Norway Pharmaceutical Market Size (2024 - 2029)

Norway Pharmaceutical Market Analysis

The Norway Pharmaceutical Market size is estimated at USD 3.06 billion in 2024, and is expected to reach USD 3.43 billion by 2029, growing at a CAGR of 2.31% during the forecast period (2024-2029).

COVID-19 significantly impacted the pharmaceutical industry in Norway due to various restrictions imposed by the government in the country. The country experienced a very weak first wave and implemented numerous strategies to lessen or manage medicine shortages with which the studied market had less adversely impacted during the pandemic. However, due to new strategies like agreements by market players for COVID-19 vaccines in the country, the market is expected to grow significantly. For instance, in March 2023, Insud Pharma entered a collaboration agreement with the biotech pharmaceutical company HIPRA to accelerate and facilitate access to the COVID-19 vaccine in different European countries. The alliance between HIPRA and Exeltis will provide market access services for Norway and some other European countries, which will propel the market to grow over the coming years.

Norway has a developing pharmaceutical market with clinical and medical capabilities in various key sectors, including neuroscience and cancer. Its long tradition in the biomedical sciences makes it an enticing place for businesses trying to create a base or develop a partnership in Norway. In addition, the rising incidence of chronic diseases like cancers, heart diseases, and autoimmune diseases increases the demand for various pharmaceuticals in the country. For instance, per the report published by the Norwegian Institute of Public Health in March 2023, multiple myeloma is the second most frequent type of blood cancer, with roughly 450 new cases identified annually in Norway. Since multiple myeloma is incurable, treatment objectives are to extend life, elicit a strong response without unfavorable side effects, and keep the patient's quality of life as high as possible throughout treatment, which likely propels the pharmaceutical market over the forecast period.

The presence of market players, key product launches, mergers, and acquisitions make the market grow faster over the forecast period. For instance, in November 2021, ADVANZ PHARMA launched MYRELEZ in Norway, the first generic lanreotide for treating acromegaly and gastroenteropancreatic neuroendocrine tumors (GEP-NETs). These new product launches increase the product portfolio of the key players in the market, which likely propels the market's growth.

Due to the factors above, Norway's pharmaceutical market is anticipated to face growth over the forecast period. However, stringent regulatory rules for pharmaceutical products impede the market growth over the study period.

Norway Pharmaceutical Industry Segmentation

As per the report's scope, pharmaceuticals are prescribed and non-prescription drugs. These medicines can be bought by an individual with or without the doctor's prescription and are safe for consumption for various illnesses with or without the doctor’s consent. The Norway Pharmaceutical Market is Segmented by Anatomical Therapeutic Chemical (ATC)/Therapeutic Class (Cardiovascular System, Dermatologicals, Genito Urinary System and Sex Hormones, Anti-infective for Systemic Use, Antineoplastic and Immunomodulating Agents. Musculoskeletal System, Nervous System, Respiratory System, and Others), Drug Type (Branded and Generic), Prescription Type (Prescription Drugs (Rx) and Over the Counter (OTC) Drugs). The report offers the value (in USD) for the above segments.