Today, the Nordic region comprises over 27 million people and is the 10th largesteconomy in the world by GDP. The individual countries are ranked high ondigitalization and characterized by high productivity. A common trend across Nordiccountries is rising healthcare expenditure linked with an aging population andincreasing amounts of chronic illnesses and mental health issues. Besides the largeannual toll and productivity loss because of diseases, the Nordic region spent over4160 billion EUR on healthcare in 2020.

To accommodate the radical changes indemography, Nordic Innovation has set a vision that the Nordic region will be “themost sustainable and integrated health region in the world, providing the bestpossible personalized health care for all its citizens” by 2030. In this report, weexamine the opportunities for the Nordic region to leverage health data to realizethis vision and attempt to evaluate the potential economic effects of the realizedvision.

Even if we achieve the vision by 2030, we do not foresee the immediaterealization of the full value potential of health data. Rather, our analysis andmodeling show we can expect a time lag of a few years before the value realizationwill have a significant effect on the Nordic economies. Because of this, the estimatedeconomic benefits in this report present the values for the year 2040, but it is worthstressing that to see these effects as outlined in this report, there is a need toimplement changes as soon as possible, before 2030. Some effects will materializeearlier than 2040, assuming that the implementation is done by 2030.