Espicom


The Medical Device Market: Estonia

Published 24 September 2014

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The Medical Device Market: Estonia

Espicom Industry View:   The medical device market is set to grow at a higher CAGR between 201 3 and 201 8 than was recorded for the 2008-2013 period. However, the small size of the market limits scope for the purchase of more expensive items. The medical device market is largely supplied by imports, principally from Western suppliers. The balance of trade has been positive since 2011, due to export growth . There is a small domestic production sector but this tends to concentrate on exports to Western Europe and former Soviet countries .

Headline Industry Forecasts

  • The medical device market is valued at US$150.0mn in 2013, equivalent to US$116.6 per capita. The market is projected to grow at a CAGR of 4.3% over the forecast period, reaching US$184.9mn in 2018, equal to US$145.7 per capita.

  • Medical device imports supply around 80% of the medical device market. Imports grew at a CAGR of 1.8% in US dollar terms and 4.0% in euro terms between 2008 and 2013. The running annual total reached US$127.3mn in the 12 months to June 2014, representing y-o-y growth of 7.9%.

  • Medical device exports grew at a CAGR of 9.0% in US dollar terms and 11.3% in euro terms between 2008 and 2013. The running annual total reached US$129.5mn in the 12 months to June 2014, representing a y-o-y decrease of 2.5%. Due to export growth since 2011, the balance of trade amounted to a surplus of US$7.9mn in 2013.

  • Domestic medical device production is estimated to be over US$150mn. The industry has particular strengths in endoscopic apparatus, fixation devices, therapy apparatus and hearing aids.

Headline Industry Risk/Reward Rating

  • Estonia is the eighth most attractive market in Central and Eastern Europe (CEE) in which to commercialise a medical device in Q414, one ranking down from Q314, according to BMI Espicom's Medical Device Risk/Reward Ratings (RRRs). The country's overall score is 57.2 out of 100 in Q414, down from 57.8 in Q314. This compares to a regional average...

OVERVIEW OF THE MEDICAL MARKET IN ESTONIA

Funding for healthcare in Estonia is principally through a national health insurance system, which came into effect in the 1990s. Healthcare is supposed to be available free under it, but funding has never matched demand, and patient payments for services remain common.

In 2013, the Estonian market for medical equipment and supplies is estimated at US$152.9 million, or US $114.2 per capita. The small size of the market limits scope for the purchase of more expensive items. The market is projected to grow at a CAGR of 4.1% over the forecast period, reaching US$186.6 million in 2018, equal to US$140.0 per capita.

Nearly 80% of the medical device market is supplied by imports, principally from western suppliers. There is a small domestic production sector, but this tends to concentrate on exports, to Western Europe and the former USSR.

Medical device imports experienced growth of 3.7% in 2012 in US dollar terms, reaching US$107.7 million. The 2007-2012 CAGR was 2.6%. A fall of 12.0% was registered in 2009, when the economic crisis took its toll, with patient aids, dental products and diagnostic equipment especially hard hit. The leading product area in 2012 was consumables, valued at US$21.1 million, a decrease of 10.0% compared with the previous year and equivalent to 19.6% of total imports.

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