Boston, MA -- (SBWIRE) -- 04/03/2014 -- The size of the Norwegian medical device market is estimated to be US$1.6bn in 2013, equal to US$321 per capita. The market is expected to grow by 2.5% per annum to reach US$1.8bn by 2018, equal to US $351 per capita The population of Norway is estimated to be 5.0mn in 2013, with 16.0% of the total aged 65 years and over. Norway has a stable, affluent economy but was nevertheless affected by the global economic downturn. Real GDP fell by 1.7% in 2009, according to figures from BMI, but it returned to growth between 2010 and 2012 and is due to grow at an average 2.4% per annum between 2013 and 2018.
Healthcare expenditure has continued its steady growth in recent years, increasing by a CAGR of 2.5% between 2008 and 2013. Private expenditure accounts for around 14% of the total; out-of-pocket payments represent almost all of this is.
Due to the small scale of domestic production, any increases in market demand are likely to be met by imports. In 2012, imports were US$1,065.6mn, an increase of 3.5% over 2011, with a CAGR of 3.4% for the period between 2007 and 2012. There was a balance of trade deficit of US$757mn in 2012.
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