Orthopedic Devices - Norway | Statista Market Forecast

The projected revenue in the Orthopedic Devices market market in Norway is expected to reach US$163.50m in 2024.
Looking ahead, the market is anticipated to display an annual growth rate (CAGR 2024-2029) of 1.45%, which would lead to a market volume of US$175.70m by 2029.
It is worth noting that in a global comparison, the United States is projected to generate the highest revenue in this market, with an estimated amount of US$16.02bn in 2024.
Norway's orthopedic device market is witnessing a surge in demand for innovative joint replacement solutions.

Definition:
The Orthopedic Devices market contains medical equipment and accessories used to treat orthopedic disorders, including joint reconstruction, spinal devices, trauma fixation devices, arthroscopic devices, etc.

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: Johnson & Johnson, Zimmer Biomet, Stryker, Medtronic. Further information on the key players can be found in the Market Shares boxes.

Joint reconstruction implants
Spinal devices
Trauma fixation devices
Arthroscopy devices

Orthopedic pharmaceuticals
Orthopedic supplements

The Orthopedic Devices market in Norway has been experiencing steady growth in recent years.

Customer preferences: Customers in the orthopedic devices market in Norway have shown a strong preference for technologically advanced products. They are willing to invest in innovative devices that offer superior functionality and durability. Additionally, customers in Norway prioritize products that are environmentally friendly and sustainable. This preference for eco-friendly products is in line with the overall trend of sustainability and environmental consciousness in the country.

Trends in the market: One of the key trends in the orthopedic devices market in Norway is the increasing demand for joint replacement surgeries. The aging population in the country has led to a rise in the number of individuals suffering from joint-related issues, such as osteoarthritis. As a result, there is a growing need for orthopedic devices, such as hip and knee implants, to improve mobility and quality of life for these individuals. Another trend in the market is the shift towards minimally invasive surgical procedures. Patients in Norway are increasingly opting for less invasive surgeries that offer quicker recovery times and reduced risk of complications. This has led to a higher demand for orthopedic devices that are specifically designed for minimally invasive procedures, such as arthroscopic instruments and implants.

Local special circumstances: Norway has a well-developed healthcare system that provides universal access to healthcare services. This, coupled with the high disposable income of the population, has contributed to the growth of the orthopedic devices market in the country. The government's focus on healthcare infrastructure and investment in medical technology has also played a significant role in driving market growth.

Underlying macroeconomic factors: The Norwegian economy has been relatively stable in recent years, with a high GDP per capita. This has resulted in increased healthcare spending, including investments in orthopedic devices. Additionally, the country's strong research and development capabilities have fostered innovation in the orthopedic devices market, leading to the development of advanced products that cater to the specific needs of the Norwegian population. In conclusion, the Orthopedic Devices market in Norway is experiencing growth due to customer preferences for technologically advanced and eco-friendly products, as well as the increasing demand for joint replacement surgeries and minimally invasive procedures. The country's well-developed healthcare system, high disposable income, and strong research and development capabilities have also contributed to the market's growth.

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.