OTC Products - Singapore

Singapore

The OTC Products market in Singapore is expected to see a significant increase in revenue, reaching a projected amount of US$4,146.00m by the year 2024.
This growth is anticipated to continue at a steady pace, with an annual growth rate (CAGR 2024-2029) of 4.84%.
As a result, the market volume is predicted to reach US$5,251.00m by 2029.
When compared globally, China is expected to generate the highest revenue in the OTC Products market, with a staggering amount of US$74.91bn in 2024.
However, considering the population figures, in Singapore is able to generate impressive per person revenues of US$685.10 in the same year.
The demand for over-the-counter products in Singapore has been steadily increasing, driven by the country's high healthcare standards and accessibility to such products.

Key regions: Europe, Australia, United Kingdom, Germany, South Korea

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Analyst Opinion

The OTC Products (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 (OTC) products, which are medications that can be purchased without a prescription. This is due to several factors, including convenience, cost-effectiveness, and the increasing availability of a wide range of OTC products in pharmacies. Singaporeans are becoming more proactive in managing their health and are seeking accessible solutions for common health issues.

Trends in the market: One of the key trends in the OTC Products (Pharmacies) market in Singapore is the increasing demand for health and wellness products. Singaporeans are becoming more health-conscious and are actively seeking OTC products that promote general well-being and address specific health concerns. This includes products such as vitamins, supplements, and natural remedies. The trend towards self-care and preventive healthcare has also contributed to the growth of the OTC market in Singapore. Another trend in the market is the growing popularity of online pharmacies. With the rise of e-commerce, more consumers are turning to online platforms to purchase OTC products. This provides convenience and accessibility, especially for those who may have limited access to physical pharmacies or prefer the convenience of doorstep delivery. Online pharmacies also offer a wider range of products and competitive pricing, attracting a larger customer base.

Local special circumstances: Singapore's aging population is a significant factor driving the growth of the OTC Products (Pharmacies) market. As the population ages, there is an increased demand for OTC products that cater to the specific health needs of older adults. This includes products for joint health, cardiovascular health, and cognitive function. Pharmacies in Singapore are adapting to this demographic shift by expanding their range of OTC products and providing personalized recommendations to meet the unique needs of older customers.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have contributed to the growth of the OTC Products (Pharmacies) market. With a higher purchasing power, consumers are more willing to spend on OTC products for their health and well-being. Additionally, Singapore's robust healthcare system and emphasis on preventive healthcare have created a supportive environment for the OTC market to thrive. In conclusion, the OTC Products (Pharmacies) market in Singapore is experiencing growth due to customer preferences for convenience, cost-effectiveness, and a wide range of products. The market is driven by trends such as the demand for health and wellness products and the rise of online pharmacies. Singapore's aging population and strong economy also contribute to the growth of the market. As the OTC market continues to evolve, pharmacies in Singapore will need to adapt to changing customer preferences and leverage digital platforms to stay competitive.

Methodology

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.