The United States & Japan medical device market held a market value of USD 208.49 Billion in 2021 and is projected to reach USD 282.11 Billion by the year 2027. Japans medical device market is anticipated to grow at a CAGR of 6.34% from 2022 to 2027. Around 8,33,568 thousand units of medical device were sold in 2021.
Medical devices are any devices which are used for medical purposes. These may include diagnostic devices, treatment devices, and monitoring devices, among others. The market is expected to be driven by the increasing prevalence of chronic diseases and growing emphasis of healthcare organizations for early diagnosis as well as treatment of these diseases.
Furthermore, rising number of players investing in the medical device industry for bringing technologically advanced products in the market is also anticipated to fuel the market growth. For instance, in fiscal year 2021 Medtronic invested 34.8% of its net sales for research and development to launch new products in the market. Similarly, Stryker invested around USD 984 million on R&D. Moreover, rising healthcare expenditure is also estimated to boost the market growth.
Current trends in the United States and Japan medical device market include convergence of medical devices, internet of medical things, robotics, blockchain, and 3D manufacturing, among others. Despite the driving factors, stringent regulatory environment are anticipated to hinder the market growth. Furthermore, the market is capital intensive which further poses as a threat to the market growth.
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The United States & Japan medical device market is segmented based on product.
o Electrodiagnostic Devices
? Ultrasound Systems
? Magnetic Resonance Imaging (MRI)
? Scintigraphy Apparatus
? Other Electrodiagnostic Devices
o Radiation Devices
? CT Scanners
? Other Medical X-ray Apparatus
o Imaging Parts & Accessories
? Contrast Media
? X-ray Tubes
? Medical X-ray Film
? Other Imaging Parts & Accessories
o Syringes, Needles & Catheters
? Syringes (with/without needles)
? Tubular Metal Needles/Needles for Sutures
o Bandages & Dressings
? Adhesive Medical Dressings
? Non-adhesive Medical Dressing
o Suturing Materials
o Other Consumables
? Surgical Gloves
? Ostomy Products
? Blood-Grouping Reagents
? First-aid Boxes & Kits
o Portable Aids
? Hearing Aids
o Therapeutic Applications
? Therapeutic Respiration Devices
? Mechano-Therapy Devices
? Others (Endoscope, Defibrillators, CRT Devices, etc.)
Orthopedics and Prosthetics
o Fixation Devices
o Artificial Joints
o Other Artificial Body Parts
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o Dental Instrument and Supplies
? Dental Instruments
? Dental Cements
? Teeth and Other Fittings
o Dental Capital Equipment
? Dental Drills
? Dental Chairs
? Dental X-Rays
Patient Monitoring Devices
o Solid Screws
o Cannulated Screws
o Intramedullary (IM) Nails
o Plating System
o Graft cage long bone
o Radial Head Replacement System
Other Medical Device Categories
o Ophthalmic Instruments
o Hospital Furniture
o Medical & Surgical Sterilizers
o Ultra-violet or Infra-Red Ray Apparatus
o Other Instruments & Appliances
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Diagnostic devices are used to diagnose a disease or any health problem in order to find a cure for the problem. In the United States, the diagnostic devices segment is expected to grow at a CAGR of 7.72% owing to the growing prevalence of chronic devices and rising adoption of technologically advanced devices for better diagnosis of various diseases. According to the Development Bank of Japan, as of October 2018, the production scale of image diagnosis system in Japan was USD 2,790.12 million. Within the imaging parts and accessories, the contrast media segments market size in the U.S. was estimated to be USD 5.38 billion by 2027.
Within the consumables segment, the syringes (with/without needles) segments market volume size in Japan was anticipated to hit around 997 thousand units by 2027. This is owing to the high usage of syringes for delivering medications as well as for collection of samples for diagnosis purposes. Furthermore, the patient aids segment is estimated to grow owing to the rising prevalence of cardiovascular and respiratory diseases, among others.
Rising incidence rate of orthopaedic diseases such as osteoarthritis, rheumatoid arthritis, and elbow pain, among others is expected to contribute to the growth of the orthopaedics and prosthetics segment. According to the Centers for Disease Control & Prevention, 1 in 4 adults in the U.S. were suffering from arthritis in 2020. Within this segment, the artificial joints subsegment is expected to grow at a CAGR of 6.15% in Japan.
The dental products segment is estimated to grow owing to the rising awareness regarding dental health. Similarly, the patient monitoring devices segment is anticipated to grow owing to the rising adoption of health monitoring devices at homes. The trauma devices segment is expected to grow owing to the various technological advancements. The rods sub segment is estimated to account for a market size of USD 0.10 billion by 2027.
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By region, the United States medical device market is expected to grow owing to the presence of many major players in the country. These players include Stryker, Abbott, Johnson & Johnson, Boston Scientific Corporation, and Becton, Dickinson & Company (BD), among others.
Japan is anticipated to grow owing to the increasing adoption of technological advanced products in the country. Also, rising prevalence of various chronic diseases is also expected to boost the market growth.
The United States & Japan medical device market report provides insights on the below pointers:
Market Development: The report offers detailed information about lucrative emerging markets and analyzes penetration across mature segments of the markets
Market Diversification: Provides in-depth information about untapped geographies, recent developments, and investments
Product Development & Innovation: The report provides intelligent insights on future technologies, R&D activities, and breakthrough product developments
The United States & Japan medical device market report answers questions such as:
What is the market size and forecast of the United States & Japan medical device Market?
Which are the products/segments/areas to invest in over the assessment period in the United States & Japan medical device Market?
What modes and strategic moves are considered favorable for entering the United States & Japan medical device Market?
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