Prescription Drugs - Singapore

Singapore

Singapore is expected to see a significant increase in revenue in the Prescription Drugs market.
By 2024, the projected revenue is estimated to reach US$1.72bn.
This indicates strong growth in the market.
Furthermore, the market is expected to continue growing at an annual growth rate of 3.97% (CAGR 2024-2029), resulting in a market volume of US$2.09bn by 2029.
When comparing in Singapore to other countries globally, it is important to note that United States is expected to generate the highest revenue in the Prescription Drugs market, reaching a staggering US$358.90bn in 2024.
This demonstrates the dominance of the US market in this sector.
To put this into perspective, in 2024, in Singapore is projected to generate per person revenues of US$284.90.
This indicates the significant contribution of the Prescription Drugs market to the overall economy of Singapore, considering its population size.
"Singapore's strict regulatory framework and advanced healthcare system contribute to a high demand for innovative prescription drugs in the market."

Key regions: Japan, China, Europe, Australia, Canada

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Analyst Opinion

The Prescription Drugs (Pharmacies) market in Singapore has been experiencing significant growth in recent years, driven by several key factors.

Customer preferences: Customers in Singapore have shown a growing preference for convenience and accessibility when it comes to purchasing prescription drugs. This has led to an increase in the number of pharmacies and retail outlets across the country, making it easier for consumers to access the medications they need. Additionally, there is a growing demand for online pharmacies, allowing customers to order prescription drugs from the comfort of their own homes.

Trends in the market: One notable trend in the Prescription Drugs (Pharmacies) market in Singapore is the increasing focus on preventive healthcare. As the population becomes more health-conscious, there is a growing demand for medications that can help prevent or manage chronic conditions. This has led to an increase in the availability of over-the-counter drugs and health supplements in pharmacies, catering to the needs of individuals who are looking to take a proactive approach to their health. Another trend in the market is the rising popularity of generic drugs. With increasing healthcare costs, customers are looking for more affordable alternatives to brand-name medications. Generic drugs offer the same therapeutic benefits as their branded counterparts but at a lower cost. This has led to an increase in the availability and sales of generic drugs in pharmacies across Singapore.

Local special circumstances: Singapore has a well-developed healthcare system, which includes a strong emphasis on preventive care and early intervention. This has created a favorable environment for the growth of the Prescription Drugs (Pharmacies) market, as individuals are encouraged to seek medical advice and treatment at the earliest signs of illness. Additionally, the government has implemented various initiatives to promote the use of generic drugs, further driving the growth of the market.

Underlying macroeconomic factors: The strong economy and high disposable income levels in Singapore have also contributed to the growth of the Prescription Drugs (Pharmacies) market. As individuals have more purchasing power, they are more willing to spend on healthcare and prescription medications. Additionally, the aging population in Singapore has led to an increase in the demand for prescription drugs, as older individuals are more likely to require ongoing medical treatment and medication. In conclusion, the Prescription Drugs (Pharmacies) market in Singapore is experiencing significant growth due to customer preferences for convenience and accessibility, the increasing focus on preventive healthcare, and the rising popularity of generic drugs. These trends are supported by the local special circumstances, such as the emphasis on preventive care and the government's initiatives to promote the use of generic drugs. The underlying macroeconomic factors, including the strong economy and high disposable income levels, further contribute to the growth of the market.

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.