Market Research Report
Italy Pharmaceutical Market - Growth, Trends, And Forecasts (2020 - 2025)
|Published by||Mordor Intelligence Pvt Ltd||Product code||965040|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Italy Pharmaceutical Market - Growth, Trends, And Forecasts (2020 - 2025)|
|Published: August 1, 2020||Content info: 80 Pages||
The Italy Pharmaceutical market studied was anticipated to show a slow growth with a CAGR of 3.4%, during the forecast period. Italy is one of the world's leading pharmaceutical markets. In recent years, the Italian drug industry has expanded significantly in terms of growth, value-added, trade, and investment. Contract Development Manufacturing Organization (CDMO) is the major system of the Italian pharmaceutical sector with a production value of EUR 2,057 million in 2018. With respect to research, Italy holds around 18% of the overall number of clinical trials authorized throughout the European Union.
However, In the next few years, the pharmaceutical sector in Italy may undergo a variety of obstacles. The rise in the Italian country's debt compared to GDP, and the country's underprivileged growth track may reduce the flow of money in the country, which means that the industry may falter, thus the development of the industry in the country can be hampered. Moreover, owing to the recent outbreak of COVID-19 in the country, Italy which is one the key epicenter for the virus, there is an impact on the supply chain in the country as the supply form the manufacturing facilites has reduced owing to the ban imposed by the country. As the country has the maximun number of production facilites, it may slow down the production due to the less workforce presence which may up to some extent hamper the market growth of the industry.
Healthcare Expenditure in Italy
Most reputable foreign sources, such as the OECD and WHO, put Italy among the top of the table in terms of life expectancy and great health and quality of health care. The use of drugs and vaccinations has made a significant difference to health in Italy. In Italy, public spending accounts for more than 25% of the total pharmaceutical spending, which is less than the big European countries' average such as Germany, France, UK, Spain, and Others. Italy also has a smaller share of pharmaceutical public spending on GDP relative to the broad European average: 1% vs. 1.2%. In 2018, Italy spent 8.8% of its GDP on healthcare, a lower share than other European economies average of 10%. According to the OECD, the per capita healthcare spending in Italy amounted to EUR 2,560 in 2018, which is more than 10% below the average of other European economies.
Prescription Drugs segment Holds the Largest Share and Expected to do Same in the Forecast Period
Italy Prescription Drugs category is estimated to account for the largest share over the forecast period. The growth drivers for this sector are technology, the supportive regulatory landscape, the preference of pharmaceutical manufacturers towards Rx medicines, and new drug launches have also led to this rising trend. Furthermore, the increasing growth in population and rise in the chronic disease such as cardiovascular which is the leading cause of death in the country, have also contributed to the growth of this market. Moreover, along with a growth in the per-capita healthcare spending in the country, the rise in people's discretionary income is also expected to drive the market growth of the Prescription drugs segment during the forecast period from 2020-2025.
The Italy pharmaceutical market is highly competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. And some prominent players are vigorously making acquisitions and joint ventures with the other companies to consolidate their market positions in the country. Some of the Key companies which are currently dominating the market are AbbVie Inc., AstraZeneca plc, Bayer AG, C.H. Boehringer Sohn AG & Ko. KG, and GlaxoSmithKline plc