Japan Patient Care Monitoring Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Japan Patient Care Monitoring Equipment Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Japan Patient Care Monitoring Equipment Market is expected to register a CAGR of 4.6% during the forecast period (2022 – 2027).

The COVID-19 pandemic has positively impacted market growth. The demand for wearable devices and patient monitoring devices has increased during the pandemic period as they allow contactless communication and tracking of medical conditions by clinicians. The spread and early diagnosis of COVID-19 can be determined through the remote monitoring of vital signs such as skin and body temperature, respiratory rate, pulse rate, heart rate, and blood oxygen level, which are related to COVID-19. This is anticipated to have a positive effect on the growth of the studied market. For instance, according to an article published by the Mainichi Japan’s National Daily, in September 2021, titled “Pulse oximeter demand surges in Japan as more COVID patients recover at home”, it has been observed that due to the COVID-19 pandemic the demand for pulse oximetry has been increased in Japan. Additionally, as per the same source, several companies have raised their production capacity to fulfill the increased demands. Tokyo-based Konica Minolta Inc. has raised its production capacity to 20 times in 2020 as compared to 2019. Thus, the increased demand for pulse oximetry during a pandemic is expected to have a positive impact on the studied market.

Certain factors that are propelling the growth of the market are the rising burden of chronic diseases due to lifestyle changes and the growing preference for home and remote monitoring devices. For instance, as per the World Health Organization (WHO), as of August 2022, 14,421,539 confirmed cases of COVID-19 were reported in Japan. Thus, the increasing COVID-19 cases among the population is expected to increase the need to monitor oxygen levels, which is expected to increase the demand for pulse oximetry to control the condition of hypoxemia, which in turn is anticipated to fuel the market growth. Additionally, according to the GLOBOCAN 2020 report, Japan reported 1,028,658 new cancer cases (599 243 new cancer cases in males and 429 415 new cancer cases in females) in 2020. Further, the same report projected the number of cancer cases to reach 1,110,549 by 2030 and 1,128,057 by 2040. Thus, the increasing burden of cancer among Japanese people is expected to rise the need for regular monitoring and lifestyle changes to prevent further health risks, which is expected to increase the demand for patient care monitoring devices, thereby boosting the market growth.

In addition, the rising geriatric population is also contributing to the growth of the studied market. For instance, according to the 2022 statistics published by the United Nations Population Fund, in Japan, a large proportion of the living population is aged 15-64 and accounts for 59% in 2022. In addition, as per the same source, 29% of the population is aged 65 years and above in 2022. Thus, the rising geriatric populations are more prone to develop chronic diseases which require proper monitoring and diagnosis which is expected to increase the adoption of monitoring devices to regularly monitor their condition and status, thereby propelling the growth of the studied market.

Furthermore, the rising company activities in developing advanced patient monitoring devices are also contributing to the market growth. For instance, in May 2021, Xenoma Inc., a Tokyo-based start-up spun off from the University of Tokyo, launched the e-skin Sleep T-shirt that is worn to bed to provide sleep diagnosis. The shirt comes with a small electronic device that is affixed to the pocket. The device can measure heartbeat, body movements, and temperature on the shirt’s interior. Also, in January 2020, BIOTRONIK launched a new injectable cardiac monitor (ICM), BIOMONITOR III in Japan. The innovative technology is intended to assist patients with abnormal heart rhythms by more clearly documenting unexplained syncope.

However, factors such as the resistance from healthcare professionals towards the adoption of patient monitoring systems and the high cost of technology are likely to restrain the market growth over the forecast period.

Key Market TrendsRemote Patient Monitoring Devices are Expected to Show a Significant Growth Rate in the Japan Patient Care Monitoring Equipment Market During the Forecast Period

Remote patient monitoring (RPM) devices allow providers to monitor, report and analyze their patient’s acute or chronic conditions from outside the hospital or clinic setting. They enable the practitioner to have a real-time understanding of the patient's disease state and take preventative clinical actions.

The remote patient monitoring segment is expected to witness significant growth over the forecast period owing to the factors such as the rising prevalence of chronic diseases such as cardiovascular diseases, diabetes, hypertension, respiratory diseases, neurological diseases, and others and the growing preference for home and remote monitoring. For instance, according to the 2022 statistics published by the International Diabetes Federation in the 10th edition of 2021, 11,005 thousand people were living with diabetes 2021 in Japan. In addition, this number is projected to reach 10,542.7thousand by 2030. The high blood sugar caused by diabetes can damage the nerves that control the heart and blood vessels, leading to a variety of cardiovascular diseases like coronary artery disease and stroke, which can narrow the arteries. This is anticipated to rise the need for monitoring glucose levels, blood pressure, and other activities which are expected to increase the demand for monitoring devices that can provide data to physicians to help them more effectively evaluate patient conditions and react quickly to any abnormalities, thereby propelling the market growth.

Furthermore, the rising product launches are likely to contribute to the market growth over the forecast period. For instance, in March 2022, the Japanese Ministry of Health, Labour, and Welfare approved the expansion of reimbursement coverage for Abbott's FreeStyle Libre system to include all people with diabetes who use insulin at least once a day. The expanded coverage enables more people with diabetes to access the glucose data needed to manage their condition without the routine fingersticks associated with conventional blood glucose monitoring. Also, in July 2021, Terumo Corporation launched Dexcom G6 continuous glucose monitoring (CGM) system, a medical device that supports diabetes control, in Japan. The system allows real-time glucose monitoring by using a compact, wearable sensor and transmitter to measure and automatically transfer glucose values wirelessly to a smart device or receiver every five minutes. In addition, the Dexcom G6 CGM system also features customizable alerts to proactively warn users when their glucose levels are out of range as well as offers an "Urgent Low-Soon (ULS) Inform" that can alert users 20 minutes in advance of a severe hypoglycemia episode, giving them time to take proper action.

Therefore, the due to aforementioned factors the studied market is expected to increase over the forecast period.

Competitive Landscape

The Japan Patient Monitoring Market is fragmented. Some of the market players are Abbott Laboratories, Boston Scientific Corporation, Koninklijke Philips N.V., General Electric Company (GE Healthcare), Nihon Kohden Corporation, Siemens Healthcare GmBH, and others.

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