Norway Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Norway Pharmaceutical Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The Norway pharmaceutical market it is expected to record a CAGR of 2.9% over the forecast period (2022-2027).

COVID-19 had a significant impact on the pharmaceutical and healthcare industry in Norway. As per the article published in 2020 under the title “The COVID-19 pandemic in Norway and Sweden – threats, trust, and impact on daily life: a comparative survey”, Norway implemented tougher regulations and put visitors under quarantine. The government shut down all kindergartens and schools, as well as all physiotherapists, psychologists, hairdressers, swimming pools, and training facilities. It also outlawed all organized activities, including youth sports. Since the rapid shutdown affected the whole economy it spread to the working of pharmaceutical companies and research entities. Moreover, as per the 2021 report from the University of Oslo, despite playing a significant role in international public-private partnerships to combat COVID-19, Norway has made too few and too late demands on the pharmaceutical sector. Due to the aforementioned factors, COVID-19 had a notable impact on the Norway Pharmaceutical Market.

Norway has a developing pharmaceutical market with clinical and medical capabilities in a variety of key sectors, including neuroscience and cancer. With its long tradition in the biomedical sciences, this makes it an enticing place for businesses trying to create a base or develop a partnership in Norway. The presence of market players, key product launches, mergers, and acquisitions make the market grow at a faster pace over the forecast period. For instance, in 2021 ADVANZ PHARMA, a specialty pharmaceutical company focusing on complex medicines in Europe, announced the launch of MYRELEZ (lanreotide) in Norway, the first generic lanreotide for the treatment of acromegaly, grade 1 and a subset of grade 2 gastroenteropancreatic neuroendocrine tumors and symptoms associated with neuroendocrine tumors. Additionally, using Norwegian patients as participants in clinical studies exposes Norway's healthcare system to a wider perspective. For instance, as per the World Health Organization (WHO) 2020 report, WHO officials enrolled the first patients from Norway and Spain in ‘historic’ coronavirus drug trial developmental studies.

Due to the aforementioned factors, Norway pharmaceutical market is anticipated to face growth over the forecast period. However, stringent regulatory rules for pharmaceutical products restrain the market growth over the study period.

Key Market TrendsPrescription Drugs Segment in Norway is Expected to Witness a Growth Over the Forecast Period

The Norway prescription drugs category is expected to hold the largest proportion of the pharmaceutical market. Market drivers for this sector are the aging population and advancements in technology. For instance, as per the 2020 report from Statistics Norway, the number of people who are 70 or older is anticipated to be 1.4 million by 2060.

An increase in healthcare expenditure, research and development, product launches, mergers, and acquisitions boosts the market growth. For instance, the overall healthcare expenditure in Norway was NOK 4,17,762 million in 2021 according to Statistics Norway. As per the same source, per capita, healthcare spending in Norway has steadily increased over the last decade. In 2021, the per capita expenditure in Norway was NOK 77,244 million whereas in 2020 it was registered as NOK 72,383 million.

Additionally, the presence of drug retailers and pharmacies is anticipated to be a driving factor in the pharmaceutical market. Most pharmacies in Norway are run as private businesses. The only pharmacy owned by the public sector is those in hospitals. However, pharmacies are seen as a component of the Norwegian healthcare system. As the number of pharmacies increases more prescription drugs are utilized by the public. For instance, as per the “Pharmacies and pharmaceuticals in Norway” report, due to the change in Pharmacy Act in Norway, pharmacies were more accessible to the public. The number of pharmacies in Norway in 2021 was 1,031.

Due to the aforementioned facts, the Norway Pharmaceutical market is likely to grow over the forecast period.

Competitive Landscape

The Norway pharmaceutical market is highly competitive and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are AbbVie Inc., AstraZeneca plc, Bayer AG, Boehringer Ingelheim, and GlaxoSmithKline plc.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.