German Health Sector Rebounded to Set New Record in 2021

A study commissioned by the German Ministry for Economic Affairs and Climate (BMWK) shows gross value added in the industry reaching a new high last year.

BERLIN, Oct. 7, 2022 /PRNewswire/ -- A study released today by Germany's Ministry for Economic Affairs and Climate (BMWK) reveals that the country's health sector grew to EUR 391.8 billion in gross value added. The figure is the highest ever in Germany.

"The health industry is one of the biggest sectors in the German economy," said BMWK State Secretary Anja Hajduk. "It's the equivalent of 12.1 percent of the Germany's total gross value added."

Gross value added took a dip in the first year of the coronavirus from EUR 378.7 billion in 2019 to EUR 364.5 billion in 2020. The 2021 figure thus represents not only a new annual record, but an increase of 7.49 percent year-on-year.

The industrial health industry, which saw its gross value added grow 7.7 percent from 2020 to 2021, led the rebound. The highest growth rates were in medicine production, biotechnology and medical technology, the ministry said.

"Health remains one of the largest sectors of the Germany economy," says Germany Trade & Invest CEO Robert Hermann. "The impressive growth in 2021, after a dip the year before, shows the abiding strength of the industry in Germany. That's down, among other things, to the country's outstanding R&D environment and the excellent scientific and technological talents."

Germany Trade & Invest (GTAI) is the economic promotion agency of the Federal Republic of Germany. GTAI supports German companies setting up in foreign markets, promotes Germany as a business location and assists foreign companies setting up shop in Germany.

Contact:

Jefferson Chase
Senior Manager, Communications
Germany Trade & Invest
+49 30200099170
[email protected]

View original content:https://www.prnewswire.com/news-releases/german-health-sector-rebounded-to-set-new-record-in-2021-301643825.html

SOURCE Germany Trade & Invest