Medical Devices - Norway | Statista Market Forecast

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$243.80m in the same year.
It is anticipated that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.80%, 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.

Definition:
The Medical Devices market includes instruments and machines helping for the prevention, diagnosis, and treatment of diseases. This market is further broken down into 6 submarkets according to medical specialties or types of application. Medical devices that treat the heart, such as pacemakers, can be found in the Cardiology Devices market. The Diagnostic Imaging market covers machines and instruments for diagnosis of many different kinds of conditions. Devices for orthopedic applications, such as joint implants, are included in the Orthopedic Devices market. Ophthalmic Devices are devices used for conditions related to the eye. The General & Plastic Surgery Devices covers many different products required for surgeries. The Other Medical Devices market provides information on additional areas that are not covered by the main markets.

Additional information:
Market values represent revenues paid to primary vendors at manufacturer price level either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Revenues are allocated to the country where the money is spent.

Company examples: Medtronic, Johnson & Johnson, Siemens Healthineers.

Implants and prostheses
Assistive technology products (e.g., hearing aids, wheelchairs)
Clinical engineering products
Imaging devices
Active medical devices (i.e., operating with electrical energy)

Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Products for laboratory testing (IVD)

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.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

Medical technology plays a role in the lives of everyone. It includes most of all, medical devices which simplify the prevention, diagnosis, and treatment of diseases and illnesses. The most well-known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants. The global medical technology industry was worth over 567 billion U.S. dollars annually. Established centers of this industry include North America and Western Europe. The United States is home to the world’s largest medical technology companies. As of 2022, Abbott Laboratories had the largest global revenue at over 31.2 billion U.S. dollars. The main focus of devices manufactured by the Chicago-based company are diagnostics, cardiovascular, and diabetes care. Two other medtech companies that round off the top three largest companies –Medtronic and Johnson & Johnson – are both based in the United States. Although, industry trends show that Asia, and in particular China, is about to play a more prominent role in the years to come.