Monday, 22 April 2013

Medical Device Market Size, Share, Research, Segmentation: Finland, Ireland, Latvia, Lithuania, Greece, Venezuela

Researchmoz presents this most up-to-date research on The Medical Device Market: Finland, Ireland, Latvia, Lithuania, Greece, Venezuela. The report focuses primarily on quantitative market metrics in order to characterize the growth and evolution of the Medical Device Market.


Finland( is one of the northernmost countries in Europe and covers around 338,000km2, of which 10% is water. The population is estimated at 5.4 million in 2012.  The Finnish market for medical devices is predicted to increase by 5.2% per annum to attain a value of US$1,356.5 million by 2017. The current market size is estimated to be US$1,054.2 million, equal to US$196 per capita. For 2011, imports totalled US$902.2 million and exports US$1,469.5 million, maintaining Finland’s positive balance of trade. Exports of dental products, the largest category, were up 12.8% to US$355.8 million. Dental X-ray apparatus, a particular strength, increased 14.2% to US$225.3 million.


Ireland( has positioned itself as an attractive European manufacturing location for medical firms from the USA and elsewhere. It offers financial incentives for companies wishing to relocate, an English speaking workforce and ready access to the wider EU market. As a result, most large US medical firms have some manufacturing capacity in Ireland. Only a very small proportion of this is intended for the domestic market, however. The presence of so many US manufacturers has turned Ireland into one of the world’s leading exporters of medical equipment. The total stood at just under US$9.0 billion in 2009. The bulk of this is either exported back to the USA or on to other EU countries.


Latvia( is one of the smallest countries in Europe. It joined the EU in May 2004. In 2011, it has an estimated population of 2.2 million with the most populous city being Riga, the capital. As with other European countries, Latvia has an ageing population, with those aged 65 and over representing 18.2% of the population.  Funding for healthcare in Latvia is managed by the State Compulsory Health Insurance Agency, although funds are gathered largely through general taxation. Efforts have been made to improve primary care provision in Latvia. The healthcare system inherited from the Soviet Union still retains some of its old features, such as an overreliance on secondary facilities and use of outdated equipment. 


Funding for healthcare in Lithuania( is principally through the Compulsory Health Insurance Fund. Compulsory insurance came into force in 1997, following a delay in its implementation. It should provide free basic treatment to the insured population, but unofficial payments still occur, to cover the cost of pharmaceuticals and staff wages. Private expenditure has increased in recent years and was equal to around 27% of total spending in 2008.  In 2011, the Lithuanian market for medical equipment and supplies is estimated at US$157 million, or US$48 per capita. After experiencing a contraction in 2009, it is expected that the device market will slowly recover to expand at a rate of 4.7% per annum, to reach US$198 million, or US$61 per capita by 2016.


Greece( is one of the least affluent members of the European Union. GDP is US$269.5 billion in 2012, with a 5.7% fall predicted this year. The economy is not expected to move out of recession until 2014. Greece’s budget deficit in 2009 was 12.7%, four times the EU limit.  In November 2011, an interim government was appointed, led by Lucas Papademos, a former economist and former vice–president of the European Central Bank. The EU approved in principal the next tranche of the loan at the end of November 2011. The IMF cut growth forecasts in December 2011 fearing a default on the loan.


Venezuela( relies on petroleum prices, which can be unpredictable and this has been compounded with the global recession, real GDP fell in 2009-10. However, the economy is predicted to grow at a rate of 1.6-4.7% from 2012-17. On the other hand, inflation is among the highest in the world. From 29.6% in 2010, it was expected to hit a record of 40.3% in 2011.  Venezuela is the third leading importer of medical equipment & supplies within Latin America, behind Mexico and Brazil. Hospital modernisation in the public and private sectors has brought imports to record levels, particularly via the implementation of Barrio Adentro in the public sector. 

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