Pharmacies - Italy

Italy

The Pharmacies market in Italy is forecasted to achieve a revenue of US$28.98bn by the year 2024.
This projection indicates an anticipated annual growth rate (CAGR 2024-2028) of 3.12%, leading to a market volume of US$32.77bn by 2028.
When compared to the global market, United States is expected to generate the highest revenue, amounting to US$387.30bn in 2024.
Interestingly, when considering the population size, each person in Italy is projected to contribute US$493.80 to the total revenue in 2024.
Italy's pharmacies are increasingly focusing on providing holistic healthcare services, integrating traditional medicine with alternative therapies.

Key regions: United States, China, Germany, Japan, Europe

Market

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Analyst Opinion

The Pharmacies market in Italy has been experiencing significant growth in recent years.

Customer preferences: Italian consumers have shown a strong preference for purchasing healthcare products and medications from pharmacies. This preference can be attributed to several factors. Firstly, pharmacies in Italy are known for their knowledgeable and professional staff who can provide advice and guidance on healthcare products. This personalized service is highly valued by consumers, especially when it comes to purchasing over-the-counter medications. Additionally, pharmacies in Italy are often seen as a trusted source of healthcare information, and consumers rely on them for accurate and reliable advice.

Trends in the market: One of the key trends in the Pharmacies market in Italy is the increasing demand for natural and organic healthcare products. Italian consumers are becoming more health-conscious and are seeking products that are perceived as being more natural and less harmful to their bodies. This trend is driven by a growing awareness of the potential side effects of synthetic medications and a desire for more sustainable and environmentally-friendly options. Pharmacies in Italy have responded to this trend by expanding their range of natural and organic products, including herbal remedies, homeopathic treatments, and organic skincare products. Another trend in the market is the growing popularity of online pharmacies. As in many other countries, the rise of e-commerce has had a significant impact on the Pharmacies market in Italy. Online pharmacies offer convenience and a wide range of products, making them an attractive option for consumers. This trend has been further accelerated by the COVID-19 pandemic, as many consumers have turned to online shopping to avoid crowded public spaces. Pharmacies in Italy have recognized this shift in consumer behavior and have started to invest in their online presence, offering online ordering and home delivery services.

Local special circumstances: Italy has a universal healthcare system, which means that the majority of prescription medications are covered by the national health insurance. This has made prescription medications more affordable and accessible to the general population, leading to increased demand for pharmacies. Additionally, Italy has a rapidly aging population, which has also contributed to the growth of the Pharmacies market. Older adults tend to have more healthcare needs and rely on pharmacies for their medications and healthcare products.

Underlying macroeconomic factors: Italy has a strong pharmaceutical industry, with several major multinational companies having a presence in the country. This has led to a high level of innovation and product development in the Pharmacies market. Additionally, the Italian government has implemented policies to support the growth of the healthcare sector, including tax incentives for pharmaceutical companies and investments in healthcare infrastructure. These factors have created a favorable business environment for pharmacies in Italy and have contributed to the overall growth of the market.

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.