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MEDICAL MARKET RESEARCH REPORTS

The Medical Device Market: Finland

Opportunities and Challenges

OVERVIEW OF THE MEDICAL MARKET IN FINALND

Finland is one of the northernmost countries in Europe and covers around 338,000km², of which 10% is water. The population is estimated at 5.4 million in 2012.

The Finnish market for medical devices is predicted to increase by 5.2% per annum to attain a value of US$1,356.5 million by 2017. The current market size is estimated to be US$1,054.2 million, equal to US$196 per capita.

For 2011, imports totalled US$902.2 million and exports US$1,469.5 million, maintaining Finland’s positive balance of trade. Exports of dental products, the largest category, were up 12.8% to US$355.8 million. Dental X-ray apparatus, a particular strength, increased 14.2% to US$225.3 million.

The public health system has developed from a hospital-centred model into a system where the main emphasis is on prevention, promotion and primary services. A new Health Care Act proposed in June 2010, which will give patients more choice about where they are treated, is the first part of a total reform of the health and social system that the Finnish government wants to introduce.

Healthcare expenditure is estimated at US$26.4 billion in 2011, over three quarters of which is public.

Finland suffered an economic slump in 2009, with GDP falling 7.8%, according to figures from Business Monitor International. The economy began to recover in 2010, with growth of 3.2%, and is predicted to grow 0.1% in 2012.

Domestic production of medical devices is from many small scale enterprises, focusing on niche markets. The largest domestic producer, Instrumentarium, became a subsidiary of GE in 2004.


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Related Pages

The Medical Device Market Denmark

The Medical Device Market France

For more information please click on the link to Espicom’s Medical Market Reports