BMI View : The Norwegian medical device market is limited by the size of the population, but enjoys above average per capita spending of USD300. We project the market will grow at a US dollar CAGR of 3.9% to 2019 with the ageing population the main growth driver. 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 forecast that the Norwegian medical device market will grow at a 2014-2019 CAGR of 3.9%, from USD1,529.2mn in 2014 to USD1,853.1mn in 2019. Growth will range from 2.5% for patient aids up to 5.1% for other medical devices. This will make Norway the second fastest growing market in Western Europe, behind the UK.
We expect currency weakness and falling oil revenues will impact on US dollar import values in the short-term. Imports contracted by 18.0% y-o-y in US dollar terms in Q415 and by 15.1% over the whole of 2015, taking the running annual total to just under USD1.0bn.
We believe that export activity will continue to pick up as demand strengthens within the eurozone and the rest of Europe, although currency weakness will continue to impact on the US dollar value of imports in the short term. Improved performance in the diagnostic imaging and other medical device product areas contributed to a y-o-y dollar increase of 2.9% in Q415, although the running annual export total fell by 6.7% to USD325.3mn for the whole of 2015.
The Norwegian Government has confirmed its commitment to developing the health sector by announcing an 8.7% increase in the Regional Health Enterprises (hospitals) budget for 2016, along with a 6.8% increase in the Ministry of Health and Care Services budget. We believe that the increase in investment will stimulate market growth for products used in both hospital and home care settings.
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.