Japan is an extremely hot medtech market; they are the world’s third largest importer of medical devices and are among the world’s top 10 largest medical device exporters, according to a report published in December, 2014. The Japanese have brought their standard of technological excellence to the medical technology and medical device market, infused by the Japanese government’s recent revitalization plans that include a roadmap to ensure Japan’s future as a global competitor in medtech manufacturing.
One subtle but formidable impetus for the rapid progress of Japan’s medical device market is their demographic profile. Japan has one of the world’s oldest populations, with over 25% of Japan’s population already aged 65 or older according to The World Bank. Innovation happens where there is the greatest need, and the need for life-saving and life-improving medical technologies is as evident for Japan as it is across the pond.
I smell opportunity, and largely untapped, to boot. The medical devices market in Japan is lucrative and growing, and the pipeline for device manufacturing is well-laid. The latest iteration of Japan’s Innovation 25 strategy outlines their “innovation program” as a cohesive sharing of ideas, expertise and IP among academia, government, and industry. They have a truly collaborative model based on key cultural standards that value creating excellence at every level of society. According to a report from the U.S. Department of Commerce, International Trade Administration, Japan’s science and technology and its manufacturing competitiveness strategic roadmaps are inextricably linked and well funded.
How can you tap into this growing market? The first dedicated international medtech partnering conference will take place in Japan this May 28–29, 2015. Medtech Partnering Forum will bring leading life science executives and decision makers to Tokyo to participate in one-to-one partnering meetings with innovative medtech companies. This is an unmatched opportunity to get in on the ground floor of the Japan medtech market.