Scandinavia: Orthopedic Prosthetics Market 2024

Orthopedic Prosthetics Market Size in Scandinavia

In 2022, the Scandinavia orthopedic prosthetics market increased by 0.4% to $X, rising for the third year in a row after two years of decline. The total consumption indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of +4.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +14.6% against 2019 indices. Over the period under review, the market hit record highs at $X in 2017; however, from 2018 to 2022, consumption failed to regain momentum.

Orthopedic Prosthetics Production in Scandinavia

In value terms, orthopedic prosthetics production expanded modestly to $X in 2022 estimated in export price. The total production indicated a resilient increase from 2012 to 2022: its value increased at an average annual rate of +7.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.3% against 2020 indices. The pace of growth was the most pronounced in 2013 with an increase of 30% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production remained at a lower figure.

Orthopedic Prosthetics Exports

Exports in Scandinavia

In 2022, overseas shipments of artificial parts of the body (excl. artificial teeth and dental fittings and artificial joints) increased by 32% to X units, rising for the second consecutive year after three years of decline. Over the period under review, exports, however, recorded a deep setback. Over the period under review, the exports reached the maximum at X units in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics exports contracted to $X in 2022. In general, exports, however, recorded a abrupt descent. The most prominent rate of growth was recorded in 2014 when exports increased by 39%. As a result, the exports attained the peak of $X. From 2015 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Sweden represented the major exporting country with an export of around X units, which finished at 81% of total exports. It was distantly followed by Norway (X units), generating a 17% share of total exports. Finland (X units) followed a long way behind the leaders.

From 2012 to 2022, average annual rates of growth with regard to orthopedic prosthetics exports from Sweden stood at -6.9%. At the same time, Norway (+10.3%) and Finland (+6.9%) displayed positive paces of growth. Moreover, Norway emerged as the fastest-growing exporter exported in Scandinavia, with a CAGR of +10.3% from 2012-2022. Norway (+13 p.p.) significantly strengthened its position in terms of the total exports, while Sweden saw its share reduced by -14.4% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Sweden ($X) remains the largest orthopedic prosthetics supplier in Scandinavia, comprising 89% of total exports. The second position in the ranking was taken by Norway ($X), with a 9.1% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Sweden totaled -9.8%. In the other countries, the average annual rates were as follows: Norway (+4.2% per year) and Finland (+16.5% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per unit, waning by -28.5% against the previous year. In general, the export price saw a noticeable setback. The most prominent rate of growth was recorded in 2018 an increase of 55%. Over the period under review, the export prices hit record highs at $X per unit in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Finland ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+9.0%), while the other leaders experienced a decline in the export price figures.

Orthopedic Prosthetics Imports

Imports in Scandinavia

Orthopedic prosthetics imports expanded remarkably to X units in 2022, rising by 5.4% against 2021 figures. Overall, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when imports increased by 17%. Over the period under review, imports hit record highs at X units in 2014; however, from 2015 to 2022, imports stood at a somewhat lower figure.

In value terms, orthopedic prosthetics imports contracted to $X in 2022. The total import value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 23% against the previous year. As a result, imports attained the peak of $X, and then fell in the following year.

Imports by Country

Sweden (X units) and Norway (X units) represented roughly 88% of total imports in 2022. It was distantly followed by Finland (X units), comprising a 12% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main importing countries, was attained by Sweden (with a CAGR of -0.7%), while imports for the other leaders experienced a decline in the imports figures.

In value terms, Sweden ($X), Norway ($X) and Finland ($X) appeared to be the countries with the highest levels of imports in 2022.

Finland, with a CAGR of +2.1%, saw the highest rates of growth with regard to the value of imports, among the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per unit, reducing by -11.7% against the previous year. Import price indicated temperate growth from 2012 to 2022: its price increased at an average annual rate of +2.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 an increase of 19% against the previous year. Over the period under review, import prices reached the peak figure at $X per unit in 2021, and then reduced in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Finland ($X per unit), while Norway ($X per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Norway (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform