Other Pharmaceuticals - Singapore

Singapore

The revenue in the Other Pharmaceuticals market in Singapore is anticipated to reach US$0.73bn in 2024.
It is expected to exhibit an annual growth rate (CAGR 2024-2029) of 4.96%, leading to a market volume of US$0.93bn by 2029.
When compared globally, United States is projected to generate the highest revenue of US$260.50bn in 2024 in this market.
Singapore's robust healthcare infrastructure and strong regulatory framework make it an attractive market for other pharmaceutical companies seeking to expand their operations in Southeast Asia.

Key regions: China, Europe, Australia, United States, Germany

Market

Region

Region comparison

Currency

Analyst Opinion

Singapore has been a hub for pharmaceuticals in the Southeast Asian region, with a thriving market for both prescription and over-the-counter drugs. The Other Pharmaceuticals market in Singapore has been developing in a unique way, driven by specific customer preferences and local special circumstances.

Customer preferences: Singaporean customers are known for their high standards and expectations when it comes to healthcare products. They tend to prefer products that are safe, effective, and of high quality. This has led to a growing demand for Other Pharmaceuticals that meet these criteria. Additionally, customers in Singapore are increasingly interested in natural and alternative remedies, which has created a niche market for herbal and homeopathic products in the Other Pharmaceuticals sector.

Trends in the market: One of the key trends in the Other Pharmaceuticals market in Singapore is the increasing focus on research and development. Companies are investing heavily in developing new and innovative products that can meet the evolving needs of customers. This has led to the introduction of a range of new products, including those that are targeted at specific health conditions or demographics. Another trend in the market is the growing popularity of online sales channels, which has made it easier for customers to access a wider range of products and compare prices.

Local special circumstances: Singapore's healthcare system is one of the best in the world, with a strong emphasis on preventive care and early detection of health issues. This has created a culture of health consciousness among Singaporeans, who are proactive about managing their health and wellbeing. Additionally, Singapore's aging population has led to an increased demand for healthcare products and services, including Other Pharmaceuticals. Finally, the government's push towards becoming a Smart Nation has led to the adoption of new technologies in the healthcare sector, which has created opportunities for companies to develop innovative products and services.

Underlying macroeconomic factors: Singapore's strong economy and stable political environment have made it an attractive destination for pharmaceutical companies looking to invest in the region. Additionally, the government's focus on developing the healthcare sector has created a favorable business environment for companies in the Other Pharmaceuticals market. Finally, Singapore's strategic location and well-developed infrastructure have made it a key distribution hub for pharmaceutical products in the region, which has further boosted the growth of the market.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.