Artificial joints of the body market in Finland

Earlier Report Observations

From 2018 to 2020, the Finnish market for artificial joints expanded in 2019 before contracting the following year. The implementation of the GDPR in 2018 increased transparency in data handling, potentially affecting the marketing and distribution of medical devices. Concurrently, mergers among pension insurers in 2018 and 2019 reshaped the insurance landscape, which may have influenced the accessibility of joint replacement procedures for patients.

The market surged by 16% in 2021, a growth period coinciding with the increased emphasis on B2B marketing technologies and the adoption of artificial intelligence, which likely enhanced supply chain and promotional efficiency for medical devices. This upward trend reversed in 2022 with a significant market contraction. During this time, broader digital marketing trends and a noted consumer shift toward local products did not offset the overall decline in market volume.

A recovery occurred in 2023 with market growth exceeding 9%, supported by the wider integration of AI and augmented reality into marketing strategies, raising awareness of innovative medical solutions. By 2024, the maturation of AI applications and the ongoing development of the EU's AI Act, introducing specific regulatory frameworks, coincided with another decrease in market size, reflecting a period of adjustment for the sector.

Production artificial joints of the body in Finland

In value, 2017-2020, K $ US

In 2019, Finland's production of artificial body joints reached its lowest point at 2 719 thousand US dollars, declining by 17.9% that year. However, output rebounded sharply in 2020, increasing by 63.6% to 4 448 thousand US dollars. Over the 2017-2020 period, production grew by 56%, with an average annual growth rate of 16.0%.

Annual dynamics of production in Finland in value, 2017-2020, K $ US

Exports artificial joints of the body from Finland

Exports in kind, kg

Finland's exports of artificial body joints in kind fell to a low of 2 458 kilograms in 2019, marking a significant decline of 39.8%. Following this two-year downturn, exports recovered in 2020, rising by 56.1% to 3 837 kilograms. Overall, from 2017 to 2020, exports decreased by 8.6%, with an average annual decline of 3.0%.

Annual dynamics of product's exports from Finland in kind, 2017-2020, kg

From 2017 to 2020, Sweden, Latvia, and Estonia were the primary destinations for Finland's artificial body joint exports in kind. Sweden accounted for 49.5% of exports, Latvia for 17.3%, and Estonia for 14.7%, together representing 81.5% of total export volumes.

Structure of product's exports in kind by countries, 2017-2020

World map of product's exports from Finland in kind, 2017-2020

Exports in value, K $ US

In 2018, Finland's artificial body joint exports in value terms peaked at 8 061 thousand US dollars. They then dropped to 5 990 thousand US dollars in 2019, a decline of 25.7%. In 2020, exports saw a moderate increase of 9.5%, reaching 6 560 thousand US dollars. Over the 2017-2020 period, exports fell by 17.6%, with an average annual decrease of 6.3%.

Annual dynamics of product's exports from Finland in value, 2017-2020, K $ US

Between 2017 and 2020, Sweden, Estonia, and Latvia were the key markets for Finland's artificial body joint exports in value terms. Sweden held a 37.6% share, Estonia 24.2%, and Latvia 22.6%, collectively making up 84.4% of total export value.

Structure of product's exports in value by countries, 2017-2020

World map of product's exports from Finland in value, 2017-2020

Imports artificial joints of the body to Finland

Imports in kind, kg

Finland's imports of artificial body joints in kind were volatile from 2017 to 2020. In 2019, imports hit their lowest point at 13 415 kilograms, falling by 66.0%. They then surged in 2020, increasing by 208.7% to 41 418 kilograms, which was 3.1 times higher than the 2019 level.

Annual dynamics of product's imports to Finland in kind, 2017-2020, kg

From 2017 to 2020, the United States, Sweden, and Germany were the main suppliers of artificial body joints to Finland in kind. The United States contributed 32.9% of imports, Sweden 23.9%, and Germany 12.7%, together accounting for 69.4% of total import volumes.

Structure of product's imports in kind by countries, 2017-2020

World map of product's imports to Finland in kind, 2017-2020

Imports in value, K $ US

Finland's imports of artificial body joints in value terms rose to a peak of 50 361 thousand US dollars in 2019, following an 8.8% increase in 2018. After this two-year uptick, imports declined by 6.6% in 2020 to 47 062 thousand US dollars. Over the 2017-2020 period, imports grew by 4.1%, with an average annual increase of 1.4%.

Annual dynamics of product's imports to Finland in value, 2017-2020, K $ US

Between 2017 and 2020, the United States, Sweden, and Germany led as suppliers of artificial body joints to Finland in value terms. The United States accounted for 50.0% of imports, Sweden for 20.9%, and Germany for 8.9%, jointly representing 79.8% of total import value.

Structure of product's imports in value by countries, 2017-2020

World map of product's imports to Finland in value, 2017-2020