Pharmaceuticals - Norway

  • Norway
  • In 2024, the revenue in the Pharmaceuticals market in Norway is projected to reach US$3,351.00m.
  • The largest market within the pharmaceutical industry is Oncology Drugs, with a projected market volume of US$589.30m in 2024.
  • It is expected that the revenue will exhibit an annual growth rate (CAGR 2024-2029) of 3.74%, leading to a market volume of US$4,026.00m by 2029.
  • In comparison to other countries, United States is expected to generate the highest revenue, amounting to US$630.30bn in 2024.
  • Norway's pharmaceutical market is experiencing a surge in demand for innovative and sustainable healthcare solutions.

Key regions: United States, China, Germany, Japan, Europe

 
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Analyst Opinion

The pharmaceuticals market in Norway has been experiencing significant growth in recent years.

Customer preferences:
Norwegian customers are increasingly demanding high-quality and innovative pharmaceutical products. They are willing to pay a premium for products that are effective and have fewer side effects. Customers are also more conscious of the environment and prefer products that are eco-friendly.

Trends in the market:
The pharmaceuticals market in Norway is characterized by a high degree of innovation. The market is dominated by a few large companies that invest heavily in research and development. There has been a trend towards the development of personalized medicine, which tailors treatment to the individual patient based on their genetic makeup. This has resulted in the development of new drugs that are more effective and have fewer side effects. There has also been an increase in the use of digital technology in healthcare, which has led to the development of new products and services.

Local special circumstances:
Norway has a well-developed healthcare system that is publicly funded. This means that the government plays a significant role in the pharmaceuticals market. The government negotiates prices with pharmaceutical companies and regulates the market to ensure that drugs are safe and effective. The Norwegian market is also relatively small, which means that companies need to tailor their products to the local market.

Underlying macroeconomic factors:
Norway has a strong economy with a high standard of living. This means that customers have more disposable income to spend on healthcare products. The Norwegian government also invests heavily in healthcare, which creates opportunities for pharmaceutical companies. The aging population in Norway is also driving demand for healthcare products, including pharmaceuticals.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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 market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.

Overview

  • Revenue
  • Analyst Opinion
  • Next generation therapy
  • Global Comparison
  • Methodology
  • Key Market Indicators
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