Market Insights Health OTC Pharmaceuticals

Cold & Cough Remedies - Singapore

Singapore

In 2024, the revenue in the Cold & Cough Remedies market market in Singapore reaches US$288.00m.
It is projected that the market will experience an annual growth rate of 6.38% (CAGR 2024-2029).
When comparing the revenue on a global scale, the in the United States leads the way with US$11,190.00m in 2024.
Furthermore, in terms of per capita revenue, each person in Singapore generates US$47.59 in 2024.
The demand for cold and cough remedies in the OTC Pharmaceuticals market is steadily rising in Singapore due to the country's high urbanization rate and the prevalence of respiratory illnesses.

Key regions: Australia, Japan, India, Brazil, Canada

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Currency

Analyst Opinion

The Cold & Cough Remedies market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Customers in Singapore have shown a growing preference for over-the-counter cold and cough remedies. This is primarily due to the convenience and accessibility of these products, as well as the increasing awareness among consumers about the importance of self-care and early treatment of common cold and cough symptoms. In addition, the rising number of working professionals and busy lifestyles have contributed to the demand for quick and effective remedies that can be easily purchased without a prescription.

Trends in the market: One of the key trends in the Cold & Cough Remedies market in Singapore is the increasing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking products that are perceived to be safer and have fewer side effects. This trend is in line with the global shift towards natural and organic products, as consumers are becoming more aware of the potential risks associated with long-term use of certain pharmaceutical drugs.Another trend that has been observed in the market is the growing popularity of combination products. These are cold and cough remedies that contain multiple active ingredients to provide relief from various symptoms at once. Combination products are preferred by consumers as they offer convenience and cost savings compared to purchasing multiple individual products. This trend is driven by the desire for quick and effective relief from cold and cough symptoms, without the need for multiple medications.

Local special circumstances: Singapore's hot and humid climate contributes to the high prevalence of respiratory infections, such as the common cold and cough. The year-round warm weather creates an environment conducive to the spread of viruses, leading to a higher incidence of respiratory illnesses. This local special circumstance has resulted in a consistently high demand for cold and cough remedies in the country.

Underlying macroeconomic factors: The growing middle-class population and increasing disposable incomes in Singapore have also played a significant role in the development of the Cold & Cough Remedies market. As more individuals have the financial means to afford healthcare products, the demand for over-the-counter remedies has increased. Furthermore, the government's focus on healthcare and wellness initiatives has also contributed to the growth of the market, as it encourages individuals to take proactive measures to maintain their health and well-being.In conclusion, the Cold & Cough Remedies market in Singapore is experiencing steady growth due to customer preferences for over-the-counter remedies, the increasing demand for natural and herbal products, and the local special circumstance of Singapore's hot and humid climate. The underlying macroeconomic factors of a growing middle-class population and increasing disposable incomes further support the development of the market.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.