moderate dementia, and 90% of those with severe dementia were institutionalized in the country. Thus, a significant burden of neurological diseases is expected to boost demand for neurology devices, thereby boosting the market's growth.
Furthermore, increased investment by the market players in introducing advanced neurological devices is expected to boost the market over the forecast period. For instance, in January 2022, GrayMatters Health (GMH), a developer of digital self-neuromodulation therapeutics for mental disorders, announced the successful closing of its USD 10 million Series A financing round. Otsuka Medical Devices Co., Ltd. (Tokyo, Japan) was the lead investor in this round. With the funding, GrayMatters will introduce the first digital therapeutic device that directly targets and regulates specific brain biomarkers associated with mental disorders.
Thus, all the aforementioned factors, such as the significant burden of neurological diseases and investments in neurology devices, are expected to boost market growth in the near future. However, the high cost of equipment may restrain market growth over the forecast period.
