Analgesics (Pharmacies) - Singapore

Revenue in the Analgesics market is projected to reach US$174.20m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 7.20%, resulting in a market volume of US$246.70m by 2029.
In global comparison, most revenue will be generated China (US$5.03bn in 2024).
In relation to total population figures, per person revenues of US$28.79 are generated in 2024.

Definition:
The Analgesics market encompasses non-prescription natural and synthetic non-opioid analgesics sold through pharmacies. These include well-known products such as Paracetamol, Ibuprofen, Aspirin, Diclofenac, and various pain-relieving preparations. The market's scope varies with national legislation concerning opioid analgesics, with legal opioids being incorporated based on respective state regulations. In countries like Germany, Austria, and Switzerland, opioid analgesics are included if they comply with narcotics law limitations and do not necessitate a prescription. The analgesics are presented in forms like pills, capsules, gels, and ointments. However, the market excludes prescription medications (e.g., morphine), anesthetics, and homeopathic remedies. Notable top-selling painkillers encompass Voltaren, Aspirin, Thomapyrin, Ibuprofen, Dolormin, Paracetamol, and ASS. This market exclusively covers product sales through pharmacies.

Additional information:
The Analgesics market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Over-the-counter analgesics (e.g. Aspirin and Paracetamol)
Natural and synthetic agents
In the form of pills, capsules, gels and ointments

Prescription medicines
Homeopathic remedies
Anesthetics

The Analgesics (Pharmacies) market in Singapore has been experiencing steady growth in recent years, driven by customer preferences for over-the-counter pain relief medications, trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Singapore have been shifting towards self-medication and convenience, which has contributed to the growth of the Analgesics (Pharmacies) market. Consumers are increasingly seeking quick and accessible solutions for pain relief, and over-the-counter analgesics provide a convenient option for managing minor aches and pains without the need for a prescription. This preference for self-medication is driven by a desire for immediate relief and the convenience of being able to purchase these medications at pharmacies without the need for a doctor's visit. Trends in the market have also played a role in the growth of the Analgesics (Pharmacies) market in Singapore. The rise of e-commerce and online pharmacies has made it easier for consumers to access a wide range of analgesic products from the comfort of their own homes. This has increased competition among pharmacies, leading to a wider variety of products and competitive pricing. Additionally, the growing emphasis on health and wellness has also contributed to the demand for analgesics, as consumers are increasingly seeking natural and alternative pain relief options. Local special circumstances in Singapore have further fueled the growth of the Analgesics (Pharmacies) market. Singapore has a high population density and a busy urban lifestyle, which often leads to stress, fatigue, and musculoskeletal issues. As a result, there is a constant demand for pain relief medications to alleviate these common ailments. Additionally, Singapore has a well-developed healthcare system and a high level of healthcare awareness among its population, which further drives the demand for analgesics. Underlying macroeconomic factors have also played a role in the growth of the Analgesics (Pharmacies) market in Singapore. The country has a strong economy with high levels of disposable income, enabling consumers to afford over-the-counter medications. Singapore also has a well-regulated pharmaceutical industry, ensuring the quality and safety of analgesic products available in the market. These factors contribute to consumer confidence in purchasing and using analgesics, further driving market growth. In conclusion, the Analgesics (Pharmacies) market in Singapore is experiencing steady growth due to customer preferences for self-medication and convenience, trends in the market such as the rise of e-commerce and the emphasis on health and wellness, local special circumstances such as a high population density and healthcare awareness, and underlying macroeconomic factors including a strong economy and a well-regulated pharmaceutical industry.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.