Japan Cardiac Surgery Instruments Market Analysis

Japan Cardiac Surgery Instruments Market Analysis


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The Japan Cardiac Surgery Instruments Market is expected to witness growth from $129 Mn in 2022 to $223 Mn in 2030 with a CAGR of 7.10% for the forecasted year 2022-2030. Japan's population is ageing at one of the fastest rates in the world, which is anticipated to increase demand for instruments used in cardiac surgery since older people are more likely to develop cardiac diseases. The market is segmented by type, application and by end user. Some key players in this market include Terumo Corporation, Fukuda, LivaNova, B. Braun, Medline Industries, KLS Martin, and STILLE.

ID: IN10JPMD004 CATEGORY: Medical Devices GEOGRAPHY: Japan AUTHOR: Jigyasu Bhandari

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Japan Cardiac Surgery Instruments Healthcare Market Executive Analysis

The Japan Cardiac Surgery Instruments Market size is at around $129 Mn in 2022 and is projected to reach $223 Mn in 2030, exhibiting a CAGR of 7.10% during the forecast period. The amount spent on healthcare per person in Japan has grown considerably from $4,256 in 2018, when it reflected 10.75% of GDP, to $4,360 in 2019, when it would reflect 10.74% of GDP. Because of its high healthcare spending, the nation has a sophisticated and highly advanced healthcare infrastructure.

For 16.8% of all deaths in Japan, ischemic heart disease—which encompasses coronary artery disease—was the main factor. In general, coronary artery disease tends to occur and be more prevalent as people age. It's estimated that 1.3% of people in Japan experience cardiac failure. Heart failure's frequency and incidence typically both increased with age. According to estimates, 1.6% of people in Japan have atrial fibrillation. Arrhythmia incidence and prevalence can vary depending on the specific form of arrhythmia. The most prevalent cause of death in Japan is coronary artery disease, which is treated surgically through a process known as coronary artery bypass grafting. By using cardiac surgery tools like coronary artery bypass grafts, stents, and surgical implements to construct new blood vessels that bypass the blocked arteries, heart blood flow is restored. One of the major advantages of cardiac surgery tools is their accuracy and precision. These tools are designed specifically to give surgeons a high degree of control and manoeuvrability, allowing them to complete challenging procedures with little harm to the tissue nearby.

Japan Cardiac Surgery Instruments Market Analysis

Market Dynamics

Market Growth Drivers

Japan's population is ageing at one of the fastest rates in the world, which is anticipated to increase demand for instruments used in cardiac surgery since older people are more likely to develop cardiac diseases. Especially for cardiac procedures, Japan is growing in popularity as a medical tourism destination. This pattern is predicted to persist, which may increase demand for cardiac surgery tools from both domestic and foreign clients. Instruments for cardiac surgery are continuously being improved by manufacturers to be more effective and efficient. The demand for these tools may increase as a result of these innovations' potential to lower the risk of surgical complications and enhance patient outcomes. To improve the standard of treatment and lessen the burden on patients, the Japanese government has recently increased healthcare spending. The demand for cardiac surgery instruments and other medical devices may be boosted by this rise in spending.

Market Restraints

The Japanese market for cardiac surgery instruments is highly fragmented, with both domestic and foreign manufacturers vying for market dominance. Manufacturers might find it challenging to stand out from competitors and keep a healthy profit margin. Affordable healthcare services and goods are in high demand in Japan, where healthcare professionals are frequently cost-conscious. As a consequence, maintaining high-profit margins for manufacturers of instruments for cardiac surgery may be difficult.

Competitive Landscape

Key Players

  • Terumo Corporation (JP)
  • Fukuda (JP)
  • LivaNova
  • B. Braun
  • KLS Martin
  • Medline Industries
  • STILLE

Healthcare Policies and Regulatory Landscape

The stringent regulatory climate for medical equipment, including instruments used in cardiac surgery, is part of Japan's advanced healthcare system. The regulatory agency in charge of overseeing medical devices in Japan is the Pharmaceuticals and Medical Devices Organization (PMDA), which answers to the Ministry of Health, Labour, and Welfare (MHLW). Prior to being marketed and sold in Japan, every medical gadget requires PMDA approval. The device's production processes, safety records, and efficacy data are all thoroughly examined as part of the approval process. Following approval, a device is subject to ongoing regulatory requirements, such as post-market surveillance and the reporting of unfavourable outcomes.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Cardiac Surgery Instruments Market Segmentation

By Type (Revenue, USD Billion):

The market is divided into segments in this study based on the goods, applications, end users, and geographical areas. The market is divided into forceps, scissors, needle holders, clamps, and other cardiac surgery instruments based on the product. In 2017 the forceps category led the market, and it is anticipated that it will increase at the fastest rate going forward. The rise in heart surgeries and the frequent usage of forceps in most cardiac procedures are credited with the segment's strong growth.

