NEW YORK, Feb. 25, 2013 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
The Outlook for Medical Devices in Northen Europe
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.
In 2012, the Lithuanian market for medical equipment and supplies was valued at an estimated US$223.7 million, or US$70 per capita. After experiencing a contraction in 2009 in line with the global financial crisis, the market returned to growth in 2011, and by 2017, it will be valued at US$326.6 million, or US$105 per capita. Around 90% of the medical device market is supplied by imports, principally from western suppliers. Ex-Soviet countries still hold strong positions in niche markets, but their influence is falling. Funding for healthcare is principally through the Compulsory Health Insurance Fund. In December 2012, the government announced plans to amend the budget for compulsory insurance, increasing it by 3.4% in 2013. Private expenditure has also increased in recent years and was equal to around 27% of total spending in 2012.
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.
These Quarterly Updated Reports Analyse the Issues
The Outlook for Medical Device Markets in Northern Europe is published by Espicom Business Intelligence. 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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