Japan Diagnostic Imaging Market - Segmented by Product, Application, and End User - Growth, Trends, and Forecast (2018 - 2023)
The Japanese diagnostic imaging market is expected to register a CAGR of 6.8% during the forecast period of 2018–2023. MRI is anticipated to dominate the market during the forecast period owing to the growing application of MRI in diagnosis.
Rapidly Aging Population
The rapidly aging population in Japan has put strong pressure on its health system. The share of the population over 65 is projected to increase from 23% in 2010 to 39% in 2050, while the share of the population over 80 is expected to increase from 6% to 17%. The growth in the aging population has lead to an increase in the demand for imaging services, since elderly population is more prone to chronic diseases, and patients aged 65 and above, undergo diagnostic imaging two or more times more than the younger population. Additionally, technological advancement in imaging modalities, growing awareness about preventive care, and growing healthcare expenditure in the country are further driving the market for diagnostic imaging.
High Cost of Advanced Imaging Modalities
The diagnostic imaging is experiencing tremendous growth, and new and innovative high-advance imaging modalities are constantly being introduced in the market. The diagnostic imaging system, such as CT scan, can be divided into various categories on by resolution capacity. Resolution capacity increases with the increasing number of slice in CT scan. Low-end CT scan has few slices and low-resolution capacity, whereas high-end CT scan has the best resolution capacity. The price of CT scan increases with increase in the number of slices, and the cost for multi-sliced (320 or 640 slices) can go up to millions. The cost for one test (scan) is also high ranging between USD 100 - 1000. The PET and SPECT devices are also very expensive. The high cost of advanced devices is likely to impede the market of diagnostic imaging in Japan. Additionally, the dearth of skilled technicians is also likely to restrict the growth of the market in Japan.
MRI to Dominate the Market
MRI is set to dominate the Japanese diagnostic imaging market in the product segment. The factors attributing to the high growth of MRI in the country are growing application of MRI in the medical field. CT scan and nuclear medicine are anticipated to grow at a high pace during the forecast period in Japan owing to factors, such as the presence of the highest number of diagnostic imaging instruments, such as CT and MRI devices, and ease in access to them, as well as, a high level of diagnostic accuracy in the country.
Key Developments in the Market
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook