Japan’s medical devices and healthcare market offer business opportunities for innovative British companies. It is the second largest medical devices market after the US with a large number of hospitals. It offers universal access and national healthcare services, and the world’s highest life expectancies. Premium pricing is also available for healthcare innovations.
With a market size of £19.8 billion in 2014, Japan’s medical devices market heavily relies on imports, especially for therapeutic devices, which consist of nearly 50% of the total domestic sales volume. The UK is ranked as the 8th largest exporter of medical devices to Japan. Since the revision of the Pharmaceutical and Medical Devices Act in 2014, regulations on medical devices have been modified to allow faster and easier access to the Japanese medical devices market. Japan’s approval process is now roughly equivalent to the US.
Japan offers a great opportunity for UK companies involved in the development of innovative medtech and medical device, especially for therapeutic devices. The top 5 main therapeutic device categories are:
1) artificial internal organ apparatus and assist device;
2) operating equipment and supplies;
3) ophthalmic goods;
4) diagnostic imaging system; and
5) therapeutic and surgical equipment.
The Japanese government is leading on the following 5 key focused area: Surgical robot, artificial organ/ tissues, minimum invasive surgery, diagnostic imaging, home medical treatment equipment.
About the speaker
Mr. Taiki Ishikura, Director & Chief Business Officer of Japan Organisation for Medical Device Development Inc (JOMDD).
JOMDD is the first-ever medical device incubator in Japan, sourcing early-stage technologies from overseas and commercialise them globally.
JOMDD has strong ties with Japanese universities, medium-sized companies and governments with a nationwide network having a strategic alliance with the largest MD association, Japan Medical Association.
For more information: https://jomdd.com/en/