Healthcare technology is one of the largest high-tech export segments of Finnish industry, and the industry continues to grow strongly. According to the latest export report published by Healthtech Finland, the Finnish healthcare technology passed even two different milestones during last year: exports of Finnish health technology grew to over €2 billion in 2016 while the net trade balance exceeded €1 billion.
Healthcare technology is still one of the fastest growing segment of high-tech of Finnish industry. The exports of the Finnish health technology delivered a new record in 2016 as the value of Finland’s exports of health technology products rose to €2.11 billion, an increase of 9.7% over the prior year. The net trade balance reached a significant milestone, too, as it exceeded €1 billion for the first time in 2016.
“In healthcare technology, Finland has achieved long-term export growth while generating significant, and growing, trade surpluses. Over the last two decades, the value of exports has increased more than five-fold and the net trade surplus has increased even ten-fold. A twenty-year analysis shows average growth in the value of health technology exports of 6,6 %”, tells Saara Hassinen, Healthtech Finland’s Managing Director.
The strongest growth was seen in the traditionally strong Medical Equipment segment covering up to 71 percent of total Finnish health technology exports. The second biggest contributor was the In Vitro Diagnostics segment, comprising both diagnostic reagents and equipment. In 2016, exports in the In Vitro Diagnostics segment rose 4.1% overall to €526 million.
Europe has traditionally been the leading destination for health technology exports in Finland. Last year the situation changed when the exports to the USA rose 23 % in 2016. Taking 40 % of exports, the USA is now the top destination. Europe is still the second leading destination with 36 % portion of total exports.
Finland's health technology industry manufactures and develops the vast majority of its products in Finland. The industry directly employs over 10,000 people.
For more information about the report and numbers, please contact:
Saara Hassinen, Managing Director, Healthtech Finland
Source: Healthtech Finland