COVID-19 Vaccines - Norway

Norway

Highlights

In Norway, the revenue in the COVID-19 Vaccines market is estimated to reach US$124.00m by 2024.
It is anticipated that the revenue will demonstrate an annual growth rate (CAGR 2024-2029) of -18.80%, leading to a market volume of US$43.76m by 2029.
When compared globally, United States is expected to generate the highest revenue, amounting to US$4.39bn in 2024.
Norway is experiencing a high demand for COVID-19 vaccines due to its efficient and well-organized vaccination program.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

Norway, like many other countries, is currently experiencing a surge in demand for COVID-19 vaccines. The country has been successful in its vaccination program, with a high percentage of the population already vaccinated. This has led to a decrease in the number of COVID-19 cases and deaths, and an increase in economic activity.

Customer preferences: Norwegian customers have shown a strong preference for vaccines that have been approved by the European Medicines Agency (EMA). This is due to the high level of trust that Norwegians have in the EMA's approval process. Customers are also interested in vaccines that have a high efficacy rate and are safe to use.

Trends in the market: One of the main trends in the COVID-19 vaccines market in Norway is the high demand for vaccines. The government has been working to secure enough vaccines for the entire population, and has been successful in doing so. Another trend is the focus on vaccinating vulnerable populations, such as the elderly and those with underlying health conditions. The government has prioritized these groups to ensure that they are protected from the virus.

Local special circumstances: Norway's geography and population density have made it easier for the government to distribute vaccines. The country has a relatively small population, and most people live in urban areas. This has made it easier for the government to set up vaccination centers and distribute vaccines to different parts of the country. Additionally, the government has been working closely with healthcare providers to ensure that vaccines are administered efficiently and effectively.

Underlying macroeconomic factors: The success of Norway's vaccination program has had a positive impact on the country's economy. With fewer COVID-19 cases and deaths, businesses have been able to reopen and operate more freely. This has led to an increase in consumer spending and economic activity. Additionally, the government has provided financial support to businesses and individuals affected by the pandemic, which has helped to mitigate the economic impact of the virus.

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.