Medical Technology

Norway is expected to see a substantial increase in revenue within the Medical Technology market market.
By 2024, the projected revenue is estimated to reach US$2.25bn.
The largest market within this market is Medical Devices, with a projected market volume of US$1.94bn by 2024.
This indicates the significant demand and potential for growth in this sector within Norway.
Moreover, the revenue is anticipated to display a steady annual growth rate of 3.47% from 2024 to 2029, resulting in a market volume of US$2.67bn by the end of that period.
This growth rate demonstrates the positive trajectory of the Medical Technology market market in Norway and highlights the opportunities for both domestic and international players in this sector.
When comparing in Norway to other countries globally, it is noteworthy that the United States is expected to generate the highest revenue in the Medical Technology market market.
In 2024, the projected revenue for the United States is estimated to be US$211.10bn.
This emphasizes the dominance of the United States in the global market and highlights the potential for growth and investment in this sector on a global scale.
Norway's medical technology market is experiencing a surge in demand for advanced imaging and diagnostic equipment.

Definition:
The Medical Technology market covers devices and products used for prevention, diagnosis, and treatment of diseases. Next to pharmaceuticals, they form the most important category of medical products. The most well known medical technology products are, among others, pacemakers, imaging instruments, dialysis machines, and implants.

Structure:
The Medical Technology market consists of two markets, In Vitro Diagnostics (IVD) and Medical Devices. The IVD market covers products used for medical laboratory testing of specimens derived from the human body. The Medical Devices market covers a broad range of products which are further marketed into medical specialties or types of application: Cardiology Devices, Diagnostic Imaging Devices, Orthopedic Devices, Ophthalmic Devices, and General & Plastic Surgery Devices. 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, Abbott Laboratories, Siemens Healthineers.
Further information on the key players can be found in the Market Shares boxes.

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

Pharmaceuticals
Services (i.e., treatment expenses)
Consumer technologies, e.g., fitness trackers
Blood and transplants derived from the human body

The Medical Technology market in Norway is experiencing significant growth and development in recent years.

Customer preferences: Norwegian customers have shown a strong preference for advanced medical technology products and services. They value innovation, quality, and reliability in medical devices and equipment. Norwegian healthcare providers and patients are increasingly adopting digital health solutions, such as telemedicine and remote patient monitoring, to improve access to healthcare services and enhance patient outcomes. This preference for advanced technology is driving the demand for medical technology products in the country.

Trends in the market: One of the key trends in the Medical Technology market in Norway is the increasing focus on personalized medicine. Norwegian healthcare providers are embracing precision medicine approaches, which involve tailoring medical treatments to individual patients based on their genetic makeup and other personalized factors. This trend is driving the demand for advanced diagnostic tools, genetic testing, and targeted therapies. Another trend in the market is the growing adoption of artificial intelligence (AI) and machine learning in medical technology. Norwegian healthcare providers are leveraging AI algorithms and machine learning models to analyze large volumes of patient data and make accurate diagnoses. This trend is expected to continue as AI technology becomes more sophisticated and capable of supporting healthcare decision-making.

Local special circumstances: Norway has a well-developed healthcare system with a strong emphasis on providing high-quality care to its population. The country's universal healthcare coverage ensures that all residents have access to medical services, including advanced medical technology. The Norwegian government invests heavily in healthcare infrastructure and technology, creating a favorable environment for the growth of the Medical Technology market.

Underlying macroeconomic factors: The growing Medical Technology market in Norway is supported by several macroeconomic factors. The country has a high per capita income and a strong economy, which enables individuals and healthcare providers to afford advanced medical technology products and services. Additionally, Norway has a rapidly aging population, which increases the demand for medical technology solutions to address age-related health conditions. The government's focus on healthcare innovation and investment in research and development also contribute to the growth of the Medical Technology market. In conclusion, the Medical Technology market in Norway is experiencing significant growth and development driven by customer preferences for advanced technology, trends such as personalized medicine and AI, local special circumstances including a well-developed healthcare system, and underlying macroeconomic factors such as high income levels and an aging population. The market is expected to continue expanding as healthcare providers and patients in Norway increasingly adopt innovative medical technology solutions to improve healthcare outcomes.

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.