Prescription Drugs - Norway

Norway

Highlights

The Prescription Drugs market in Norway is anticipated to achieve a revenue of US$4.89bn by 2024.
It is expected to display a compound annual growth rate (CAGR 2024-2029) of 4.55%, leading to a market volume of US$6.11bn by 2029.
When compared globally, United States is projected to generate the highest revenue, amounting to US$358.90bn in 2024.
In terms of per capita figures, in Norway is estimated to generate revenues of US$886.40 per person in 2024.
Norway's prescription drug market is characterized by a strong focus on research and development, with a significant emphasis on personalized medicine.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Prescription Drugs (Pharmacies) market in Norway has been experiencing significant growth in recent years, driven by several factors including changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in the Prescription Drugs (Pharmacies) market in Norway have shifted towards convenience and accessibility. With the increasing demand for prescription drugs, customers are seeking quick and easy access to pharmacies. This has led to the rise of online pharmacies and the expansion of pharmacy chains, offering extended opening hours and a wider range of products. Customers are also looking for personalized services and expert advice, leading to the development of specialized pharmacies that cater to specific health needs. Trends in the market indicate a growing focus on preventive healthcare and self-medication. Customers are becoming more proactive in managing their health and are seeking over-the-counter drugs and supplements to prevent or alleviate common ailments. This trend is driven by a desire for cost-effective healthcare solutions and a growing awareness of the importance of preventive measures. As a result, pharmacies in Norway are expanding their product offerings to include a wide range of over-the-counter drugs, vitamins, and supplements. Local special circumstances in Norway, such as the country's universal healthcare system and high healthcare standards, contribute to the development of the Prescription Drugs (Pharmacies) market. The universal healthcare system ensures that every citizen has access to affordable healthcare, including prescription drugs. This creates a steady demand for prescription drugs and provides a stable market for pharmacies. Additionally, the high healthcare standards in Norway drive the need for pharmacies to maintain strict quality control measures and provide reliable and safe medications to customers. Underlying macroeconomic factors, such as the aging population and increasing healthcare expenditure, also play a role in the development of the Prescription Drugs (Pharmacies) market in Norway. The aging population requires more healthcare services, including prescription drugs, leading to a higher demand for pharmacies. Furthermore, the government's commitment to healthcare and the increasing healthcare expenditure contribute to the growth of the market. The government's focus on improving healthcare infrastructure and services creates opportunities for pharmacies to expand and cater to the growing needs of the population. In conclusion, the Prescription Drugs (Pharmacies) market in Norway is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The shift towards convenience and accessibility, the focus on preventive healthcare and self-medication, the universal healthcare system, high healthcare standards, the aging population, and increasing healthcare expenditure all contribute to the growth of the market.

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.