Japan MRI Market - Forecasts from 2022 to 2027

Japan MRI market is estimated to grow at a CAGR of 3.97% to reach US$3.295 billion in 2027.

The MRI market in Japan accounts for a considerable portion of the worldwide MRI market. The surge in cancer and heart disease cases is driving this demand since MRI equipment is critical in the identification and diagnosis of these ailments. Alzheimer’s disease is another major contributor to this demand. According to the Organization for Economic Cooperation and Development, Japan has the maximum number of scanning equipment globally. This demonstrates the country's strong healthcare system. Furthermore, MRI scans are less expensive than in the United States. As a result, the number of MRI scans performed in the country has increased. Moreover, the increasing government expenditure in the healthcare sector is another driver for the industry. However, Japan faces a rapid population decline due to the low birth rate. This may affect the future MRI market share of the country.

The COVID-19 pandemic caused widespread concern among the population. Because of its proximity to China, Japan was one of the first countries to be hit by the pandemic. Japan reported an increase in the number of MRI scans due to the increased number of active cases. The MRI market saw a steady increase in sales during the period, primarily due to the consistent focus of the government on the healthcare sector. The government expenditure on healthcare also reportedly increased during this time.

Rising prevalence of diseases

According to a study from the Ministry of Health, Labour and Welfare, 378,356 individuals died of cancer in Japan in 2020. This translates to one in every four persons dying of cancer, accounting for 27.6% of fatalities that year. The cancer death rate - the number of fatalities per 100,000 people - has continuously increased, reaching 307.0 in 2020. With 205,518 instances, heart illness (excluding hypertension) was the second most prevalent cause of death. Also, more than 4.6 million individuals in Japan suffer from dementia. Furthermore, as the population ages, this number is anticipated to increase.

With the rising prevalence of such diseases, the use of MRI devices has increased. According to a study by Switzerland Global Enterprise, Japan held a global market share of 31.9% in MRI systems and 24% in diagnostic imaging equipment in 2018. Owing to the increased government expenditure, the MRI industry is expected to rise substantially.

Decline in population

Japan has seen a steep decline in its population. According to the Ministry of Internal Affairs and Communications of Japan, the total population of the country was about 125.5 million on October 1, 2021. This is a decrease of 0.644 million (0.51%) over the previous year. It is regarded as the biggest drop since 1950, when numbers started to be compared, and it shows how population reduction is speeding up.

According to a forecast released by the IHME, based on the previous years, the country's population is supposed to fall to 59.7 million in 2100. Compared to the data from 2021, it would be considered a steep fall. With such an expected fall in population, the government income would also fall, leading to lower healthcare expenditures. This would ultimately lead to a decline in the MRI market.

Segmentation

By Type

• Closed
• Open

By Application

• Screening
• Diagnosis
• Treatment Monitoring
• Research