Skin Treatment (Pharmacies) - Singapore

Revenue in the Skin Treatment market is projected to reach US$100.40m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 6.71%, resulting in a market volume of US$138.90m by 2029.
In global comparison, most revenue will be generated United States (US$3.32bn in 2024).
In relation to total population figures, per person revenues of US$16.58 are generated in 2024.

Definition: Skin Treatment Market
The Skin Treatment market encompasses a range of over-the-counter (OTC) natural and synthetic medical products designed for skin treatment. This category includes antibacterial preparations, agents for acne treatment, and antifungal solutions. These treatment preparations are available in various forms, such as ointments, creams, gels, pills, capsules, washing lotions, peelings, pastes, solutions, fluids, suppositories, and sprays. Both external and internal applications are covered in this market segment. It's important to note that prescription medications, products contravening state regulations, items that do not explicitly serve as skin treatment drugs (e.g., painkillers), or those primarily intended for cosmetic purposes are excluded from this definition. This market exclusively covers product sales through pharmacies.

Additional Information:
The Skin Treatment 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
Agents for internal and external application
Preparations to treat skin diseases (e.g. acne treatment)

Prescription medicines
Homeopathic remedies
Painkillers
Cosmetic products
Adhesive patches

The Skin Treatment (Pharmacies) market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Customers in Singapore have shown a growing interest in skincare and are increasingly seeking out skin treatment products at pharmacies. This can be attributed to several factors. Firstly, there is a growing awareness of the importance of skincare and the impact it can have on overall health and well-being. As a result, consumers are becoming more proactive in taking care of their skin and are actively seeking out products that can address their specific concerns. Secondly, the convenience of purchasing skincare products from pharmacies is a major draw for customers. Pharmacies are easily accessible and offer a wide range of products, making it convenient for customers to find the right skin treatment products for their needs.

Trends in the market: One of the key trends in the Skin Treatment (Pharmacies) market in Singapore is the rising demand for natural and organic skincare products. Customers are becoming more conscious about the ingredients in their skincare products and are opting for products that are free from harmful chemicals and artificial additives. This trend is driven by a desire for safer and more sustainable skincare options. As a result, pharmacies in Singapore are increasingly stocking natural and organic skincare brands to cater to this demand. Another trend in the market is the increasing popularity of multi-functional skincare products. Customers are looking for products that can address multiple skin concerns at once, such as anti-aging, hydration, and brightening. This trend is driven by the desire for simplicity and efficiency in skincare routines. Pharmacies are responding to this trend by offering a wide range of multi-functional skincare products that cater to different skin types and concerns.

Local special circumstances: Singapore's hot and humid climate is a unique factor that influences customer preferences in the Skin Treatment (Pharmacies) market. The high humidity levels can lead to increased oil production and clogged pores, making customers more prone to skin issues such as acne and congestion. As a result, customers in Singapore are often looking for skincare products that can effectively address these concerns. Pharmacies in Singapore are catering to this demand by offering a range of oil-control and pore-clearing products that are specifically formulated for the local climate.

Underlying macroeconomic factors: The growing affluence of the population in Singapore is a key macroeconomic factor driving the growth of the Skin Treatment (Pharmacies) market. As disposable incomes rise, customers have more purchasing power to invest in skincare products. This has led to an increase in demand for higher-end and premium skincare brands. Pharmacies in Singapore are capitalizing on this trend by expanding their range of premium skincare products to cater to the growing segment of affluent customers. In conclusion, the Skin Treatment (Pharmacies) market in Singapore is experiencing growth due to customer preferences for natural and multi-functional skincare products, as well as the local special circumstances of the hot and humid climate. Additionally, the growing affluence of the population is driving the demand for higher-end skincare products.

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.