Market Trends of Norway Pharmaceutical Industry
This section covers the major market trends shaping the Norway Pharmaceutical Market according to our research experts:
Prescription 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.
