Medical Technology - Nordics

Nordics

The Medical Technology market market in the Nordics is estimated to achieve a revenue of US$7.75bn by the year 2024.
Among the markets, Medical Devices hold the largest share with a projected market volume of US$6.67bn in the same year.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 4.48%, resulting in a market volume of US$9.65bn by 2029.
In comparison to other countries, the United States is expected to generate the highest revenue, amounting to US$211.10bn in 2024.
The Medical Technology market market in the in Nordics is an important sector with significant growth prospects.
Sweden, with its strong research and development ecosystem, is leading the way in innovative medical technology solutions in the Nordics.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Medical Technology market in Nordics is experiencing significant growth and development. Customer preferences in the Nordics are driving the demand for innovative and advanced medical technology solutions. The population in this region is highly educated and has a strong focus on healthcare and wellness. Customers in the Nordics value high-quality healthcare services and are willing to invest in cutting-edge medical technology to improve patient outcomes. They are also increasingly seeking personalized and patient-centric healthcare solutions, which has led to a rise in the adoption of digital health technologies and telemedicine. Trends in the market indicate a shift towards remote patient monitoring and home healthcare solutions. The aging population in the Nordics is creating a higher demand for healthcare services, and medical technology companies are responding by developing devices and technologies that enable patients to receive care in the comfort of their own homes. This trend is not only more convenient for patients but also helps in reducing the burden on healthcare facilities and improving overall healthcare efficiency. Another trend in the market is the increasing use of artificial intelligence (AI) and machine learning (ML) in medical technology. AI and ML algorithms are being used to analyze large amounts of patient data and provide valuable insights for diagnosis, treatment planning, and disease management. This technology has the potential to revolutionize healthcare delivery in the Nordics by enabling more accurate and personalized care. Local special circumstances in the Nordics, such as the well-established healthcare infrastructure and strong government support, contribute to the growth of the medical technology market. The Nordics have a reputation for providing high-quality healthcare services, and the governments in this region invest heavily in healthcare and medical research. This creates a favorable environment for medical technology companies to develop and market their products. Underlying macroeconomic factors, such as a stable economy and high disposable income, also play a role in the growth of the medical technology market in the Nordics. The Nordics have a strong economy and a high standard of living, which allows individuals to afford advanced medical technology solutions. Additionally, the region has a well-developed healthcare insurance system, which further incentivizes the adoption of medical technology. In conclusion, the Medical Technology market in the Nordics is experiencing growth and development due to customer preferences for innovative and advanced healthcare solutions, trends towards remote patient monitoring and AI-driven technologies, local special circumstances including a well-established healthcare infrastructure and government support, and underlying macroeconomic factors such as a stable economy and high disposable income.

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.