Dublin, June 28, 2024 (GLOBE NEWSWIRE) -- The "Japan MRI Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Japan MRI market is projected to grow at a CAGR of 3.56% during the forecast period.
MRI is a medical imaging technique that uses a powerful magnetic field and radio waves to generate detailed images of internal body structures, particularly soft tissues like the brain, muscles, joints, and organs. It is a non-invasive diagnostic tool used in Japan, where the country has a modern healthcare system with advanced medical imaging facilities.
Japanese hospitals and clinics use MRI for various diagnostic purposes, including neurological, orthopedic, and abdominal conditions. The availability and quality of MRI services in Japan can vary based on location and healthcare facility. Despite its advanced medical technology, MRI remains a standard tool in Japan's healthcare system.
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.
MARKET DRIVERS:
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.
A significant 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.
MARKET RESTRAINT:
High cost of MRI devices
The high cost of MRI systems in Japan can significantly impact the market due to budget constraints, affordability, and accessibility issues. Healthcare institutions may struggle to invest in or upgrade their technology, while rural and underserved areas may face challenges in acquiring and maintaining high-cost MRI systems. Operational costs, including maintenance and staff training, also pose challenges for healthcare facilities. Government policies and reimbursement structures can also influence the financial viability of MRI services, potentially impacting the adoption and usage of these technologies.
Key Topics Covered:
1. INTRODUCTION
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. CXO Perspective
5. JAPAN MRI MARKET, BY TYPE
5.1. Introduction
5.2. Closed
5.2.1. Market Opportunities and Trends
5.2.2. Growth Prospects
5.2.3. Geographic Lucrativeness
5.3. Open
6. JAPAN MRI MARKET, BY APPLICATION
6.1. Introduction
6.2. Screening
6.2.1. Market Opportunities and Trends
6.2.2. Growth Prospects
6.2.3. Geographic Lucrativeness
6.3. Diagnosis
6.4. Treatment Monitoring
6.5. Research
7. COMPETITIVE ENVIRONMENT AND ANALYSIS
7.1. Major Players and Strategy Analysis
7.2. Market Share Analysis
7.3. Mergers, Acquisitions, Agreements, and Collaborations
7.4. Competitive Dashboard
8. COMPANY PROFILES
8.1. General Electric Company
8.2. Siemens Healthcare GmbH
8.3. Koninklijke Philips N.V.
8.4. Hitachi Medical Systems Europe
8.5. Canon Medical Systems Europe B.V.
For more information about this report visit https://www.researchandmarkets.com/r/q42p9v
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