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Finland’s health technology sector continues to exhibit a robust trade surplus, with exports nearly reaching the previous year’s levels in 2023. According to Saara Hassinen, CEO of Health Technology Association Finland (Terveysteknologia ry), the export value of health technology products was €2.58 billion, marking a 4% decrease from the previous year.
Exports in healthcare devices, including patient monitoring and X-ray equipment, saw a 7.5% reduction, totaling €1.60 billion.
Laboratory diagnostics exports also declined by 4.6% to €0.86 billion, encompassing both equipment and reagents. However, Hassinen highlights that the export value for laboratory diagnostics remains significantly above pre-pandemic levels, indicating that Finnish companies have successfully retained their newly acquired market positions.
The United States remained the largest single export destination for Finnish health technology firms, accounting for 33% of total exports at €856 million. Europe was the destination for 42% of exports, with Germany being the most significant market within the continent, receiving €251 million worth of Finnish health tech products. China followed as the third-largest export destination, with exports valued at €139 million.
The sector achieved a trade surplus of €1 billion last year, contributing to a cumulative surplus of approximately €17 billion over the past two decades. This surplus has fostered job creation and investments in both R&D and industrial ventures within Finland.
It’s important to note that these export figures, derived from customs’ foreign trade statistics, do not include software exports or digital services, which generally account for about one-third of the total export value. This suggests that the overall impact of the health technology sector on Finland’s economy is even more significant than the already impressive figures indicate.
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Source: www.helsinkitimes.fi
