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Nordic countries telemedicine market is expected to grow at a CAGR of XX% during the period (2022 – 2030), reaching a market size of $XX million. Nordic Countries have the highest human development index as well as healthcare per capita spending in the world. So, the quality of life is much better than the rest of the world. Nordic countries telemedicine market is segmented into countries namely Sweden, Norway, Denmark, Finland and others. Sweden Healthcare spending/capita is $6000 while that of Norway is $8000. Similarly, healthcare per capita spending for Denmark & Finland is $6000 & $4500 respectively.
Sweden telemedicine market has the highest share in Nordic countries telemedicine market followed by Norway telemedicine market. Finland telemedicine market accounts for 15% of overall Nordic region telemedicine market share while Denmark telemedicine market accounts for 20%. Norway has the highest penetration of nurses in the region while Denmark has the lowest. Further, The median age for population of Nordic region around 41.5 years and nearly 4.5 doctors are available for every 1000 people.
Nordic population is becoming old and this is a fact that the older population contributed less to the government in form of taxes. Thus, to facilitate healthcare to an aging population, governments need to bring down the cost of healthcare. So, Telemedicine is a necessity for Nordic region to lower healthcare spending but at the same time increasing the healthcare penetration within the region. The Nordic region telemedicine market has huge potential and is growing rapidly.
There are many new businesses coming up in different business segments like digital health/telehealth services, software or devices. For example, Doktor.se, one of the leading provider of telemedicine services in Sweden has grown rapidly. The company also raised €50 million to support its expansion.
Norway Telemedicine Market
Norway has a Government run healthcare system accounts for 85% of the healthcare cost in Norway. Municipal corporations are responsible for primary, preventive & nursing care while National government is responsible for Hospitals & Speciality care. So, government becomes a key stakeholder in adoption of telemedicine. Norway healthcare spending per capita is around $8000 which is one of the highest is the world.
The median age of Norway population is 39.8 years which means 50% of the population is older than 40 years in Norway. Norway government understand this that their population has started aging, so, they need a better healthcare penetration but at the same time lower the cost of healthcare. Further, Norway has 4.33 doctors and 21.24 Nurses per 1000 people. This is one of the highest penetration of doctors and nurses in the world. Telemedicine becomes vital for the government to increase the penetration of doctors & nurses in the country.
Further, the concept of telemedicine is not new to Norway and services like teledermatology were implemented in 1990. Norway government has always been keen on adopting telemedicine for healthcare and Covid-19 accelerated the process of telemedicine adoption. Norway is the most lucrative region for telemedicine market in the Nordic region.
Sweden Telemedicine Market
Sweden healthcare per capita expenditure is $6000 and the number of doctors & nurses per 1000 people is 4.82 & 10.85 respectively. More than 5 million people in Sweden are older than 41 years. Smartphone penetration in Sweden is 84.4%. Sweden telemedicine market has 1/3rd market share in the Nordic region telemedicine market. Sweden is the largest population in Nordic region which is almost double of countries such as Denmark, Finland or Norway. Sweden is projected to be the fastest growing region in Nordic region telemedicine market.
Denmark Telemedicine Market
Denmark healthcare per capita expenditure is $6000 and the number of doctors & nurses per 1000 people is 4.22 & 7.9 respectively. More than 2.9 million people in Denmark are older than 42 years. Further, Smartphone penetration in Denmark is 87%. Denmark has the lowest penetration of nurses in the region and hence, telemedicine can prove to be vital for a country like Denmark to efficiently use its resources for healthcare.
Finland Telemedicine Market
Finland healthcare per capita expenditure is $6000 and the number of doctors & nurses per 1000 people is 4.64 & 14.26 respectively. More than 2.75 million people in Finland are older than 43 years. Further, Smartphone penetration in Finland is 96%. Finland has the oldest population in Nordic region and their healthcare per capita is the lowest, they have better number of nurses per 1000 people than Sweden & Denmark. Thus, it becomes important for a country like Finland to adopt telemedicine to provide a cost effective and efficient healthcare infrastructure to its citizens.
Nordic Countries Telemedicine Market Segments
Telemedicine market in Nordic Countries comprises of telemedicine equipment, telemedicine medical devices and telemedicine software offerings. Datavagyanik has covered each telemedicine component in detail in terms of market size, sales volume, growth forecast. The segment and sub segment level categorization covered in the report are:
Go-to-market (GTM) strategy in Nordic Countries Telemedicine Market
Telemedicine market is becoming increasingly competitive and it is important for market players to strategize their sales and marketing decisions. Our telemedicine GTM strategy coverage helps market players understand the sales channels and way to increase revenues.
Market Segments, By End Use
Key questions answered in the Nordic Countries Telemedicine Market Analysis Report:
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