Oncology Drugs - Italy

Italy

Italy is expected to witness significant growth in the Oncology Drugs market.
According to projections, the revenue in this market is set to reach €2.81bn by 2024.
Furthermore, the market is anticipated to exhibit a strong compound annual growth rate (CAGR) of 6.39% from 2024 to 2029, ultimately resulting in a market volume of €3.83bn by 2029.
In terms of global comparison, it is worth noting that United States is predicted to generate the highest revenue in this market, with a staggering €96,360.00m in 2024.
However, Italy's market potential should not be overlooked, as it is set to experience significant growth in the coming years.
Italy's oncology drug market is witnessing a surge in the demand for targeted therapies and immunotherapies.

Key regions: France, Europe, United Kingdom, Brazil, India

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Analyst Opinion

The Oncology Drugs market in Italy has been witnessing a steady growth over the years, driven by various factors such as increasing prevalence of cancer, growing awareness about early diagnosis, and advancements in medical technology.

Customer preferences: In Italy, customers prefer targeted therapies and immunotherapies over traditional chemotherapy due to their better efficacy and lower toxicity. They also prefer personalized medicine, which involves the use of genetic testing to identify the most effective treatment for each patient.

Trends in the market: One of the major trends in the Oncology Drugs market in Italy is the increasing use of biosimilars, which are cheaper versions of biologic drugs. This is driven by the government's efforts to reduce healthcare costs and increase access to treatment for patients. Another trend is the growing importance of precision medicine, which involves the use of genomic testing to identify the genetic mutations that drive a patient's cancer and tailor treatment accordingly.

Local special circumstances: Italy has a publicly funded healthcare system, which provides universal coverage to all citizens and residents. This has helped to increase access to healthcare and reduce healthcare disparities. However, the system is facing financial challenges due to the aging population and rising healthcare costs. As a result, the government has implemented cost-containment measures, such as price controls on drugs and the use of biosimilars.

Underlying macroeconomic factors: Italy is the third largest economy in the Eurozone and has a high level of public debt. The country has been facing economic challenges, including low economic growth, high unemployment, and political instability. These factors have led to a decrease in public spending on healthcare and increased pressure on the healthcare system to reduce costs. However, the government has recognized the importance of investing in healthcare and has increased funding for cancer research and treatment.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.