Market Size of Norway Pharmaceutical Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 2.90 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Norway Pharmaceutical Market Analysis
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.
