Finland: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Finland

In 2022, after two years of growth, there was significant decline in the Finnish orthopedic prosthetics market, when its value decreased by -14.3% to $X. The market value increased at an average annual rate of +1.1% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 9.8% against the previous year. As a result, consumption attained the peak level of $X, and then shrank in the following year.

Orthopedic Prosthetics Production in Finland

In value terms, orthopedic prosthetics production shrank to $X in 2022 estimated in export price. Over the period under review, production, however, continues to indicate a pronounced curtailment. The pace of growth appeared the most rapid in 2015 when the production volume increased by 36%. Orthopedic prosthetics production peaked at $X in 2013; however, from 2014 to 2022, production stood at a somewhat lower figure.

Orthopedic Prosthetics Exports

Exports from Finland

In 2022, overseas shipments of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were finally on the rise to reach X units for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports posted a resilient increase. The pace of growth appeared the most rapid in 2013 with an increase of 141%. The exports peaked at X units in 2017; however, from 2018 to 2022, the exports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics exports surged to $X in 2022. In general, exports saw a prominent expansion. The pace of growth was the most pronounced in 2013 when exports increased by 203%. Over the period under review, the exports attained the maximum at $X in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

Exports by Country

Russia (X units) was the main destination for orthopedic prosthetics exports from Finland, with a 78% share of total exports. Moreover, orthopedic prosthetics exports to Russia exceeded the volume sent to the second major destination, Belgium (X units), sixfold. The third position in this ranking was taken by the Netherlands (X units), with a 5.5% share.

From 2012 to 2022, the average annual rate of growth in terms of volume to Russia stood at +23.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+11.1% per year) and the Netherlands (-8.3% per year).

In value terms, Russia ($X) emerged as the key foreign market for artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) exports from Finland, comprising 61% of total exports. The second position in the ranking was taken by Belgium ($X), with a 26% share of total exports. It was followed by the Netherlands, with a 6.3% share.

From 2012 to 2022, the average annual rate of growth in terms of value to Russia totaled +22.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Belgium (+27.5% per year) and the Netherlands (-23.7% per year).

Export Prices by Country

The average orthopedic prosthetics export price stood at $X per unit in 2022, declining by -24.2% against the previous year. In general, the export price, however, enjoyed a strong increase. The growth pace was the most rapid in 2014 when the average export price increased by 98%. Over the period under review, the average export prices hit record highs at $X per unit in 2021, and then contracted sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Belgium ($X per unit), while the average price for exports to Russia ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kazakhstan (+39.9%), while the prices for the other major destinations experienced more modest paces of growth.

Orthopedic Prosthetics Imports

Imports into Finland

In 2022, approx. X units of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) were imported into Finland; which is down by -14.5% against the year before. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when imports increased by 28%. Over the period under review, imports reached the maximum at X units in 2017; however, from 2018 to 2022, imports remained at a lower figure.

In value terms, orthopedic prosthetics imports dropped to $X in 2022. The total import value increased at an average annual rate of +2.1% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by 12% against the previous year. Over the period under review, imports hit record highs at $X in 2021, and then shrank in the following year.

Imports by Country

The United States (X units), Germany (X units) and Ireland (X units) were the main suppliers of orthopedic prosthetics imports to Finland, together accounting for 71% of total imports. The Netherlands, Belgium, the UK, Mexico, Moldova, Poland, Spain, France, Sweden and Costa Rica lagged somewhat behind, together comprising a further 23%.

From 2012 to 2022, the biggest increases were recorded for Poland (with a CAGR of +136.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) to Finland, comprising 77% of total imports. The second position in the ranking was taken by Germany ($X), with a 3.9% share of total imports. It was followed by Ireland, with a 3.8% share.

From 2012 to 2022, the average annual growth rate of value from the United States amounted to +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-8.6% per year) and Ireland (+16.7% per year).

Import Prices by Country

In 2022, the average orthopedic prosthetics import price amounted to $X per unit, rising by 2.1% against the previous year. In general, import price indicated a temperate expansion from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, orthopedic prosthetics import price decreased by -16.8% against 2020 indices. The pace of growth was the most pronounced in 2019 when the average import price increased by 41% against the previous year. Over the period under review, average import prices hit record highs at $X per unit in 2020; however, from 2021 to 2022, 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 Costa Rica ($X per unit), while the price for Moldova ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Costa Rica (+21.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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