The Japanese home medical equipment market is anticipated to grow at a CAGR of 6.2% during the forecast period (2020-2026). Japan is a developed Asian country with high healthcare expenditure. One of the reasons for the high healthcare expenditure is the high geriatric population.
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As per Japan’s National Institute of Population and Social Security Research, in 2019 there were around 35.9 million people aged over 65 years, which accounts for 28.4% of the total population. It was 320,000 higher than the last year. Further, it is estimated that the share of the elderly population will reach around 30% by 2025. The elderly population is the most potential user of home medical equipment, hence will significantly aid the growth of the Japanese home medical equipment industry.
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Moreover, cohesive government policies are also expected to fuel market growth. The Japanese people are covered in insurance since 1960. Moreover, a modified insurance plan was introduced in 2000 as LTCI (Long-Term Care Insurance). Under the new plan, people aged over 65 years (Category 1 insured persons) and people with 40-64 years (Category 2 insured persons) of age with age-related diseases are entitled to avail of long-term care services at home or in facilities, irrespective of income level and availability of family caregiving.
During the last two decades, the number of people utilizing facility care is much high than in-home care. As per the Ministry of Health, Labour and Welfare of Japan (MHLW), the number of people using facility care has increased from 0.52 million in 2000 to 0.90 million in 2015, 1.73 times. Whereas the number of people in-home care has increased from 0.97 million in 2000 to 3.82 million in 2015, which is nearly 4.0 times. Hence, high in-home care of the people will promote the demand for home medical equipment in the country.
Market Coverage
- The market number available for – 2019-2026
- Base year- 2019
- Forecast period- 2020-2026
- Segment Covered-
o By Type
o By Distribution Channel
- Competitive Landscape- A&D Co. Ltd., Abbott Laboratories, Cardinal Health Inc., F. Hoffmann-La Roche Ltd., Koninklijke Philips N.V., Takeda Consumer Healthcare Co. Ltd.
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
