Estonia: Medical Instruments Market 2024

Medical Instruments Market Size in Estonia

In 2022, the Estonian medical instruments market increased by 11% to $X, rising for the fifth year in a row after three years of decline. Over the period under review, consumption showed a significant increase. Medical instruments consumption peaked in 2022 and is expected to retain growth in the near future.

Medical Instruments Production in Estonia

In value terms, medical instruments production totaled $X in 2022 estimated in export price. In general, production showed a noticeable slump. The most prominent rate of growth was recorded in 2013 with an increase of 30% against the previous year. Medical instruments production peaked at $X in 2018; however, from 2019 to 2022, production failed to regain momentum.

Medical Instruments Exports

Exports from Estonia

For the third year in a row, Estonia recorded growth in overseas shipments of instruments used in medical sciences, which increased by 71% to X tons in 2022. Over the period under review, exports enjoyed a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 191%. The exports peaked in 2022 and are expected to retain growth in the near future.

In value terms, medical instruments exports skyrocketed to $X in 2022. In general, total exports indicated a prominent increase from 2012 to 2022: its value increased at an average annual rate of +7.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +113.4% against 2015 indices. The most prominent rate of growth was recorded in 2013 when exports increased by 35%. The exports peaked in 2022 and are expected to retain growth in the near future.

Exports by Country

Russia (X tons) was the main destination for medical instruments exports from Estonia, accounting for a 44% share of total exports. Moreover, medical instruments exports to Russia exceeded the volume sent to the second major destination, Germany (X tons), twofold. The third position in this ranking was taken by Denmark (X tons), with a 6.1% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +29.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (+33.6% per year) and Denmark (+221.8% per year).

In value terms, the largest markets for medical instruments exported from Estonia were Germany ($X), Russia ($X) and Ukraine ($X), together accounting for 86% of total exports.

Ukraine, with a CAGR of +141.3%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average medical instruments export price amounted to $X per ton, dropping by -32.2% against the previous year. Overall, the export price recorded a sharp reduction. The most prominent rate of growth was recorded in 2019 when the average export price increased by 59%. As a result, the export price attained the peak level of $X per ton. From 2020 to 2022, the average export prices remained at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Ukraine ($X per ton), while the average price for exports to Greece ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Ukraine (+43.1%), while the prices for the other major destinations experienced a decline.

Medical Instruments Imports

Imports into Estonia

In 2022, purchases abroad of instruments used in medical sciences increased by 30% to X tons, rising for the sixth year in a row after two years of decline. In general, imports recorded a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 212% against the previous year. Imports peaked in 2022 and are likely to continue growth in the near future.

In value terms, medical instruments imports stood at $X in 2022. Overall, imports enjoyed a resilient expansion. The pace of growth was the most pronounced in 2020 when imports increased by 27%. Imports peaked in 2022 and are likely to continue growth in the near future.

Imports by Country

Germany (X tons), the Netherlands (X tons) and Sweden (X tons) were the main suppliers of medical instruments imports to Estonia, with a combined 69% share of total imports. France, Italy, Lithuania, Poland, Latvia, the UK, Finland and the Czech Republic lagged somewhat behind, together accounting for a further 26%.

From 2012 to 2022, the biggest increases were recorded for the Czech Republic (with a CAGR of +96.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of instruments used in medical sciences to Estonia, comprising 27% of total imports. The second position in the ranking was taken by the Netherlands ($X), with an 11% share of total imports. It was followed by the Czech Republic, with a 10% share.

From 2012 to 2022, the average annual growth rate of value from Germany totaled +17.1%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+33.2% per year) and the Czech Republic (+89.7% per year).

Import Prices by Country

The average medical instruments import price stood at $X per ton in 2022, declining by -14.5% against the previous year. In general, the import price faced a dramatic decrease. The most prominent rate of growth was recorded in 2016 when the average import price increased by 56%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the Czech Republic ($X per ton), while the price for Sweden ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Czech Republic (-3.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform