BMI View : The Norwegian medical device market is limited by the size of the population, but enjoys above avera ge per capita spending . We project the market will see moderate growth with the ageing population and investment in new technology the main growth drivers. The market will continue to be import-led with much of domestic production geared to the export market.
|Total (USDmn)||Per Capita (USD)||Total (Local Currency mn)||Per Capita (Local Currency)||Exchange Rate (Local Currency/USD)|
Latest Updates And Key Forecasts
We maintain our forecast that the Norwegian medical device market will grow at a 2015-2020 CAGR of 5.7% in local currency terms. Growth in US dollars will be lower at a 2015-2020 CAGR of 4.5% due to currency depreciation at the start of the forecast period.
We believe that imports will gain momentum through 2017 as the economy picks up and the NOK starts to strengthen against the US dollar. Imports increased by 7.2% y-o-y in US dollar terms in Q216, which brings renewed promise following five consecutive quarters of negative growth. In the 12 months to June 2016, imports declined by 8.0%, taking the running annual total to just under USD1.0bn.
After a strong performance in Q216, we expect export activity will moderate as eurozone economic growth decelerates and global trade dynamics weaken. Exports posted a y-o-y dollar increase of 20.7% in Q216. Contractions in previous quarters meant the running annual export total increased by just 0.9% to USD335.8mn in the 12 months to June 2016.
Hospital operational funding is set to slow in 2017 although the government is still aiming to expand hospital patient care services by 2.1%, which represents continued strong growth according to the Ministry of Finance's 2017 budget statement. Hospitals will need to increase efficiency measures to meet this target. The 2017 budget proposal singles out hospital development and maintenance for investment including NOK363mn (USD41.4mn) in funding for four large hospital construction projects.
The Norway Medical Devices Report features market forecasts supported by trade, production and healthcare estimates by Espicom, a BMI Research's company. These forecasts and estimates focus on six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices.
Detailed product breakdown for market, trade and production data in Norway provides industry professionals, strategists, company executives and analysts with independent forecasts and competitive intelligence on the Norway Medical Devices industry.
- Benchmark BMI's Medical Devices market forecasts, which take into account macroeconomic and industry-specific forecasts for Norway, to test analysis as it is a key input for budgeting and strategic business planning. Use our standardised data to gain a better understanding of market performance in Norway.
- Target Business Opportunities in the Norway Medical Devices market by using our assessments and projections for demographic trends, regulatory developments, investment dynamics and domestic demand in Norway.
- Assess the activities and market position of your competitors via our assessments of domestic production, national and multinational manufacturers, along with the trade and distribution outlets of multinationals, key company developments and future growth prospects.
BMI Industry View
Provides industry, political and economic views. Briefly analyses the medical devices market, taking into account the latest industry forecasts, healthcare indicators and industry trends & developments.
SWOT analyses of the medical devices market, the political environment, the economic landscape and the business environment.
Evaluates and analyses the medical devices market in terms of historical and forecast trends, covering six product areas: Consumables, Diagnostic Imaging, Dental Products, Orthopaedics & Prosthetics, Patient Aids and Other Medical Devices. Additionally, presents annual and monthly import and export trade data.
Presents macroeconomic forecasts impacting the medical devices market.
Industry Risk Reward Index
Risk Reward Indices tool, which provides a globally comparative and numerically based assessment of the medical devices market’s attractiveness.
Assesses the medical devices market in the current year. Additionally, covers healthcare trends shaping the market, focusing on health status, healthcare system, healthcare funding, healthcare resources, healthcare activity and healthcare personnel. Includes historical healthcare data.
Industry Trends & Developments
Analyses the latest industry trends and developments shaping the market, in terms of monthly trade performance, forecast trends, production changes, regulatory developments, competitive strategies, political events and economic performance.
A focus on government healthcare reforms, epidemiological trends, mergers and acquisitions, product launches, market entries, FDI activity, R&D, biotechnology, clinical trials and supply chain issues.
Values historical medical devices production, and analyses the presence of national and multinational manufacturers operating in the market. Also, compares the presence of leading multinational company operations, either via sales & marketing, distribution or manufacture. Finally, takes into account market access drivers, including major distribution channels, trade associations and trade shows.
Carefully explains the medical devices market methodology, trade classifications, Risk Reward Index methodology and sources used in the medical devices market Report.