Finland Medical Devices Report

Published 16 February 2015

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Finland Medical Devices Report

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 USD979.7mn in the 12 months to January 2015, representing y-o-y growth of 3.4%. Growth was led by imports of diagnostic imaging (14.5%) and dental products (13.4%).

  • Medical device exports grew at a CAGR of 6.2% over the 2008-2013 period in US dollar terms. The running annual total reached USD1.9bn in the 12 months to January 2015, representing y-o-y growth of 7.3%. Exports outweigh imports by some margin, resulting in a sizeable balance of trade surplus, which rose to USD876.0mn 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.

Headline Industry Risk/ Reward Index

  • Finland ranks as the third least attractive...

Table of Contents

BMI Industry View
9
SWOT
12
Medical Device Market
12
Political
13
Economic
14
Industry Forecast
15
Medical Device Market Forecast
15
2008-2013 Performance
15
2013-2018 Performance
16
Table: Projected Medical Device Market, 2013-2018
17
Table: Detailed Medical Device Market By Product Area, 2008-2018 (US$mn)
18
Consumables Market Forecast
22
Bandages & Dressings
22
Suturing Materials
22
Syringes, Needles & Catheters
23
Other Consumables
23
Table: Consumables Market, 2008-2018 (US$mn)
23
Table: Consumables Market, 2009-2018 (US$mn % Change)
24
Diagnostic Imaging Market Forecast
25
Electrodiagnostic Apparatus
26
Radiation Apparatus
26
Imaging Parts & Accessories
27
Table: Diagnostic Imaging Market, 2008-2018 (US$mn)
27
Table: Diagnostic Imaging Market, 2009-2018 (US$mn % Change)
29
Dental Products Market Forecast
30
Capital Equipment
31
Instruments & Supplies
31
Table: Dental Products Market, 2008-2018 (US$mn)
32
Table: Dental Products Market, 2009-2018 (US$mn % Change)
32
Orthopaedics & Prosthetics Market Forecast
33
Fixation Devices
34
Artificial Joints
34
Other Artificial Body Parts
34
Table: Orthopaedics & Prosthetics Market, 2008-2018 (US$mn)
35
Table: Orthopaedics & Prosthetics Market, 2009-2018 (US$mn % Change)
35
Patient Aids Market Forecast
36
Portable Aids
37
Therapeutic Appliances
37
Table: Patient Aids Market, 2008-2018 (US$mn)
38
Table: Patient Aids Market, 2009-2018 (US$mn % Change)
39
Other Medical Devices Market Forecast
40
Table: Other Medical Devices Market, 2008-2018 (US$mn)
41
Table: Other Medical Devices Market, 2009-2018 (US$mn % Change)
42
Annual Medical Device Imports
43
Table: Medical Device Imports By Product Area, 2009-2013 (US$000s)
47
Table: Medical Device Imports By Product Area, 2009-2013 (US$000s, % Change)
48
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s)
49
Table: Medical Device Imports By Product Area, 2009-2013 (Local Currency 000s, % Change)
50
Table: Top 20 Medical Device Suppliers, 2013 (US$000s)
52
Table: Detailed Medical Device Imports By Product Area, 2009-2013 (US$000s)
53
Table: Detailed Medical Device Import Trends By Product Area, 2013
56
Table: Detailed Leading Medical Device Suppliers By Product Area, 2013 (US$000s)
59
Monthly Medical Device Imports
62
Table: Monthly Medical Device Imports By Product Area, July 2011 - July 2014 (US$mn)
63
Annual Medical Device Exports
65
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s)
68
Table: Medical Device Exports By Product Area, 2009-2013 (US$000s, % Change)
69
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s)
70
Table: Medical Device Exports By Product Area, 2009-2013 (Local Currency 000s, % Change)
71
Table: Top 20 Medical Device Destinations, 2013 (US$000s)
73
Table: Detailed Medical Device Exports By Product Area, 2009-2013 (US$000s)
74
Table: Detailed Medical Device Export Trends By Product Area, 2013
77
Table: Detailed Leading Medical Device Destinations By Product Area, 2013 (US$000s)
80
Table: Detailed Medical Device Trade Balance, 2009-2013 (US$000s)
83
Monthly Medical Device Exports
87
Table: Monthly Medical Device Exports By Product Area, July 2011-July 2014 (US$mn)
87
Macroeconomic Forecasts
89
Economic Analysis
89
Real GDP By Expenditure Breakdown
90
Risks To Outlook
93
Table: GDP By Expenditure (Finland 2011-2018)
94
Industry Risk Reward Ratings
95
Table: WE Medical Device Risk/Reward Ratings, Q115
96
Market Overview
97
Medical Device Market Overview
97
Table: Medical Device Market, Key Ratios, 2013
98
Table: Medical Device Market By Product Area, 2013
99
Healthcare Overview
100
Health Status
100
Healthcare System
100
Healthcare Funding
103
Healthcare Resources
104
Table: Medical Device Technology By Type, 2009-2013 (Units)
105
Healthcare Activity
106
Healthcare Personnel
106
Key Healthcare Data
107
Table: Key Healthcare Data, 2008-2013
107
Industry Trends And Developments
110
Industry Trends & Developments
110
Regulatory Development
113
Medical Device Regulations
113
Competent Authority
113
Notified Bodies
113
Regulations
113
EU Medical Device Regulations
114
Designated Authorities
114
Existing Regulations
114
Proposed Regulatory Changes
115
Implications For The Industry
117
Medical Device Pricing & Reimbursement
119
Reimbursement
119
Health Technology Assessment
120
Competitive Landscape
121
Domestic Medical Device Production
121
Table: Medical Device Production By Product Area, 2009-2013 (EURmn)
121
Table: Medical Device Production By Detailed Product Area, 2009-2013 (EURmn)
122
Table: Medical Device Production By Detailed Product Area, 2009-2013 (US$mn)
125
Table: Medical Device Production By Detailed Product Area, 2009-2013 (% Total)
128
National Medical Device Manufacturers
131
Table: Suominen Corporation, Key Figures, 2009-2013
135
Multinational Medical Device Manufacturers
136
Multinational Market Activity
137
Table: Multinational Market Activity, 2014
137
Medical Device Market Access
138
Market Environment
138
Trade Organisations
138
Table: FiHTA Members, 2014
139
Table: Sai-Lab Members, 2014
140
Trade Shows
143
Methodology
145
Medical Device Market Methodology
145
Trade Code Classifications
146
Table: Used HS Trade Codes, 2014
146
Table: Rearranged HS Trade Codes, 2014
148
Risk/Reward Ratings Methodology
151
Table: Medical Devices Risk/Reward Ratings Indicators, 2014
152
Sources
153
Contact
154

The Finland Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.

Detailed product breakdown for market, trade and production data in Finland provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Finland Medical Devices industry.

Key Benefits

  • Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Finland, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Finland.
  • Target Business Opportunities in the Finland Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Finland.
  • Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.

Coverage

BMI Industry View

Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.

SWOT

SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.

Industry Forecasts

Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.

Macroeconomic Forecasts

Presents macroeconomic forecasts impacting the medical devices market.

Industry Risk Reward Index

Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.

Market Overview

Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.

Industry Trends & Developments

Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.

Regulatory developments

A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.

Competitive Landscape

Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.

Methodology

Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.

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Testimonials

'An essential, multi-faceted research tool. BMI’s thorough understanding of the major market players enables an informed – and informative – review of the sector’s actual performance, together with useful insights into current industry issues, which are topped-off with detailed and invaluable forecasts of industry and macroeconomic trends.’

Senior Research Analyst, ABC International Bank plc