Market Insights Health Medical Technology

Medical Devices - Finland

Finland

The projected revenue in the Medical Devices market market in Finland is estimated to reach US$1,054.00m in 2024.
Among the various markets within the market, the largest market share is held by Cardiology_Devices, which is projected to have a market volume of US$138.40m in 2024.
Looking ahead, the industry is expected to experience a steady annual growth rate of 4.70% between 2024 and 2029, resulting in a market volume of US$1,326.00m by 2029.
When compared globally, it is worth noting that the United States is anticipated to generate the highest revenue, amounting to US$181.00bn in 2024.
Finland's medical device market is thriving, driven by its strong healthcare system, innovative technologies, and a focus on research and development.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Finland is experiencing steady growth and development due to several key factors.

Customer preferences: Customers in Finland have a strong preference for high-quality and innovative medical devices. They prioritize products that are technologically advanced, reliable, and offer superior performance. Additionally, customers in Finland value products that are user-friendly and easy to operate. They also place a high importance on safety and efficiency when it comes to medical devices.

Trends in the market: One of the major trends in the Medical Devices market in Finland is the increasing demand for digital health solutions. With the advancement of technology, there is a growing interest in wearable devices, remote monitoring systems, and telemedicine solutions. These digital health solutions offer convenience, accessibility, and the ability to track and monitor health conditions in real-time. This trend is driven by the desire for more personalized and proactive healthcare. Another trend in the market is the focus on sustainability and eco-friendly practices. Customers in Finland are becoming more conscious of the environmental impact of medical devices and are demanding products that are manufactured using sustainable materials and processes. This trend is in line with the overall sustainability goals of the country and reflects the growing awareness of environmental issues among the population.

Local special circumstances: Finland has a well-developed healthcare system that provides universal access to healthcare services. This ensures a consistent demand for medical devices across the country. Furthermore, Finland has a strong research and development sector, which contributes to the development of innovative medical devices. The country also has a supportive regulatory environment that encourages the adoption of new technologies and the introduction of new medical devices into the market.

Underlying macroeconomic factors: Finland has a stable and prosperous economy, which provides a favorable environment for the growth of the Medical Devices market. The country has a high standard of living and a well-educated population, which contributes to the demand for advanced medical devices. Additionally, Finland has a strong healthcare infrastructure and a high level of healthcare expenditure, which further supports the growth of the Medical Devices market. In conclusion, the Medical Devices market in Finland is driven by customer preferences for high-quality and innovative products, as well as the increasing demand for digital health solutions and sustainable practices. The local special circumstances, such as the well-developed healthcare system, supportive regulatory environment, and strong research and development sector, contribute to the growth and development of the market. The underlying macroeconomic factors, including the stable economy and high healthcare expenditure, also support the growth of the Medical Devices market in Finland.

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.