  • Forceps
  • Vascular Forceps
  • Grasping Forceps
  • Other Forceps
  • Needle Holders
  • Scissors
  • Clamps
  • Other Cardiac Surgical Instruments

By Application (Revenue, USD Billion):

The market is further segmented by application into paediatric cardiac surgery, heart valve surgery, coronary artery bypass graft (CABG), and other applications. The Japan market's largest and fastest-growing application segment is CABG. This is mostly explained by the increased prevalence of heart illnesses and the consequent rise in surgical treatments. The second-largest category is heart valve surgery.

  • Coronary Artery Bypass Graft (CABG)
  • Heart Valve Surgery
  • Pediatric Cardiac Surgery
  • Other Applications

By End User (Revenue, USD Billion):

Based on the end user, the market is segmented into hospitals and cardiac centers, and ambulatory surgery centers. The hospitals and cardiac centers segment is expected to dominate the market for cardiac surgery instruments. Growth in this end-user segment can be attributed to the increasing incidence of cardiac and heart valve diseases and the subsequent increase in the number of cardiac surgery procedures.

  • Hospitals and Cardiac Centers
  • Ambulatory Surgery Centers

Insights10 will provide you with the reports within 10 key parameters which are:

  1. Market Overview
  2. Market Growth Drivers & Restraints
  3. Epidemiology of Disease Type
  4. Market Segmentation
  5. Market Share
  6. Competitive Landscape
  7. Key Company Profiles
  8. Healthcare Policies & Regulatory Framework
  9. Reimbursement Scenario
  10. Factors Driving Future Growth

Based on our many years of experience, we believe that these are the parameters that are critical to decision-making for business stakeholders. Our focused approach to developing reports focused on 10 key parameters, enabled us to arrive at the name “Insights10”.

 

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Primary Interviews: We have developed a network of experts, freelancers, and researchers across countries through which we engage with local experts to gather key data points and assumptions about each market. We also engage regularly with some of the best market research agencies such as Atheneum, GuidePoint, GLG, etc. to conduct surveys and interviews, and build intelligence. We have language translators as a part of our team, who between them can cover 30+ languages allowing us to extract better local insights.

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Stage II: Market Data Analysis and Statistical Model

Market Trends: We generally look at macro parameters and micro indicators. The macro parameters include changes in government policies, demand and supply of the market, government intervention programs, and major market share. The micro indicators are GDP growth, market size, market volume, etc. We also understand nuances specific to each country like the US, Canada, India, Germany, etc., and have worked across 60+ countries and hence not only understand global trends but how these differ by country, how payment models, market structure, cultural parameters, etc. differ in each country.

Market Sizing and Analysis: Our expert data analytics team has created various market forecast models by employing the top-down approach i.e. starting with the large overall market and segmenting different areas and the bottom-up approach i.e. starting with population and epidemiology and rolling up based on spend, etc., estimating the size of the market, and distributing among the geographic and/or product segments.

The top-down approach is mainly used for new product forecasting and the bottom-up approach is used for demand estimation of any product for different countries summed up to form the total market. We are able to round off insights and build stronger forecasts because we always do both these methods and triangulate the final numbers.

The study on the market covers the analysis of the leading geographies such as Asia-Pacific, Africa, Europe, Middle East, North America, and  Latin America for the period of 2022 to 2030. The qualitative analysis covers the industry landscape and trends, market opportunities, competitive landscape, and policy and regulatory scenario, and the quantitative analysis covers different market estimates and forecasts.

Data Triangulation & Validation:

Data triangulation of various sources and results of the research are carried out by benchmarking with reliable sources such as industry statistics, statistical databases, and company-level averages, etc.

We make sure to finalize the numbers in alignment with the market research. Firstly, our internal experts ensure thorough validation and checking to ensure accurate and precise analysis and then validation is also done using a multiple-data analysis model. Two-level validation is done and entails the finalization of the report scope and the way of representation pattern.

 

 

Stage III: Interpretation and Presentation

Analysis & Interpretation: The information gathered is then analyzed and synthesized. The second series of interviews are done if necessary to check and validate. The future opportunities are analyzed by understanding product commercialization and many other factors. It also comprises the analysis of data discrepancies observed across various data sources. Information procured from secondary and primary results is then, interpreted by considering the following parameters: (a partial list)

  • Establishing market drivers and trends
  • Analyzing the regulatory landscape to understand future growth
  • Market Segment based analysis to obtain revenue/volume
  • ​Analyzing current needs and determining penetration to estimate the market

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Data curated from the analysis and interpretation are drawn to portray all in one consolidated report.

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The foreign exchange rates are calculated on the respective dates and for the respective regions covered in the study.

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Last updated on: 30 March 2023
Updated by: Riya Doshi

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