Cold & Cough Remedies (Pharmacies) - Singapore

Revenue in the Cold & Cough Remedies market is projected to reach US$108.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.75%, resulting in a market volume of US$150.50m by 2029.
In global comparison, most revenue will be generated China (US$7.83bn in 2024).
In relation to total population figures, per person revenues of US$17.94 are generated in 2024.

Definition:
The Cold and Cough market encompasses a range of over-the-counter (OTC) products sold through pharmacies. These products include both natural and synthetic agents designed to alleviate symptoms related to cough, cold, sore throat, expectorants, and flu-like infections. The market includes various forms of medication such as pills, syrups, lozenges, sprays, ointments, and granulates for both external and internal usage. However, the market excludes prescription medicines, products contrary to state regulations, or those not explicitly designed for cold or cough relief, such as painkillers. Some of the leading products in this market include nose sprays, Mucosolvan syrup, Grippostad C, Sinupret forte, Gelomyrtol, Dolo-Dobendan, Aspirin Complex, Bepanthen nose and eye cream, ACC Akut, Neo-Angin, Vick Vaporup, and Isla Moos. This market exclusively covers product sales through pharmacies.

Additional Information:
The Cold and Cough 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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Natural and synthetic agents
In the form of pills, syrups, creams, lozenges, sprays and granulate
Expectorants and remedies to relieve cough

Prescription medicines
Homeopathic remedies
Painkillers
Candy

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.

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.