The Japan urology ultrasound equipment market is expected to reach US$ 39.22 Mn in 2027 from US$ 21.16 Mn in 2018. The market is projected to grow with a CAGR of 7.2% from 2019-2027.
The growth of the urology ultrasound equipment market is attributed to the increasing urological disorders in the elderly population and the growing medical devices industry in Japan. However, the market is expected to get impacted by risk factors, such as an alternative to ultrasound technology during the forecast period. Additionally, other factors, such as revival in the use of ultrasound, have contributed to the growth of the Japan urology ultrasound equipment market. Japan is among developed countries and is experiencing a drastic demographic shift, which is estimated to affect its countries around the world. The country has the highest number of the elderly population in the Asia Pacific region. It is also accounted for among the top countries in the world with the highest elderly population. The rise in the elderly population is observed due to the decreasing birth rate. The declining birth rate is attributed due to factors such as changing lifestyles, marriages in late ages, and others. According to the Health, Labor and Welfare Ministry data published in December 2018, states that in 2018 approximately 921,000 were born. The numbers were nearly 25,000 less than the previous year. Thus, the declining birth rate is leading to the growing elderly population. Thus, the higher incidence rate of prostate cancer and colorectal cancer in Japan is estimated to drive imaging and diagnosing services across the country. Also, it is expected that rising diagnosing and imaging services for the urological disorders are likely to raise demand for the urology ultrasound equipment during the forecast period.
In 2018, the trolley/ cart based accounted for the largest market share in the Japan urology ultrasound equipment market by type. Higher applications of trolley/ cart based ultrasound, more accuracy in diagnostic capacities, and high performance are the major factors driving growth. However, the point-of-care segment is projected to grow at the highest CAGR over the forecast period, 2019-2027, owing to increasing acceptance of point-of-care ultrasound by healthcare professionals are the major factors driving growth.
In 2018, the hospitals and surgical centers segment held the largest share of the market, by the end user. This segment is also anticipated to account for the highest share in 2027 owing to the increasing number of hospitals and surgical centers across the country and the rapid growth of different diagnostic procedures. Moreover, the hospitals and surgical centers segment are anticipated to witness growth at a significant rate during the forecast period, 2019 to 2027.
Some of the major primary and secondary sources for urology ultrasound equipment included in the report are Japan Society of Clinical Oncology, Food and Drug Administration (FDA), Japan External Trade Organization (JETRO), and others.