Norway Neurology Device Market Analysis Report 2022 to 2030

Norway Neurology Device Market Analysis

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Norway's Neurology devices market size was valued at $xx Bn in 2022 and is estimated to expand at a compound annual growth rate (CAGR) of xx% from 2022 to 2030 and will reach $xx Bn in 2030. The market for neurology devices in Norway is expanding as a result of the prevalence of neurological diseases including Alzheimer's, Parkinson's, and epilepsy is rising in Norway as the population ages. The market is segmented by product type and by the end user. Some key players in this market include Medistim, Norgesplaster, Medtronic, Abbott Laboratories, Boston Scientific, and Stryker.

ID: IN10NOMD011 CATEGORY: Medical Devices GEOGRAPHY: Norway AUTHOR: Jigyasu Bhandari

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Norway Neurology Devices Market Executive Analysis

The Norway Neurology devices market is at around $xx Bn in 2022 and is projected to reach $xx Bn in 2030, exhibiting a CAGR of xx% during the forecast period. The percentage of Norway's GDP spent on healthcare in 2019 was 10.5%, which is slightly higher than the Organization for Economic Cooperation and Development (OECD) average of 8.8%. This corresponds to almost $7,000 per capita spending on healthcare, which is greater than the OECD average of $4,000 per person. The budget allotted by the government of Norway for healthcare in 2021 was roughly $20 Bn, an increase of nearly 2.5% from the previous year.

Neurology devices are used to identify, treat, and prevent a wide range of neurological conditions, including Alzheimer's disease, spinal cord injuries, and traumatic brain injuries. In Norway, there are 15,000 people with Parkinson's disease, with an annual incidence rate of 10 new cases per 100,000 people. In elderly persons, Parkinson's disease is more common. In Norway, there are 12,000 Multiple Sclerosis (MS) patients, with an annual incidence rate of 5 new cases per 100,000 persons. MS is more common in women and in colder, more northern locales. In Norway, there are 40,000 persons who have epilepsy, with an annual incidence rate of 50 new cases per 100,000 people. Children and older individuals have a higher prevalence of epilepsy. In Norway, there are 100,000 people with dementia, with an annual incidence rate of 10 new cases per 1,000 people. Elderly people have a higher incidence of dementia.

Market Dynamics

Market Growth Drivers

In Norway, The prevalence of neurological diseases including Alzheimer's, Parkinson's, and epilepsy is rising in Norway as the population ages. The need for neurological devices that can assist in the detection and treatment of various disorders is being driven by this. In addition to the country's aging population, the incidence of neurological disorders is becoming more common in Norway. The need for neurological devices that can aid in the diagnosis, treatment, and management of these disorders is growing as a result. With a quick clearance procedure that promotes innovation and investment in the market for neurology equipment, Norway enjoys good regulatory conditions for neurology device manufacturers.

Market Restraints

Norway's neurology devices market is expanding, but it is still tiny in comparison to countries with larger markets, like the US or Japan. This may reduce the possibilities for growth for Norwegian industries. A small number of significant companies dominate the Norway neurology devices market. These companies have developed great brand awareness and client loyalty. Due to this, it may be challenging for new or smaller firms to establish themselves in the industry.

Competitive Landscape

Key Players

Medistim (NO)
Norgesplaster (NO)
Abbott Laboratories
Boston Scientific
Nihon Kohden
Stryker
Johnson and Johnson

Notable Recent Deals

2021: The Norwegian neurology device company Ultimovacs struck a research partnership with the Oslo University Hospital. In order to perform a clinical trial utilizing Ultimovacs immunotherapy technology to treat brain cancer.

Healthcare Policies and Regulatory Landscape

In, Norway, Neurology devices, are regulated by the Norwegian Medicines Agency (NoMA). In Norway, medical equipment must be CE-marked and adhere to the Medical Devices Act's regulations. With an emphasis on maintaining patient safety, while also fostering innovation and access to new technology, the regulatory environment for neurology devices is developing. The Norwegian regulatory clearance procedure for neurology devices can be drawn out and complicated, but the Norwegian authorities are attempting to shorten and improve the procedure.

1. Executive Summary
1.1 Device Overview
1.2 Global Scenario
1.3 Country Overview
1.4 Healthcare Scenario in Country
1.5 Regulatory Landscape for Medical Device
1.6 Health Insurance Coverage in Country
1.7 Type of Medical Device
1.8 Recent Developments in the Country

2. Market Size and Forecasting
2.1 Market Size (With Excel and Methodology)
2.2 Market Segmentation (Check all Segments in Segmentation Section)

3. Market Dynamics
3.1 Market Drivers
3.2 Market Restraints

4. Competitive Landscape
4.1 Major Market Share

4.2 Key Company Profile (Check all Companies in the Summary Section)

4.2.1 Company
4.2.1.1 Overview
4.2.1.2 Product Applications and Services
4.2.1.3 Recent Developments
4.2.1.4 Partnerships Ecosystem
4.2.1.5 Financials (Based on Availability)

5. Reimbursement Scenario
5.1 Reimbursement Regulation
5.2 Reimbursement Process for Diagnosis
5.3 Reimbursement Process for Treatment

6. Methodology and Scope

Methodology for Database Creation

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How Do We Get It?

Our database is created and maintained through a combination of secondary and primary research methodologies.

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Analyzing historical proprietary data collected from multiple projects.
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Searching through academic conferences, published research, citations, and social media platforms
Collecting and compiling diverse data to build a comprehensive and detailed database
Continuously updating our database with new information to ensure its relevance and accuracy

2. Primary Research

To complement and validate our secondary data, we engage in primary research through local tie-ups and partnerships. This process involves:

Collaborating with local healthcare providers, hospitals, and clinics to gather real-time data.
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Combining Secondary and Primary Research

By integrating both secondary and primary research methodologies, we ensure that our database is comprehensive, accurate, and up-to-date. The combined process involves:

Merging historical data from secondary research with real-time data from primary research.
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Through this meticulous process, we create a final database tailored to each region and domain within the healthcare industry. This approach ensures that our clients receive reliable and relevant data, empowering them to make informed decisions and drive innovation in their respective fields.