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Japan’s Healthcare Market Poised for Stability After Ishiba’s Election Amidst Aging Population Issues
Japan’s new Prime Minister Shigeru Ishiba is expected to stabilize the healthcare market and promote growth in health expenditures while accelerating adoption of digital health technologies amid challenges from an ageing population.
Japan’s new Prime Minister Shigeru Ishiba is expected to stabilize the healthcare market and promote growth in health expenditures while accelerating adoption of digital health technologies amid challenges from an ageing population.
Key View
- Japan’s election of new Prime Minister Shigeru Ishiba will support stability within the healthcare market and promote steady health expenditure growth over the 2023-2028 period.
- We expect Ishiba to support and accelerate Japan’s adoption of digital health technologies including artificial intelligence-driven tools and telemedicine.
- Japan’s ageing population will be a key challenge for Ishiba and any future leadership, as demand for care and health expenditure will continue to rise significantly.
Japan’s election of new Prime Minister (PM) Shigeru Ishiba will support stability within the healthcare market and promote steady health expenditure growth over the 2023-2028 period. Ishiba was elected president of the ruling Liberal Democratic Party (LDP) on September 27 2024, succeeding Fumio Kishida, who stepped down due to declining approval ratings. Ishiba defeated Economic Security Minister, Sanae Takaichi and seven other rivals. The new PM has called an early general election for October 27 2024, well ahead of the October 2025 deadline.
Our Country Risk team believes that Ishiba is well-placed to maintain the LDP’s majority, although the party might lose a small number of seats to its main opposition, the Constitutional Democratic Party of Japan. With the LDP likely to maintain its majority, Japan’s healthcare market would benefit from continued political and policy stability. This stability will help to sustain recent trends within the sector, including steady growth in health expenditure and the increasing adoption of digital health technologies within the healthcare system.
Japan’s healthcare market is poised for increased stability following the anticipated election of Shigeru Ishiba, who has a deep understanding of the nation’s pressing healthcare challenges. As Japan faces a rapidly aging population, with nearly one-third of its citizens aged 65 and over, the demand for sustainable healthcare solutions is paramount. Ishiba’s leadership is expected to prioritize reforms that address the needs of this demographic, ensuring that quality care becomes more accessible.
Ishiba’s policy proposals focus on enhancing the efficiency of healthcare delivery systems and expanding investment in medical technology. This strategic approach aims to optimize resources and reduce the financial burden on both patients and the government. By fostering innovation in healthcare practices, Japan can better equip itself to handle the complexities associated with an aging society, including increased chronic health conditions and long-term care requirements.
Moreover, a stable healthcare market under Ishiba’s leadership will likely attract both domestic and foreign investments. Investors are increasingly recognizing Japan’s potential for growth in sectors such as telemedicine and elder care services. This influx of investment can further strengthen the healthcare infrastructure, ensuring that it evolves to meet the needs of the population, ultimately contributing to a healthier and more resilient society.
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