Market Insights Health Medical Technology Medical Devices

Other Medical Devices - Finland

Finland

In Finland, the projected revenue for the Other Medical Devices market market is estimated to reach US$293.80m in 2024.
Looking ahead, the market is expected to experience a steady annual growth rate (CAGR 2024-2029) of 2.92%, leading to a market volume of US$339.20m by 2029.
It is worth noting that in a global comparison, the United States is anticipated to generate the highest revenue, amounting to US$58,900.00m in 2024.
Despite being a small market, Finland is a leader in innovative medical technology, especially in the field of other medical devices.

Key regions: United Kingdom, China, Netherlands, Europe, Italy

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Analyst Opinion

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

Customer preferences: In Finland, customers have a strong preference for high-quality and innovative medical devices. They value devices that are technologically advanced, reliable, and efficient. Customers also prioritize devices that are user-friendly and easy to use, as well as those that offer a high level of accuracy and precision in their measurements. Additionally, customers in Finland are increasingly seeking devices that are environmentally friendly and sustainable, reflecting the country's commitment to sustainability and eco-consciousness.

Trends in the market: One of the key trends in the Other Medical Devices market in Finland is the increasing adoption of digital health technologies. This includes devices such as wearable health trackers, remote monitoring devices, and telemedicine solutions. The demand for these devices has been driven by the growing need for remote healthcare services and the desire for more personalized and convenient healthcare options. The COVID-19 pandemic has further accelerated the adoption of digital health technologies, as it has highlighted the importance of remote healthcare and monitoring. Another trend in the market is the rising focus on preventive healthcare. Finnish customers are increasingly investing in devices that help them monitor their health and prevent potential health issues. This includes devices such as blood pressure monitors, glucose meters, and cholesterol monitors. The emphasis on preventive healthcare is driven by the desire to lead healthier lifestyles and reduce the risk of chronic diseases.

Local special circumstances: Finland has a well-developed healthcare system that provides universal access to healthcare services. This has created a favorable environment for the growth of the Other Medical Devices market, as customers have easy access to healthcare facilities and can afford to invest in medical devices. Additionally, Finland has a high level of healthcare expenditure per capita, indicating a strong demand for medical devices.

Underlying macroeconomic factors: The Finnish economy has been growing steadily in recent years, which has contributed to the growth of the Other Medical Devices market. The country has a high standard of living and a strong healthcare infrastructure, which creates a favorable environment for the development and adoption of medical devices. Additionally, Finland has a well-educated population with a high level of health literacy, which further drives the demand for medical devices. In conclusion, the Other Medical Devices market in Finland is experiencing growth and development due to customer preferences for high-quality and innovative devices, the adoption of digital health technologies, the focus on preventive healthcare, the favorable healthcare system, and the overall macroeconomic factors in the country.

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.