|By PR Newswire||
|September 2, 2013 09:07 AM EDT||
NEW YORK, Sept. 2, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
The Northern European countries are projected to represent a combined medical device market value of US$8.7 billion by 2017
The seven Northern European medical device markets are diverse, from the stable well-developed markets of Scandinavia to the less well-funded healthcare systems of the Baltic States. The Eurozone crisis is affecting these markets but opportunities still exist. Healthcare provision remains a high priority for governments in the region and countries such as Sweden are keen to be at the forefront of technological development.
Highlights from the Region
The size of the Danish medical device market was estimated at US$1,615 million in 2012, equal to US$288 per capita. The market is expected to expand by a CAGR of 5.9% until 2017, reaching US$2,151 million, or US$377 per capita. Denmark has a stable political system and a prosperous economy. However, it was affected by the global economic downturn, with two consecutive years of negative GDP growth (-0.8% in 2008 and -5.8% in 2009) before GDP recovered in 2010 (1.3%). A further contraction was seen in 2012, due to the country's high degree of trade with Eurozone members and the currency peg to the euro. Real GDP growth of 1.2% is forecast for 2013, and the economy is expected to grow by an average 1.9% per annum between 2014 and 2018. The latest trade data for Danish medical device equipment showed that in 2011, imports increased by 12.7% to US$1.7 billion, whilst exports rose by 14.2% to US$3.0 billion. Denmark maintained its positive balance of trade.
Finland is one of the northernmost countries in Europe and covers around 338,000km2, of which 10% is water. The population is estimated at 5.4 million in 2012.
The Finnish market for medical devices is predicted to increase by 5.2% per annum to attain a value of US$1,356.5 million by 2017. The current market size is estimated to be US$1,054.2 million, equal to US$196 per capita.
For 2011, imports totalled US$902.2 million and exports US$1,469.5 million, maintaining Finland's positive balance of trade. Exports of dental products, the largest category, were up 12.8% to US$355.8 million. Dental X-ray apparatus, a particular strength, increased 14.2% to US$225.3 million.
The size of the Norwegian medical device market was estimated to be US$1.1 billion in 2012, equal to US$229 per capita. The market is expected to grow by a CAGR of 3.9% to reach US$1.4 billion by 2017, equal to US$270 per capita. Due to the small scale of domestic production, any increases in market demand are likely to be met by imports. In 2011, imports increased by 9.3% to US$1,029.4 million. Norway has a stable, affluent economy but was nevertheless affected by the global economic downturn. Real GDP fell by 1.7% in 2009, according to figures from BMI, but it recovered in 2010 and is due to grow at an average 2.3% per annum between 2013 and 2017. Healthcare expenditure has continued its steady growth in recent years, increasing by a 2006-11 CAGR of 8.8% to reach US$4.4 billion, with private expenditure accounting for around 16% of the total.
The medical device market in 2012 is estimated to be US$2.5 billion, equal to US$265 per capita, and equivalent to 5.0% of total health expenditure, 0.8% of the world market and 0.5% of Sweden's GDP. The market is expected to increase at a CAGR of 4.6% per annum over the forecast period, to be worth US$3.2 billion by 2017.
Having recovered from a deep recession in 2009, the Swedish economy is once again stalling. BMI has revised its real GDP growth forecasts down to 1.2% in 2013 (from 2.0%), and to 2.6% in 2014 (from 3.8%).
Sweden is faced with one of the largest elderly populations proportionally in the world. Healthcare provision remains a high government priority. Consequently, the government is heavily promoting preventative care in an effort to reign in ever rising healthcare expenditure.
4 separate reports
These Quarterly Updated Reports Analyse the Issues
Northern Europe Medical Device Markets is published by Espicom. Each report provides an individual and highly-detailed analysis of each market, looking at the key regulatory, political, economic and corporate developments in the wider context of market structure, service and access. The reports are available individually or as a discounted collection, and the price includes 4 completely updated reports sent quarterly and details of local medical equipment distributors.
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