Prescription Drugs - Italy

Italy

The revenue in the Prescription Drugs market in Italy is projected to reach €21.47bn in 2024.
It is expected to show an annual growth rate (CAGR 2024-2029) of 2.94%, resulting in a market volume of €24.82bn by 2029.
In global comparison, United States leads in revenue generation with €329.40bn in 2024.
In relation to the total population figures, per person revenues of €0.37k are generated in Italy in 2024.
Italy's pharmaceutical market has been experiencing a surge in demand for prescription drugs, driven by an aging population and an increasing prevalence of chronic diseases.

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Italy is experiencing significant growth and development.

Customer preferences: Italian consumers have shown a strong preference for prescription drugs purchased from pharmacies rather than other channels. This preference is driven by several factors, including the trust and confidence that consumers have in pharmacists to provide accurate and reliable information about medications. Additionally, pharmacies in Italy often offer a wide range of healthcare services, such as blood pressure monitoring and vaccinations, which further attract customers.

Trends in the market: One of the key trends in the Prescription Drugs (Pharmacies) market in Italy is the increasing demand for over-the-counter (OTC) medications. This trend can be attributed to the growing awareness among consumers about self-care and the convenience of purchasing medications without a prescription. Moreover, the availability of OTC medications in pharmacies allows consumers to access certain drugs easily and quickly, without the need for a doctor's appointment. Another trend in the market is the rising popularity of online pharmacies. Italian consumers are increasingly turning to online platforms to purchase prescription drugs, driven by the convenience of home delivery and the ability to compare prices and products. Online pharmacies also offer a wider selection of medications, including those that may not be available in local brick-and-mortar pharmacies.

Local special circumstances: Italy has a universal healthcare system, which provides citizens with access to prescription drugs at affordable prices. This system ensures that a significant portion of prescription drug sales is covered by the government, reducing the financial burden on consumers. As a result, the demand for prescription drugs in Italy remains high, contributing to the growth of the Prescription Drugs (Pharmacies) market.

Underlying macroeconomic factors: The aging population in Italy is a significant macroeconomic factor driving the growth of the Prescription Drugs (Pharmacies) market. As the population ages, there is an increased need for prescription medications to manage chronic conditions and age-related health issues. This demographic shift has created a steady demand for prescription drugs, leading to the expansion of the market. Additionally, the increasing prevalence of chronic diseases, such as diabetes and cardiovascular diseases, has also contributed to the growth of the Prescription Drugs (Pharmacies) market in Italy. These conditions require long-term medication management, resulting in a continuous need for prescription drugs. In conclusion, the Prescription Drugs (Pharmacies) market in Italy is experiencing growth and development due to the strong customer preference for pharmacy purchases, the increasing demand for OTC medications, the rise of online pharmacies, the country's universal healthcare system, and the underlying macroeconomic factors of an aging population and the prevalence of chronic diseases.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.