Other OTC Pharmaceuticals (Pharmacies) - Singapore

Singapore

Highlights

Revenue in the Other OTC Pharmaceuticals market is projected to reach US$90.59m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.52%, resulting in a market volume of US$97.69m by 2029.
In global comparison, most revenue will be generated United States (US$4.98bn in 2024).
In relation to total population figures, per person revenues of US$14.97 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Other OTC Pharmaceuticals (Pharmacies) market in Singapore has been experiencing significant growth in recent years.

Customer preferences: Customers in Singapore have shown a growing preference for over-the-counter (OTC) pharmaceutical products, which can be purchased without a prescription. This trend is driven by several factors, including convenience, affordability, and the desire for self-care. With busy lifestyles and limited time for doctor visits, many consumers prefer to treat minor ailments themselves using OTC medications. Additionally, the lower cost of OTC products compared to prescription drugs makes them more accessible to a wider range of consumers.

Trends in the market: One of the key trends in the Other OTC Pharmaceuticals market in Singapore is the increasing demand for natural and herbal remedies. Consumers are becoming more health-conscious and are seeking out products that are perceived as more natural and less chemically-based. This has led to a rise in the availability and popularity of OTC herbal supplements, vitamins, and other natural health products. Another trend in the market is the growing popularity of online pharmacies. Singapore has a high internet penetration rate, and consumers are increasingly turning to online platforms to purchase OTC pharmaceutical products. Online pharmacies offer convenience, competitive pricing, and a wide range of products, making them an attractive option for consumers.

Local special circumstances: Singapore has a well-developed healthcare system and a high standard of healthcare services. However, the cost of medical treatment can be high, especially for non-life-threatening conditions. This has led to an increased reliance on OTC pharmaceutical products as a more affordable alternative to prescription drugs. Additionally, Singapore has a large elderly population, and OTC medications play a crucial role in managing chronic conditions and promoting self-care among this demographic.

Underlying macroeconomic factors: Singapore's strong economy and high per capita income contribute to the growth of the Other OTC Pharmaceuticals market. With a higher disposable income, consumers have more purchasing power and are more willing to spend on healthcare products. Furthermore, the government's efforts to promote healthcare awareness and encourage self-care have also contributed to the growth of the OTC pharmaceutical market in Singapore. In conclusion, the Other OTC Pharmaceuticals market in Singapore is experiencing growth due to customer preferences for convenience and affordability, the increasing demand for natural and herbal remedies, the popularity of online pharmacies, the local special circumstances of high healthcare costs and an aging population, and the underlying macroeconomic factors of a strong economy and government initiatives.

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.