Pharmacy Usual Items - Singapore

Singapore

Highlights

Revenue in the Pharmacy Usual Items market is projected to reach US$3.35bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.78%, resulting in a market volume of US$4.23bn by 2029.
In global comparison, most revenue will be generated China (US$48.05bn in 2024).
In relation to total population figures, per person revenues of US$553.50 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Pharmacy Usual Items market in Singapore has witnessed significant growth in recent years.

Customer preferences: Customers in Singapore have shown a strong preference for Pharmacy Usual Items due to their convenience and affordability. With busy lifestyles and limited time for shopping, consumers are increasingly turning to online platforms to purchase their usual items. This shift towards online shopping has fueled the growth of the Pharmacy Usual Items market, as consumers can easily browse through a wide range of products and make purchases from the comfort of their homes.

Trends in the market: One of the key trends in the Pharmacy Usual Items market in Singapore is the increasing demand for health and wellness products. As consumers become more health-conscious, they are seeking products that can help them maintain a healthy lifestyle. This includes vitamins, supplements, and other wellness products that are readily available in pharmacies. The rising popularity of these products has contributed to the overall growth of the Pharmacy Usual Items market. Another trend in the market is the growing demand for natural and organic products. Consumers are becoming more aware of the potential harmful effects of chemicals and synthetic ingredients in their usual items. As a result, they are actively seeking out natural and organic alternatives. This has led to an increase in the availability of natural and organic products in pharmacies, catering to the changing preferences of consumers.

Local special circumstances: Singapore has a well-developed healthcare system and a high standard of living, which has contributed to the growth of the Pharmacy Usual Items market. The government has also implemented various initiatives to promote healthy living and preventive healthcare, which has further boosted the demand for Pharmacy Usual Items. Additionally, the aging population in Singapore has increased the need for healthcare products, including Pharmacy Usual Items, leading to a larger customer base.

Underlying macroeconomic factors: The strong economic growth in Singapore has played a significant role in the development of the Pharmacy Usual Items market. With increasing disposable incomes, consumers have more purchasing power and are willing to spend on healthcare and wellness products. The government's focus on healthcare and wellness as part of its national agenda has also created a favorable environment for the growth of the Pharmacy Usual Items market. In conclusion, the Pharmacy Usual Items market in Singapore is experiencing significant growth due to customer preferences for convenience and affordability, as well as the increasing demand for health and wellness products. The availability of natural and organic products, along with the government's initiatives to promote healthy living, has further contributed to the market's development. The strong economic growth and the aging population in Singapore have also played a role in the growth of the Pharmacy Usual Items market.

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.