Market Size of Italy Pharmaceutical Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Market Size (2024) | USD 37.70 Billion |
| Market Size (2029) | USD 44.80 Billion |
| CAGR (2024 - 2029) | 3.51 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Italy Pharmaceutical Market Analysis
The Italy Pharmaceutical Market size is estimated at USD 37.70 billion in 2024, and is expected to reach USD 44.80 billion by 2029, growing at a CAGR of 3.51% during the forecast period (2024-2029).
Italy is one of the world's leading pharmaceutical markets.
The COVID-19 pandemic is an unprecedented health concern and is adversely affecting communities, industries, businesses, and lives around the world. Many companies have already received approval for their vaccines against the Sars-CoV-2 virus and still focusing their research and development on the development of therapeutics against the COVID-19. COVID-19's immediate and direct potential impact has already led to the loss of millions of lives and a considerable increase in healthcare costs. As multiple potential medicines were tried before the development of vaccines and are used to treat the coronavirus-induced infection, other medical conditions arise due to it which is expected to complement the market. For instance, the medications such as Lopinavir/Ritonavir, hydroxychloroquine (HCQ), and Remdesivir are being repurposed to treat coronavirus infection in many countries around the world. As the country has the maximun number of production facilites, the lockdown reduced the production due to the less workforce presence which hampered the market growth of the industry.
In recent years, the Italian drug industry has expanded significantly in terms of growth, value-added, trade, and investment. With respect to research, Italy holds around 18% of the overall number of clinical trials authorized throughout the European Union. Over the years, the prevalence and incidence of many chronic and infectious diseases such as diabetes, cancer, and others, have increased many folds around the world which led to the high demand of the pharmaceutical products around the world and thus, driving the growth in the studied market.
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.
