An industry screening of health segments in Norway
Photo, DNV Imatis
The target health segments for the Healthcare Sector Group in Danske Bank Norway have been selected based on attractive growth potential, favorable business dynamics and future consolidation potential.
As a part of Danske Bank’s coverage, they have developed a healthcare sector book, which includes an extensive industry screening of all segments and sub-segments and selected deep dives. Their analysis shows that the healthcare sector is highly fragmented with a significant portion of early-phase companies growing rapidly, particularly within software and tech.
Danske Bank also sees a strong investor interest in the space and have identified more than 100 M&A transactions involving Norwegian targets across the main segments since 2015. Danske Bank is optimistic for the industry in general and believe that our target segments will continue to grow at high rates in coming years, both locally in Norway and internationally.
Company Challenges / Success Stories
Photo Dele Health
Several Norwegian companies look for growth outside Norway, as they find it hard to enter the Norwegian healthcare system. Norwegian healthcare ICT companies like Dele Health Tech (“Dele”) and Imatis are both examples of successful companies who had to look for opportunities abroad. Dele has developed AI-based software solutions that detect, predict and protect seniors living in care communities from falling. Dele is now growing rapidly in the US and Carine Zeier, CEO of Dele, shares some valuable input:
“If every municipality demands tailored solutions, scaling in Norway becomes nearly impossible”, she says. Zeier also emphasises the importance of staying focused on which part of the solution you should deliver when entering a bigger market, and equally important - what not to deliver. According to Zeier, a clearly defined partnership strategy is critical to succeed internationally. When entering the US, Dele established a strategic partnership with a large firm with direct access to Dele’s target market. The partnership proved key to Dele’s commercial breakthrough in the US.
Morten Andresen (CEO of Imatis) has also experienced high barriers to entry in Norway. Imatis had to gain international attention before getting any real traction in the Norwegian market. Today, Imatis is a successful supplier in the specialized healthcare system in Norway while also serving international customers across Europe, Australia and North America.
Contribution by
Vibeke Vier Simensen
Head of Healthcare, Corporate Banking, Danske Bank Norway
