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(Medical-NewsWire.com, February 12, 2016 ) BMI Industry View: Finland has been one of the faster growing markets in Western Europe (WE), although growth has been modest by global standards. Whilst the large and expanding elderly population would indicate a steady rise in medical device consumption, increasing financial pressures on the healthcare system are likely to constrain future growth rates. Although Finland has a history of high quality domestic production, the majority of output is exported leaving the domestic market heavily dependent on imported products.
Headline Industry Forecasts
The medical device market was valued at US$1.020.7mn in 2013, equal to US$188 per capita, making it one of the smaller markets in WE. The market is projected to grow by a CAGR of 2.6% in US dollar terms and 4.6% in euro terms over the 2013-2018 period to attain a value of US$1.2bn by 2018.
Medical device imports supply around 85% of the medical device market. Between 2008 and 2013, imports grew by a CAGR of 2.8% in US dollar terms. The running annual total reached USD991.7mn in the 12 months to October 2014, representing y-o-y growth of 5.7%. Growth was led by imports of dental products (18.7%), orthopaedics & prosthetics (9.4%) and diagnostic imaging (7.0%).
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Medical device exports grew at a CAGR of 6.2% over the 2008-2013 period in US dollar terms. The running annual total reached US$1.9bn in the 12 months to October 2014, representing y-o-y growth of 5.7%. Exports outweigh imports by some margin, resulting in a sizeable balance of trade surplus, which rose to US$876.0mn in 2013.
Medical device production is estimated to be in the region of US$2.0bn. The industry has particular strengths in diagnostic imaging apparatus, notably electrodiagnostic apparatus and X-ray equipment. Finland's largest domestic manufacturer is GE Healthcare Finland, formerly known as Instrumentarium, and there are also many small scale enterprises, focusing on niche markets.
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Table of Content
Espicom Industry View
SWOT
Medical Device Market
Political
Economic
Industry Forecast
Medical Device Market Forecast
2008-2013 Performance
2013-2018 Performance
Table: Projected Medical Device Market, 2013-2018
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
Consumables Market Forecast
Bandages & Dressings
Suturing Materials
Syringes, Needles & Catheters
Other Consumables
Table: Consumables Market, 2008-2018 (US$mn)
Table: Consumables Market, 2009-2018 (US$mn % Change)
Diagnostic Imaging Market Forecast
Electrodiagnostic Apparatus
Radiation Apparatus
Imaging Parts & Accessories
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
Table: Diagnostic Imaging Market, 2009-2018 (US$mn % Change)
Dental Products Market Forecast
Capital Equipment
Instruments & Supplies
Table: Dental Products Market, 2008-2018 (US$mn)
Table: Dental Products Market, 2009-2018 (US$mn % Change)
Orthopaedics & Prosthetics Market Forecast
Fixation Devices
Artificial Joints
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