Key regions: Canada, United Kingdom, United States, China, Europe
The Cold & Cough Remedies (Pharmacies) 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 available in pharmacies. This can be attributed to the convenience and accessibility of these products. With busy lifestyles and a desire for quick relief, consumers are opting for self-medication rather than visiting a doctor for minor cold and cough symptoms. Additionally, the increasing awareness of the effectiveness and safety of these remedies has also contributed to their popularity among customers.
Trends in the market: One of the key trends in the Cold & Cough Remedies (Pharmacies) market in Singapore is the demand for natural and herbal remedies. Consumers are becoming more conscious of the ingredients used in the products they consume and are seeking alternatives to traditional pharmaceutical options. This has led to a rise in the availability of natural and herbal cold and cough remedies in pharmacies, catering to the growing demand. Another trend in the market is the increasing popularity of combination products. Customers are looking for remedies that can address multiple symptoms simultaneously, such as relieving both cough and nasal congestion. Pharmacies in Singapore are responding to this trend by offering a wide range of combination products that provide comprehensive relief to customers.
Local special circumstances: Singapore's climate, with its high humidity and fluctuating temperatures, creates an environment conducive to the spread of cold and cough viruses. As a result, the demand for cold and cough remedies remains consistently high throughout the year. This local special circumstance drives the growth of the Cold & Cough Remedies (Pharmacies) market in Singapore.
Underlying macroeconomic factors: Singapore's strong economy and high standard of living contribute to the growth of the Cold & Cough Remedies (Pharmacies) market. With a well-developed healthcare system and a population that values healthcare and wellness, consumers are willing to invest in cold and cough remedies to alleviate their symptoms and maintain their overall well-being. Additionally, Singapore's aging population also contributes to the demand for these remedies, as older individuals are more susceptible to cold and cough symptoms and often require medication to manage their symptoms.
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.
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