Scandinavia: Medical Instruments Market 2024

Medical Instruments Market Size in Scandinavia

The Scandinavia medical instruments market surged to $X in 2022, with an increase of 32% against the previous year. The total consumption indicated strong growth from 2012 to 2022: its value increased at an average annual rate of +5.3% 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 +81.8% against 2020 indices. The level of consumption peaked in 2022 and is likely to see gradual growth in the immediate term.

Medical Instruments Production in Scandinavia

In value terms, medical instruments production shrank to $X in 2022 estimated in export price. The total production indicated notable growth from 2012 to 2022: its value increased at an average annual rate of +3.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +8.5% against 2020 indices. The growth pace was the most rapid in 2014 with an increase of 29% against the previous year. Over the period under review, production attained the peak level at $X in 2016; however, from 2017 to 2022, production failed to regain momentum.

Medical Instruments Exports

Exports in Scandinavia

In 2022, shipments abroad of instruments used in medical sciences decreased by -40.1% to X tons, falling for the second consecutive year after four years of growth. In general, exports recorded a slight decrease. The pace of growth was the most pronounced in 2020 with an increase of 31% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2022, the growth of the exports remained at a lower figure.

In value terms, medical instruments exports amounted to $X in 2022. Overall, exports, however, saw a relatively flat trend pattern. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Sweden (X tons) and Finland (X tons) prevails in exports structure, together generating 98% of total exports. Norway (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Finland (with a CAGR of +0.2%), while the other leaders experienced a decline in the exports figures.

In value terms, Finland ($X) remains the largest medical instruments supplier in Scandinavia, comprising 80% of total exports. The second position in the ranking was taken by Sweden ($X), with a 17% share of total exports.

From 2012 to 2022, the average annual growth rate of value in Finland totaled +4.3%. The remaining exporting countries recorded the following average annual rates of exports growth: Sweden (-8.2% per year) and Norway (-8.2% per year).

Export Prices by Country

In 2022, the export price in Scandinavia amounted to $X per ton, jumping by 85% against the previous year. Export price indicated a notable expansion from 2012 to 2022: its price increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, medical instruments export price increased by +88.9% against 2020 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Finland (+4.0%), while the other leaders experienced a decline in the export price figures.

Medical Instruments Imports

Imports in Scandinavia

In 2022, the amount of instruments used in medical sciences imported in Scandinavia was estimated at X tons, standing approx. at 2021. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2019 when imports increased by 22%. As a result, imports reached the peak of X tons; afterwards, it flattened through to 2022.

In value terms, medical instruments imports amounted to $X in 2022. The total import value increased at an average annual rate of +1.6% from 2012 to 2022; however, the trend pattern remained relatively stable, with somewhat noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 with an increase of 8.5% against the previous year. The level of import peaked in 2022 and is expected to retain growth in years to come.

Imports by Country

Sweden represented the main importer of instruments used in medical sciences in Scandinavia, with the volume of imports reaching X tons, which was near 55% of total imports in 2022. Finland (X tons) held the second position in the ranking, distantly followed by Norway (X tons). All these countries together held near 45% share of total imports.

From 2012 to 2022, the biggest increases were recorded for Finland (with a CAGR of +3.2%), while purchases for the other leaders experienced mixed trends in the imports figures.

In value terms, Sweden ($X) constitutes the largest market for imported instruments used in medical sciences in Scandinavia, comprising 52% of total imports. The second position in the ranking was held by Norway ($X), with a 26% share of total imports.

In Sweden, medical instruments imports expanded at an average annual rate of +1.9% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Norway (+1.8% per year) and Finland (+0.8% per year).

Import Prices by Country

In 2022, the import price in Scandinavia amounted to $X per ton, standing approx. at the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 when the import price increased by 24% against the previous year. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices remained at a lower figure.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sweden (+2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform