The population aged 65 and above is increasing and is projected to reach approximately 14.1 million by 2020. The elderly population of Italy is expected to significantly increase, at a faster rate than the US and other European countries due to higher life expectancy, better health care facilities and strong financial support for the elderly population by the Italian government.
The pharmaceutical market in Italy was approximately $25.4 billion in 2010 and is projected to reach approximately $29.3 billion in 2020 with a Compound Annual Growth Rate (CAGR) of 1.5%. Italy is one of the most potential healthcare market among the European Union member states. Moreover, Italian government provides tax credits to the companies that spend on Research and Development (R&D). The Italian Medicine Agency (Agenzia Italiana Del Farmaco-AIFA)
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The size of the medical device market was approximately $11.3 billion in 2010. in 2006, Italy was ranked third in Europe and sixth in the world, in terms of the size of the medical device market. The market is projected to reach approximately $18.7 billion by 2020, with a projected CAGR of 5.2%. The in vitro diagnostics (15.4%), cardiovascular devices (15.2%) and ophthalmic devices (9.3%) were the major segments in the medical devices market in 2010. The key challenges being faced by the medical device industry in Italy include long duration of payment terms (ranging from 100 to 500 days) by hospitals and low expenditure on research and development by the domestic sector.
With a rapidly increasing elderly population and awareness toward chronic diseases, the medical care and diagnostic markets in Italy are expected to grow significantly in the future. To prevent age-related diseases, new areas such as preventive medicine and nursing care services are gaining significant importance in Italy. Analysis of the R&D projects of the biotech companies in the healthcare domain in Italy suggests that approximately 233 products are in various phases of development.
Global Markets Direct, the industry analysis specialist, has released its new report, “Healthcare, Regulatory and Reimbursement Landscape-Italy”
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