Pharmaceuticals - Singapore

Singapore

The Pharmaceuticals market in Singapore is expected to witness significant growth in the coming years.
According to projections, the market's revenue is estimated to reach US$1,702.00m by 2024.
Among the various markets, Oncology Drugs is anticipated to dominate, with a projected market volume of US$305.20m in 2024.
This indicates the strong demand and potential for growth in the field of cancer treatment in Singapore.
Furthermore, the market is expected to exhibit a steady annual growth rate of 6.10% from 2024 to 2029.
This consistent growth trajectory is projected to result in a market volume of US$2,288.00m by 2029.
These numbers highlight the promising prospects for the Pharmaceuticals market in Singapore, indicating a positive environment for investment and development in the industry.
In a global context, it is noteworthy that United States is anticipated to hold the highest revenue share in the Pharmaceuticals market.
The projected revenue for the United States is estimated to reach a staggering US$630.30bn in 2024.
This reinforces the dominance of the United States as a global leader in the pharmaceutical industry, while also emphasizing the potential for Singapore to further tap into this lucrative market.
Singapore's pharmaceutical market is thriving due to its strong regulatory framework and advanced healthcare infrastructure.

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

Definition:
The Pharmaceuticals market covers remedies used to cure, treat, prevent, and diagnose diseases. These small molecule drugs or biologic medical products may be called drugs, medications, or medicines. Prescription drugs and over-the-counter (OTC) drugs are both included. Depending on the regulations in each country, these products are provided by pharmacies, hospitals, physicians, and/or drug stores, and/or they can be bought elsewhere. They may be administered in the form of pills, capsules, gels, ointments, injections, infusions, lozenges, or aerosols/sprays.

Structure:
The market is subdivided into Oncology Drugs, Anti-Diabetes Drugs, Anti-Rheumatic Drugs, Vaccines, Dermatological Drugs, Antiviral Drugs, Immunosuppressants, Bronchodilator Drugs, Sensory Organ Drugs, Anti-Hypertensive Drugs, Anti-Coagulants, Anti-Fibrinolytic Drugs, Multiple Sclerosis Drugs, Lipid-Lowering Agents and Other Pharmaceuticals. The Pharmaceuticals market is organized in markets that cover drugs used in specific medical fields, i.e., medicines for a specific disesase or a certain type of medicine. They include original brands, biosimilars, generics, and orphan drugs.The Oncology Drugs market covers pharmaceutical products specifically developed for the treatment and management of various cancers. The Anti-Diabetes Drugs market covers medications designed to manage blood glucose levels and improve insulin sensitivity in individuals with diabetes. The market Anti-Rheumatic Drugs includes pharmaceuticals specifically developed to alleviate symptoms, reduce inflammation, and modify the progression of rheumatic diseases. The Dermatological Drugs market covers pharmaceuticals formulated to treat and manage a wide range of skin conditions such as eczema, acne, and rosacea. The Antiviral Drugs market includes medications designed to treat viral infections and reducing the severity and duration of symptoms. The Immunosuppressants market covers pharmaceuticals that suppress the immune system's activity. The Bronchodilator Drugs market covers pharmaceuticals designed to relax and widen the airways in the lungs. The Sensory Organ Drugs market covers pharmaceuticals targeting the treatment of disorders and conditions affecting sensory organs such as the eyes, ears and nose. The Anti-hypertensive Drugs market covers pharmaceuticals designed to lower blood pressure levels. The Anti-Coagulants Drugs market covers pharmaceuticals developed to prevent the formation of blood clots or to dissolve existing clots. The Anti-Fibrinolytics Drugs market covers pharmaceuticals designed to inhibit the breakdown of blood clots. The Multiple Sclerosis Drugs market covers pharmaceuticals aimed at managing and modifying the course of multiple sclerosis. The Lipid-Lowering Agents market covers pharmaceuticals developed to reduce levels of cholesterol and other lipids in the blood. The Other Pharmaceuticals market provides information on additional specialties that are not covered by the main markets.

Additional information:
Market values represent the revenues generated by manufacture prices paid to primary vendors, either directly or through distribution channels (excluding VAT). Reported market revenues include spending by consumers (B2C), companies (B2B), and governments (B2G).

Company examples: Novartis, Roche, Pfizer, Merck & Co, Johnson & Johnson, AbbVie, Sanofi.

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Currency

Analyst Opinion

The pharmaceuticals market in Singapore has been steadily developing over the years, with several trends and developments shaping the industry.

Customer preferences: Singaporeans have shown a growing interest in preventative healthcare, leading to an increase in demand for vitamins, supplements, and other over-the-counter products. Additionally, there is a growing trend towards natural and organic products, with consumers seeking out products that are free from harmful chemicals and additives.

Trends in the market: One of the key trends in the pharmaceuticals market in Singapore is the increasing focus on research and development. Singapore has become a hub for pharmaceutical research, with several major companies setting up research centers in the country. This has led to a growing number of clinical trials being conducted in Singapore, which has helped to drive innovation in the industry.Another trend in the market is the growing importance of digital technologies. Many pharmaceutical companies are now investing in digital tools and platforms to improve patient outcomes and streamline operations. This includes the use of telemedicine, digital health records, and mobile health apps.

Local special circumstances: One of the unique aspects of the pharmaceuticals market in Singapore is the country's strong regulatory environment. The Health Sciences Authority (HSA) is responsible for regulating pharmaceuticals and medical devices in Singapore, and has a reputation for being stringent and thorough in its assessments. This has helped to build trust in the industry and ensure that products sold in Singapore are safe and effective.

Underlying macroeconomic factors: Singapore's strong economy and high standard of living have helped to drive demand for pharmaceuticals in the country. Additionally, the country's aging population has led to an increase in demand for healthcare services and products. The government has also been investing heavily in healthcare infrastructure and initiatives, which has helped to support the growth of the pharmaceuticals industry.

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.