£810 / $1295 / €985
The size of the Norwegian medical device market is estimated to be US$1.1 billion in 2012, equal to US$229 per capita. The market is expected to grow by 3.9% per annum to reach US$1.4 billion by 2017, equal to US$270 per capita.
The population of Norway is estimated to be 5.0 million in 2012, with 15.5% 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 recovered in 2010 and is due to grow at an average 2.3% per annum between 2013 and 2017.
Healthcare expenditure has continued its steady growth in recent years, increasing by a 2006-11 CAGR of 8.8%. Private expenditure accounts for around 16% 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 2011, imports were US$1,029.4 million, an increase of 9.3% over 2010, with a CAGR of 3.4% for the period between 2007 and 2011. There was a balance of trade deficit of US$711.1 million in 2011.
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