Sensory Organ Drugs - Norway | Statista Market Forecast

In Norway, the revenue in the Sensory Organ Drugs market is estimated to reach US$75.55m in 2024.
It is expected to experience an annual growth rate (CAGR 2024-2029) of -4.23%, leading to a market volume of US$60.88m by 2029.
When compared globally, United States is projected to generate the highest revenue in this market, with an estimated value of US$13.98bn in 2024.
Norway's market for sensory organ drugs has seen a surge in demand for innovative treatments for seasonal affective disorder.

Definition:
This market covers ophthalmologicals and otologicals, i.e., drugs for the sensory organs eye and ear, respectively. Ophthalmologicals are used to treat diseases of the eye such as wet age-related macular degeneration, geographic atrophy, and glaucoma. Typical dosage forms are eye drops or injections into the eye (intravitreal) and, in the case of otologicals, through the eardrum into the middle ear.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Regeneron Pharmaceuticals, Novartis, Bayer, Alcon, AbbVie

Ophthalmologicals
Otologicals

Respiratory system
Ophthalmic devices, such as diagnostic and surgical devices or glasses and contact lenses
Dermatology, skin treatment
Painkillers, analgesics

The Sensory Organ Drugs market in Norway has been experiencing steady growth in recent years.

Customer preferences: Norwegian consumers are increasingly interested in preventative healthcare measures, such as eye and ear health, leading to a higher demand for sensory organ drugs. Additionally, the aging population in Norway has contributed to the growth of the market, as older individuals are more prone to sensory organ issues.

Trends in the market: One major trend in the Sensory Organ Drugs market in Norway is the shift towards natural and organic products. Consumers are becoming more conscious of the ingredients in their medications and are opting for products with fewer synthetic chemicals. This trend is also reflected in the market for eye drops, where preservative-free options are becoming more popular.Another trend is the rise of e-commerce in the market. Online retailers are offering convenience and competitive prices, making it easier for consumers to access sensory organ drugs. This trend is particularly relevant during the COVID-19 pandemic, where online shopping has become the preferred method of purchasing for many individuals.

Local special circumstances: Norway's healthcare system is largely publicly funded, which has contributed to the growth of the Sensory Organ Drugs market. The government provides subsidies for prescription medications, making them more affordable for consumers. Additionally, the Norwegian government has implemented strict regulations on pharmaceuticals, ensuring the safety and efficacy of products on the market.

Underlying macroeconomic factors: The Norwegian economy has been relatively stable in recent years, with low unemployment rates and high purchasing power. This has contributed to the growth of the Sensory Organ Drugs market, as consumers have more disposable income to spend on healthcare products. Additionally, the Norwegian government has invested in research and development in the pharmaceutical industry, leading to the development of new and innovative sensory organ drugs.

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.

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

The global pharmaceutical industry has experienced significant growth during the past two decades, with revenues totaling around 1.6 trillion U.S. dollars in 2023. With growth like that, the industry's size is now comparable to the gross domestic products (GDPs) of countries like Spain, Mexico, or Australia.