Japan Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Japan Cardiovascular Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Japan Cardiovascular Devices Market is expected to register a CAGR of 3.1% during the forecast period (2022-2027).

COVID-19 has significantly impacted the Japanese cardiovascular devices market due to the decrease in cardiovascular surgeries during the pandemic in Japan. For instance, according to the study titled ''Cardiology Department Policy in Japan After Coronavirus Disease-2019 (COVID-19)' in January 2021, cardiological procedures were prohibited by many departments, and the rate of cardiovascular procedures varied according to the pandemic scenario. Therefore, the decline in procedures during the pandemic has restricted the growth of the cardiovascular devices market due to less adoption of these devices.

The major factors driving the growth of the market in Japan are increasing the burden of cardiovascular diseases and the increased adoption of minimally invasive procedures.

According to the National Cerebral and Cardiovascular Center, Japan in December 2021, the number of heart failure patients in Japan in 2020 was estimated to be approximately 1.2 million. In addition, according to the same source, the prevalence rate of cardiovascular diseases increases with age, and the number of heart failure patients is expected to increase further in Japan, where people live to be 100 years old. Such a high prevevalence of heart failure patients in Japan is anticipated to increase the adoption of cardiovascular devices, driving the market growth. Furthermore, Japan has the world’s fastest aging population. According to the World Data 2022, there was 28% of population with the ages 65 and above in 2020 and in 2021, it has reached to 29%. As the geriatric population is more prone to chronic diseases such as cardiovascular diseases, the rise in geriatric population is expected to drive the market growth in Japan.

In addition, rising initiatives from the key market players in the market is also expected to drive the market growth in Japan due to the rise in sale of such products. For instance, in March 2022, Rampart IC signed an exclusive distribution agreement with Japan Lifeline (JLL), securing distribution to the Japanese market. The Rampart M1128 is a device developed for interventional cardiologists (ICs), but has found its application into several interventional specialties. Such distribution partnerships will therefore lead to increaed adoption of cardiovascular devices in Japan, driving the market growth.

Thus, owing to the rising geriatric population along with a high prevalence of heart diseases is expected to show significant growth over the forecast period. However, stringent regulatory policies, along with hgh cost of instruments and procedures are expected to hinder the market growth.

Key Market TrendsElectrocardiogram (ECG) is Expected to Dominate the Diagnostic And Monitoring Segment Over the Forecast Period

An electrocardiogram (ECG) records the electrical signals from the heart. It is a common and painless test used to detect heart problems and monitor the heart's health.

Currently, there are portable and compact electrocardiogram (ECG) is driving its greater adoption, especially in the home healthcare segment. Moreover, there has been an increase in the incidence of cardiovascular diseases (CVD), wherein long-term ECG monitoring is necessary and with the introduction of wireless ECG, doctors can monitor and diagnose the patient remotely on time, which further fuels the market growth.

The factors driving the growth of this segment include the rise in heart disease such as heart failure, ischemic heart disease, and cardiac arrhythmias, among others. According to the National Cerebral and Cardiovascular Center, Japan in December 2021. Heart disease is a significant contributor to deaths in Japan in 2020 with a contribution of 15%. In addition according to the same source, within heart diseases, heart failure contributes to 41% and ischemia contributes to 33% of deaths in Japan in 2020. Therefore, such a high prevalence of heart failure in Japan will lead to increased adoptio of ECG for the diagnosis of heart failure and ischemia, driving this segment growth.

The rising initiatives from the key market players such as the launch of ECG services in Japan will lead to increased adoption of ECG devices in this region, driving this segment growth. For instance, in September 2021, Nitto Denko Corporation, Astellas Pharma Inc. and M. Heart Co., Ltd. entered a memorandum of understanding on concerning an ECG testing service. With this, Nitto will be developing and manufacturing the EG Holter” a novel disposable holter ECG device, and Astellas exclusively selling it in Japan.

Competitive Landscape

The Japanese cardiovascular devices market is moderately fragmented. The factors responsible for the market growth include the rise in technological advancements in the products, and increasing advancements from the key market players, among others. Some of the players who are currently dominating the market are Abbott Laboratories, Boston Scientific Corporation, Edwards Lifesciences, Medtronic PLC, Cardinal Health Inc., Biotronik, Siemens Healthineers AG, W. L. Gore & Associates, Inc, and Canon Medical Systems Corporation.

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