Weak export growth among healthcare companies

Norwegian healthcare exports totalled NOK 28.2 billion in 2024, up from NOK 27.3 billion the previous year. This represents growth of just over 4 per cent, down from 6 per cent the previous year. In addition, overseas subsidiaries generated approximately NOK 5 billion in export revenue.

'Exports are growing, but too slowly. If we are to reach the government's target of increasing healthcare exports by 50 per cent by 2030, growth must accelerate. This will require, among other things, more venture capital and greater public-private collaboration,' says Tone Varslot Stave, who leads our healthcare export initiative.

The pharmaceutical industry dominates exports, accounting for 79 per cent of the total.

Exports are also concentrated among a small number of companies: eight businesses account for 87 per cent of exports, while GE Healthcare alone accounts for 48 per cent – up from 44 per cent the previous year.

This makes Norwegian healthcare exports particularly vulnerable to changes among the largest companies. We therefore work with authorities in Norway and abroad to help retain production in Norway.

When revenue from the Norwegian healthcare system is included, the picture becomes more balanced. Medical devices account for 28 per cent of total revenue, while digital health accounts for 6 per cent. Sales of medical products have grown steadily in recent years, with digital health companies in particular seeing strong growth.

Exports were particularly high in 2023 due to the weak Norwegian krone and increased demand for Norwegian healthcare products. The decline in 2024 was partly due to greater barriers to accessing the US market and global uncertainty. Several of the largest companies reported lower exports.

Norway has strong medical technology communities in fields such as ultrasound, sensor technology and robotics, with excellent potential to compete internationally. We support these companies in the US, the UK, Germany and the Nordic countries, working with the Norwegian embassies in each country.

We also work to attract more international companies and investors to Norway, for example through our radiopharmaceutical initiative in Japan in connection with Expo 2025 and our efforts to generate interest in Norwegian companies among US investors.