Health exports hit new record with over 4 billion euros in 2024

Portugal has broken a new record for exports in the health sector, surpassing the target of four billion euros, thanks to a growth of 21.7% compared to the previous year. The USA continues to be one of the most important and fastest growing markets, a trend that is even more important given the growing tensions in trade with that country.

The healthcare sector reached 4.036 billion euros in 2024, an increase of 21.7% year-on-year and which means the sector now represents 5.1% of the total exported by the Portuguese economy last year. For Joaquim Cunha, executive director of Health Cluster Portugal (HCP), this “consistent and continuous growth in exports reflects the commitment to internationalization and Portugal’s capacity as a supplier of innovative and quality products”.

The sector “has proven to be quite dynamic, even in an increasingly challenging global context, and continues to assert itself as a driver of the country’s economic and social development”, he adds.

Looking at the total pie, pharmaceutical preparations account for the highest value, reaching 82.8%, which is equivalent to more than 3 billion euros. Next come medical devices, which reached a total volume of around 500 million euros, followed by basic pharmaceutical products.

In terms of markets, the USA stands out, reaching a weight of 29.6% in the total for 2024, underlining its importance for the healthcare sector despite the growing trade tensions between the two partners. Germany follows, with 27.5%, “the country where this increase, in year-on-year terms, was most significant”, details the HCP statement.

Rounding out the top five are Spain, France and Belgium, adds the association that represents the sector whose annual turnover has already exceeded 40 billion euros and a gross added value of around 14 billion.