Unveiling Opportunities in Japan's Healthcare Landscape
Unveiling Opportunities in Japan's Healthcare Landscape
Japan stands as a global economic powerhouse, actively reforming policies to attract foreign investments. While there are a lot of industries that are growing in Japan, one significant market that poses attractiveness among investors is the healthcare sector.
MEDICAL JAPAN TOKYO, a healthcare exhibition happening this October 2024, will cover the most up-to-date technologies and trends in the Medical, Elderly Care, Pharmacy and Healthcare industries.
Insights into the Japan health and wellness market growth
Insights into the Japan health and wellness market growth
According to the latest report by IMARC Group, the Japan health and wellness market is projected to exhibit a growth rate (CAGR) of 3.96% during 2024–2032.
But what causes the Japanese health and wellness market to continuously grow? Here are some factors:
Raising awareness of health and preventive care among the Japanese population
Raising awareness of health and preventive care among the Japanese population
The healthcare system in Japan is renowned for its inclusivity and strong emphasis on preventive care. The Japanese government has advocated for x-rays, provided free tuberculosis treatments, and broadened insurance coverage to include preventive medications such as hypertension drugs since the 1950s.
Mandatory enrollment in Japan’s universal health insurance system, implemented in 1961, ensures that all citizens have access to essential healthcare services at affordable rates.
In addition, Japan's commitment to health awareness was underscored by the issuance of the Basic Policy for Peace and Health in 2015. This policy recognizes health as a vital component of human and social development, emphasizing the importance of strengthening health governance at various levels to promote peace and stability, both domestically and globally.
This longstanding dedication to health and preventive care continues to shape Japan's societal values. Today, there is a growing trend among citizens towards healthier lifestyles, prioritizing physical fitness, mental well-being, and balanced nutrition.
Emerging healthcare tech, telemedicine, and remote monitoring innovations
Emerging healthcare tech, telemedicine, and remote monitoring innovations
Digital technologies are driving transformative changes in Japan's healthcare landscape, especially after the pandemic happened. Japanese companies are at the forefront, introducing innovative solutions such as telemedicine, robotic surgery, and IoT health devices to strengthen healthcare infrastructure resilience.
The Japanese government's proactive stance is evident in the ongoing upgrades to the healthcare system, facilitated by the revision of the Pharmaceutical Act in 2014. In 2020, the “CureApp SC Nicotine Addiction Treatment App and CO Checker,” a comprehensive tool that helps patients attempt to quit smoking in a home setting, received regulatory approval in Japan. Additionally, startups like the Japanese HealthTech company Ubie launched AI-medical interview assistance software to streamline patient consultations, adapting swiftly to post-pandemic healthcare needs.
Renowned for its technological prowess, Japan's healthcare industry embraces robotics, as exemplified by the approval of Medicaroid’s hinotori™ Surgical Robot System in August 2020. Despite limited accessibility to robotic-assisted surgery systems, predominantly in large hospitals, due to budget constraints, the potential for integration is promising.
Moreover, the utilization of Zipline drones for delivering essential supplies to remote areas like Japan’s Goto Islands in 2022 underscores the nation's commitment to innovative healthcare solutions.
In light of these advancements, Japan emerges as a promising hub for healthcare technology investment, offering fertile ground for innovation and growth.
Growing demand for age-related health products and services
Growing demand for age-related health products and services
Japan's significant demographic shift towards an aging population, with more than 1 in 10 people aged 80 years or older, presents lucrative opportunities for medical technology and diagnostics in the Japanese market.
Over the past two decades, Japan has invested over $300 million in developing care robots and technologies tailored to meet the physical and mental needs of the elderly. These advanced devices range from robots capable of lifting patients and monitoring their health to companions and therapists, particularly beneficial for dementia patients.
Furthermore, the Japanese government is actively expanding support for the elderly, driving the growth of the assistive device industry to cater to their unique needs. Recognizing the distinct requirements of older adults, the government prioritizes the development and adoption of assistive technologies. These innovations, from robotics-driven mobility aids to wearable devices and continuous health monitoring sensors, are revolutionizing eldercare.
Driven by the substantial elderly population, Japan sustains a steady demand for healthcare services, pharmaceuticals, medical devices, and long-term care solutions, making the country attractive for investment and innovation in age-related health products and services.
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