Market Insights Health Medical Technology

Medical Devices - Norway

Norway

In 2024, the projected revenue in the Medical Devices market market in Norway is estimated to reach US$1.94bn.
Among the various markets in the market, the largest market share is held by Cardiology_Devices, which is expected to reach a market volume of US$0.24bn in the same year.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.73%, resulting in a market volume of US$2.33bn by 2029.
When compared globally, the United States is expected to generate the highest revenue in the Medical Devices market market, reaching US$181.00bn in 2024.
Norway has seen an increasing demand for innovative medical devices, particularly in the field of remote patient monitoring.

Key regions: Germany, Spain, Japan, United Kingdom, United States

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Analyst Opinion

The Medical Devices market in Norway is experiencing steady growth due to various factors such as customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Norway have a strong preference for high-quality medical devices that are reliable and durable. They value innovative technologies and are willing to pay a premium for products that offer advanced features and improved patient outcomes. Additionally, there is an increasing demand for personalized healthcare solutions, which has led to the development of customized medical devices tailored to individual patient needs.

Trends in the market: One of the major trends in the Medical Devices market in Norway is the adoption of digital health technologies. The use of connected devices, such as wearables and remote monitoring devices, has gained popularity as it allows healthcare providers to remotely monitor patients' health status and provide timely interventions. This trend is driven by the need for efficient healthcare delivery, improved patient engagement, and cost-effective solutions. Another trend in the market is the growing focus on minimally invasive procedures. There is a shift towards less invasive surgical techniques that offer faster recovery times, reduced scarring, and lower risk of complications. This has led to an increased demand for medical devices such as laparoscopic instruments, robotic surgical systems, and endoscopic devices.

Local special circumstances: Norway has a well-developed healthcare system with a strong emphasis on research and development. The country invests heavily in medical technology innovation and has a supportive regulatory framework that encourages the introduction of new medical devices. Additionally, Norway has a high level of healthcare expenditure per capita, which provides a favorable market for medical device manufacturers.

Underlying macroeconomic factors: The Medical Devices market in Norway is influenced by various macroeconomic factors. The country has a stable economy with a high GDP per capita, which indicates a strong purchasing power among consumers. Furthermore, Norway has a rapidly aging population, which is driving the demand for medical devices and healthcare services. The government's focus on providing high-quality healthcare to its citizens also contributes to the growth of the Medical Devices market. In conclusion, the Medical Devices market in Norway is experiencing growth due to customer preferences for high-quality and innovative products, trends such as the adoption of digital health technologies and minimally invasive procedures, local special circumstances including a supportive regulatory framework and high healthcare expenditure, and underlying macroeconomic factors such as a stable economy and an aging population. These factors create a favorable environment for the development and expansion of the Medical Devices market in Norway.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on medical devices and IVD revenues allocated to the country where the money is spent at manufacturer price levels excluding VAT.

Modeling approach / Market size:

Modeling employs a top-down approach with a bottom-up validation, using financial information of the key players by market. Market sizes are determined by a top-down approach, based on a specific rationale for each market market and allocated to the covered countries according to the global market shares. As a basis for evaluating markets, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare system, and regulations concerning medical products. Next, we use further relevant key market indicators and data from country-specific associations, such as healthcare expenditure per capita, health risk factors, healthcare payer system, and regulations concerning medical products. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.