Market Size of Italy OTC Drugs Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.80 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy OTC Drugs Market Analysis
The Italy OTC Drugs Market is projected to register a CAGR of 6.8% during the forecast period (2022-2027).
The Italian healthcare industry was one of the severely impacted countries by the COVID-19 outbreak in the world as the country was already facing weak economic conditions and a cut to public health services due to budgetary requirements in the last decade. Due to this emergency, the price was paid by the healthcare professionals. According to a study 'Impact of COVID-19 outbreak on Italian healthcare workers versus general population: Results from an online survey' published in Open Access general in July 2021, it was found that healthcare workers were severely affected by the pandemic as compared to the general population. The healthcare workers and doctors in the country were taking different measures to stop the spread of the coronavirus. However, with product launches, the market started growing. For instance, in June 2020, the Hero Group and Angelini Holding entered a joint venture (JV) to enter the Italian baby and toddler food market with a 100% organic portfolio. The products are sold in different channels - baby specialist stores, pharmacies, selected grocery retailers and drugstores throughout Italy, and eCommerce. Hence, in the upcoming period, the market is likely to grow in the future.
In 2022, Italy spent around USD 35.6 billion on healthcare, according to data from the Information Resources, Incorporated (IRI) in 2022. This is expected to boost market growth since the investment can be done to aid the development of over-the-counter drugs in Italian pharmaceutical companies leading to greater scope for market growth. The launch of healthcare and consumer products in the country is another factor in the growth of the market. The common conditions, like flu, pain, and others, have been reported to be increasing in the country, which contributes to self-medication and OTC sales. For instance, according to the recent report in InfluNet, in 2020, almost three million cases of flu have been reported in Italy since the start of the winter season, and the number of confirmed cases is rising.
According to a study published by the Journal of Anesthesia, Intensive Care, Emergency and Pain Medicine in March 2021 titled 'Chronic Non-Cancer Pain in Primary Care: an Italian Cross-Sectional Study', chronic non-cancer pain is a complex health condition that affects more than a quarter of the Italian population who mainly refers to general practitioners and primary care for their treatment.
Furthermore, the presence of well-established market players in the country with major OTC brands, such as Tachipirina (pain and fever), Rinazina (Rhinitis), and others, are expected to further fuel the market growth in the country. Hence, owing to the rising burden of diseases coupled with the favorable regulations and new product launches is expected to boost the market growth in Italy during the forecast period.
However, the high probability of OTC drug abuse and lack of awareness is likely to hinder the market growth.
