Market Insights Health Pharmaceuticals Vaccines

COVID-19 Vaccines - Italy

Italy

Italy is projected to generate a revenue of €545.80m in the COVID-19 Vaccines market by 2024.
This is expected to show an annual growth rate (CAGR 2024-2029) of -18.31%, resulting in a market volume of €198.50m by 2029.
In global comparison, United States is anticipated to generate the highest revenue of €4,070,000.00k in 2024.
Italy is experiencing a high demand for COVID-19 vaccines, with a significant emphasis on reaching vulnerable populations and rural areas.

Key regions: United Kingdom, Germany, France, South Korea, Italy

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Analyst Opinion

Italy, one of the countries most affected by the COVID-19 pandemic, has been actively involved in the development and distribution of vaccines to combat the virus.

Customer preferences: Italian customers have shown a high level of willingness to get vaccinated against COVID-19, with a large percentage of the population expressing interest in receiving the vaccine. This has led to a high demand for vaccines in the country, with both government and private entities working to secure doses for their citizens and employees.

Trends in the market: The COVID-19 vaccine market in Italy has seen a significant increase in the number of available vaccines, with several options now approved for use in the country. The government has also implemented a comprehensive vaccination program, prioritizing high-risk groups and healthcare workers. This has led to a steady increase in the number of vaccinated individuals in the country, which is expected to continue in the coming months.

Local special circumstances: One of the unique challenges facing the COVID-19 vaccine market in Italy is the country's aging population. With a large percentage of the population over the age of 65, there is a greater need for vaccines that are safe and effective for older individuals. Additionally, Italy has a strong tradition of vaccine hesitancy, which has been a concern for public health officials during the pandemic.

Underlying macroeconomic factors: Italy's economy has been hit hard by the COVID-19 pandemic, with the country experiencing a significant decline in GDP in 2020. However, the government has implemented several measures to support businesses and individuals affected by the pandemic, which has helped to stabilize the economy to some extent. The success of the vaccination program in Italy is seen as a key factor in the country's economic recovery, with businesses and consumers eager to return to normal activities once the virus is under control.

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.