Other OTC Pharmaceuticals (Pharmacies) - Italy

Italy

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$1.19bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.31%, resulting in a market volume of US$1.21bn by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$20.26 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Italy has been experiencing steady growth in recent years.

Customer preferences: Italian consumers have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which are easily accessible in pharmacies without the need for a prescription. This preference can be attributed to several factors, including convenience, cost-effectiveness, and a desire for self-care. Additionally, the aging population in Italy has contributed to the increased demand for OTC pharmaceuticals, as older individuals often require medications for chronic conditions that can be managed with non-prescription products.

Trends in the market: One notable trend in the Italian OTC pharmaceutical market is the increasing demand for natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking out products that are perceived as being more natural and less reliant on synthetic chemicals. This trend aligns with the global shift towards holistic wellness and the growing popularity of alternative medicine. Another trend in the market is the rise of e-commerce in the sale of OTC pharmaceuticals. Online platforms provide consumers with a convenient and discreet way to purchase these products, especially for those who may feel uncomfortable discussing certain health issues in person. The COVID-19 pandemic has also accelerated the adoption of online shopping, as consumers have been encouraged to stay at home and avoid unnecessary trips to physical stores.

Local special circumstances: Italy has a well-established network of pharmacies, with over 20,000 pharmacies spread across the country. This extensive distribution network ensures that OTC pharmaceutical products are easily accessible to consumers, regardless of their location. The presence of knowledgeable pharmacists in these pharmacies also plays a role in driving the demand for OTC products, as consumers trust their expertise and advice.

Underlying macroeconomic factors: The Italian healthcare system is primarily funded through public sources, which means that prescription medications are often subsidized or fully covered by the government. This has led to a higher proportion of prescription medications being dispensed through pharmacies, leaving a smaller market share for OTC pharmaceuticals. However, the increasing cost of healthcare and budget constraints have prompted the government to encourage the use of OTC products for certain conditions, in order to reduce the burden on the healthcare system. This has created opportunities for growth in the OTC pharmaceutical market. In conclusion, the Other OTC Pharmaceuticals (Pharmacies) market in Italy is developing due to customer preferences for convenience and self-care, as well as the increasing demand for natural remedies. The rise of e-commerce and the extensive network of pharmacies in the country further contribute to the growth of the market. The underlying macroeconomic factors, including the public healthcare system and budget constraints, also play a role in shaping the market dynamics.

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.