Medical Technology - Finland

Finland

In 2024, the Medical Technology market market in Finland is expected to generate a projected revenue of US$1.24bn.
Within this market, the largest market is Medical Devices, which is projected to have a market volume of US$1.05bn in 2024.
Looking ahead, the revenue is anticipated to experience an annual growth rate of 4.29% (CAGR 2024-2029), resulting in a market volume of US$1.53bn by 2029.
It is worth noting that in a global comparison, the United States is expected to generate the highest revenue in the Medical Technology market market, with US$211.10bn projected in 2024.
In Finland, the medical technology market is thriving due to the country's strong focus on research and development in the healthcare sector.

Key regions: United States, Germany, China, Japan, France

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in Finland has been experiencing significant growth in recent years.

Customer preferences: Customers in Finland have shown a strong preference for advanced medical technology solutions. They value products that are innovative, reliable, and efficient. Finnish customers also prioritize products that are user-friendly and can be easily integrated into existing healthcare systems. Moreover, there is a growing demand for personalized healthcare solutions, as customers seek more individualized treatment options.

Trends in the market: One of the key trends in the Medical Technology market in Finland is the increasing adoption of digital health solutions. This includes telehealth services, remote patient monitoring, and digital health platforms. The COVID-19 pandemic has further accelerated this trend, as healthcare providers have had to find innovative ways to deliver care remotely. Digital health solutions not only improve access to healthcare services, but also enhance efficiency and patient outcomes. Another trend in the market is the focus on preventive healthcare. Finnish customers are increasingly proactive about their health and are willing to invest in technologies that can help them monitor and manage their well-being. This includes wearable devices, fitness trackers, and mobile health apps. The emphasis on preventive healthcare is driven by a desire to reduce healthcare costs in the long run and improve overall population health.

Local special circumstances: Finland has a highly advanced healthcare system, which provides a conducive environment for the growth of the Medical Technology market. The country has a strong focus on research and development, and there is a close collaboration between academia, industry, and the government. This collaboration has resulted in the development of cutting-edge medical technologies and the availability of skilled professionals in the field. Furthermore, Finland has a well-established digital infrastructure, which enables the seamless integration of digital health solutions into the healthcare system. The country also has a high level of digital literacy among its population, making it easier for customers to adopt and use digital health technologies.

Underlying macroeconomic factors: The strong growth in the Medical Technology market in Finland can be attributed to several macroeconomic factors. Finland has a stable economy with a high level of disposable income, which allows customers to invest in healthcare technologies. Additionally, the country has an aging population, which is driving the demand for medical devices and technologies that can support the healthcare needs of older adults. Furthermore, Finland has a well-developed healthcare system that provides universal healthcare coverage to its citizens. This ensures that customers have access to healthcare services and creates a favorable market for medical technology companies. The government also provides support for the development and adoption of innovative healthcare technologies through funding and regulatory initiatives. In conclusion, the Medical Technology market in Finland is experiencing significant growth due to customer preferences for advanced and user-friendly solutions, the adoption of digital health technologies, the focus on preventive healthcare, the country's advanced healthcare system, and favorable macroeconomic factors. The market is expected to continue to expand as the demand for medical technology solutions increases and as new innovations emerge.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.