DUBLIN, March 9, 2016 /PRNewswire/ --
A recent report published on Research and Markets expects the medical devices market in Japan to grow at a CAGR of 2.49% between 2015 and 2019. According to the report, Japan has seen tremendous improvements in the healthcare infrastructure and is engaged in continuous R&D. Today, Japanese multinational Toshiba Corp granted Canon Inc. exclusive negotiating rights for its medical equipment unit.
Canon has been keen to develop its medical devices business and enter the market in Japan. According to reports, bidding at the auction went much higher than first estimated and Canon eventually offered more than $6.2 billion. Toshiba Medical is one of the world's largest manufacturers of CT scan machines, and also specializes in X-ray and MRI systems, with a revenue of 405.6 billion yen last year.
The global MRI systems market is estimated to reach $7 billion by 2020, registering a CAGR of 6%. The United States, Europe and South East Asia hold about 80% of the market share but Asian countries have the fastest growing markets. The medical devices market in Japan is the second largest market after the medical devices market in the US. People in Japan favor the use of medical technology such as CT and MRI for diagnosis and treatment.
A report on the global portable x ray and CT scan device market is also predicting growth at a rate of 7.51%. Advances in technology have resulted in the development of next-generation innovative devices with increased mobility, connectivity and portability, which is expected to influence the market growth.
Toshiba put its Medical Systems Corporation on the market following a $1.3 billion accounting scandal, with the company admitting it overstated profits from 2009.
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