The Japan Respiratory Devices Market is expected to grow with a CAGR of 9.6% in the forecast period. The major factors driving the market growth are the huge patient pool with respiratory diseases like COPD, Asthma, etc, and increasing technological advancements in the region.
According to the Nippon COPD Epidemiology (NICE) study in Japan, 2019, the prevalence of COPD was estimated to be 8.6% in those over 40 years of age, an approximate total of 5.3 million patients. The prevalence of COPD thus increases with age, and thus, it is a typical respiratory disease of the elderly. in addition, the increasing geriatric population also fuels the increasing respiratory diseases which increase the demand of more respiratory devices in the market.
Key Market Trends
Therapeutic Devices are Expected to grow fastest during the forecast period
The therapeutic devices segment is further classified into Ventilators, Inhalers, and Others. The demand for ventilators and other therapeutic devices is always high in the region due to the other respiratory diseases that are highly prevalent in the country.
In Japan, the most prevalent respiratory allergy in the country is Hay fever, which is caused due to the cedar pollen spread throughout the country. According to the article published in January 2020, it is estimated that 25 million people are found suffering from hay fever in Japan. Therefore the number of people suffering from hay fever is increasing that helps in the increase in the overall market growth.
Furthermore, with the advent of recent COVID 19 pandemic which requires the patients to be on ventilators as the virus affects the lungs, there is a huge demand for ventilators and other devices that have increased. The number of COVID cases is found increasing on a daily basis which has also increased the requirement of the therapeutic devices in the market.
The Japan Respiratory Devices Market is moderately competitive with several major players. Some of the strategies implemented include agreements, collaborative models, business expansion, and product developments. Due to the COVID 19 situation, the government of Japan has decided to add more ventilators from the overseas suppliers boosting the market opportunities of the manufacturers.
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