New study: Empowering Nordic healthtech solutions rapidly changing healthcare worldwide

2019-11-27 | HealthTech Nordic

New research shows that Nordic healthtech companies providing solutions fueling a paradigm shift in healthcare are increasing their international sales rapidly. The new digital solutions part of HealthTech Nordic empower patients and healthcare professionals which leads to lower costs as well as better health and higher quality of care worldwide.

– Empowering a patient through healthtech means he or she can take greater control of his or her own situation. For healthcare professionals and the healthcare system as a whole, the new digital tools enable efficiency, proactiveness and a higher quality of healthcare. It’s a paradigm shift what is happening in the Nordics, but it’s also spreading internationally, says Marianne Larsson, Director of HealthTech Nordic at Innovation Skåne.

A two-wheeled wheelchair that runs on just about anything, a device used at home or on the go which provides vital heart data in 60 seconds and an electronic health record system specially designed for African hospitals. Those are examples of empowering healthtech solutions by AddMovement, Coala Life and MedCardApps, three HealthTech Nordic member companies growing fast internationally.

HealthTech Nordic is one of the world’s largest communities for healthtech companies, currently existing of 268 member companies. New research on the members shows that the companies rapidly are growing international because of their innovative digital solutions improving care for patients as well as making work better for healthcare professionals. Healthcare urgently needs digitization to cope with growing numbers of patients and increasingly strained budgets. The demand for the new solutions enabling this paradigm shift has the HealthTech Nordic member companies selling on all continents but Antarctica. Major markets outside of the Nordics are the UK, Germany and the USA.

– The Coala Heart Monitor simply makes life easier for people, by analyzing the heart in real-time wherever you are. We’ve noticed an increasing demand for empowering healthtech solution, in Sweden as well as internationally. Digital solutions are now such a natural part of society and we have come to expect them also in healthcare, says Dan Pitulia, CEO of Swedish healthtech company Coala Life.

– The Nordics have become a hotbed for digital healthcare innovations. Mainly because we already had world-class medical care and research institutions as well as cutting edge development of new technologies and a highly skilled workforce. We’re expecting the healthtech equivalent to previous Nordic unicorns such as Spotify and Klarna to emerge as the healthtech market is growing more mature, says Marianne Larsson, Director of HealthTech Nordic at Innovation Skåne.

About the study 

Research findings on the HealthTech Nordic member companies: 

• – Number of jobs created 2017-2019:
  
  

Would the 751 jobs relate to one single company it would be one of the largest in the Nordics.

Figures for 2017 and 2018 are based on annuals reports. Figures for 2019 are based on survey results as the annuals reports for the year is not yet available.

• – Continues a rapid international expansion in 2019
• – Reach 3 546 919 users and 727 428 paying customers worldwide
• – Close to a third, 30 %, of the member companies report international sales
• – Currently sell on all continents but Antarctica, main markets outside of the Nordics are UK, Germany and USA
• – Are pleased with the support from HealthTech Nordic, and especially highlight the possibility to a high-quality network and valuable help to grow their businesses
• – Estimated tax revenues equals (189 000 x 3 x 751)/2 = 212,9 MSEK over three years. The estimate is based on the 751 jobs being created continuously and linear over the three years, meaning some jobs have generated taxes for a long time while some only just begun. Tax is calculated based on an employee salary before taxes of 300 000 SEK a year and municipal tax of 31 % and payroll tax at 32 %. Taxes per job created equals 300 000 x (0,31+0,32) = 189 000 SEK a year.

The study consists of two parts, telephone interviews with company representatives and research based on the company’s annual reports. The study includes the 199 companies located in the Öresund-Kattegatt-Skagerack-region, meaning southern Norway, eastern Denmark and south-western Sweden. In total the HealthTech Nordic community consists of 268 startups. The response rate for the telephone interviews were 69 %. The study was led by Associate Professor Mikael Hilmersson.

HealthTech Nordic is the Nordic’s largest community for healthtech companies. The aim is to help accelerate companies’ growth and scale their world-class healthtech solutions globally. By doing so, creating better health globally and new jobs in the Nordic region. HealthTech Nordic is led by  Innovation Skåne. Read more at http://healthtechnordic.com.

Image: To the left, Coala Life’s Heart Monitor. The map to the right depicts countries (highlighted in blue) where HealthTech Nordic member companies are selling internationally, not including the respective companies’ domestic market.