Research
Opportunities in the Japan Medical Market
Japan is one of the world’s top economic powers after the U.S., and has a medical market to match. The medical device industry in Japan is worth 24 billion dollars according to the Annual Report of Pharmaceutical Production issued in 2005. Japan ranks third after the United States and the EU, and accounts for 13-15% of the total global market. Analysis of the social environment surrounding the medical device market in Japan brings the following points to light:
- Japan’s demographic has one of the fastest and most pronounced rates of aging in the world. The population of elderly people over 65 years of age has reached a record high of 27 million, accounting for 21% of the total. This aging will continue to accelerate, and it is estimated that the elderly will account for 26% of the total population by 2015, reaching 38% in 2050.
- The total labor force population in 2005 was 67 million. The labor force of the generation in the prime of life is on a downward trend due to demographic changes and a change in the attitude of young people toward their jobs. Consequently, the labor population ratio of the elderly over 60 has increased. In 2006, the labor force of the elderly over 65 years of age was 8% of the total, and this figure is expected to increase to 10% by the year 2015.
- Japan's Ministry of Health, Labour and Welfare (MHLW) is making efforts to support and back up the employment of elderly people and women, and the female labor force has indeed been on an upward trend. The three key consequences of this social environment are expected to be as outlined below.
Expansion of the market for care of the elderly, led by increased population aging and the newly implemented nursing-care insurance system
- Expansion of the cancer market because of the increased elderly population
- Expansion of the female market due to the increasing number of working women
- Since the above two groups both represent important segments of the labor force, the market for non-invasive or minimally invasive treatment and related devices is strongly expected to expand. In other words, reduced or minimum patient downtime is the key to success.
Market and Regulatory research
The final purpose of market research is to create a working mechanism by which a company can build a successful business model and remain profitable. There are many great textbooks on marketing, but none outlines exactly how to penetrate and succeed in a specific market with a particular product, simply because each case is different. Market size and segmentation, timing, regulatory environments and myriad other factors make each product and market unique. At Japan MDC, our specialists help you to develop an appropriate market and regulatory strategy that meets their specific needs.
Regulatory due diligence
The merger and acquisitions (M&A) have recently been common in the field of medical devices. In acquiring companies, it is important to ascertain the regulatory status of product submission for a target company. Our consultants provide objective reports on regulatory status from a professional point of view.
