Pharmacies - Singapore

Singapore

In Singapore, the Pharmacies market is expected to experience significant growth in the coming years.
According to projections, the revenue in this market is set to reach US$5.87bn in 2024.
Furthermore, it is anticipated that the revenue will continue to grow at an annual rate of 4.57% between 2024 and 2029, resulting in a market volume of US$7.34bn by 2029.
When compared to other countries globally, it is worth noting that United States is projected to generate the highest revenue in the Pharmacies market, with an estimated revenue of US$387.30bn in 2024.
To put these numbers into perspective, in 2024, the per person revenue generated in the Pharmacies market in Singapore is approximately US$0.97k.
This figure highlights the significant contribution made by the Pharmacies market sector to the overall economy.
The pharmacy market in Singapore is experiencing a growing demand for personalized healthcare services and a shift towards natural and alternative remedies.

Key regions: United States, China, Germany, Japan, Europe

Market

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Currency

Analyst Opinion

The Pharmacies market in Singapore is experiencing steady growth and development due to several factors.

Customer preferences: Customers in Singapore have a strong preference for convenience and accessibility when it comes to purchasing pharmaceutical products. They value the ability to easily access pharmacies and obtain the medications they need without any hassle. Additionally, customers in Singapore also prioritize quality and reliability in the products they purchase, and they are willing to pay a premium for trusted brands and reputable pharmacies.

Trends in the market: One of the key trends in the Pharmacies market in Singapore is the increasing demand for over-the-counter (OTC) medications. As people become more health-conscious and proactive in managing their health, they are seeking out OTC medications for common ailments and minor health issues. This trend is driven by the convenience and cost-effectiveness of OTC medications, as well as the growing awareness and knowledge about self-care practices. Another trend in the market is the rising popularity of online pharmacies. With the advancement of technology and the increasing use of smartphones, more and more customers are turning to online platforms to purchase their pharmaceutical products. Online pharmacies offer the convenience of doorstep delivery and a wide range of products to choose from. This trend is particularly appealing to busy individuals who may not have the time to visit physical pharmacies.

Local special circumstances: Singapore has a well-developed healthcare system and a strong regulatory framework for pharmaceutical products. The government plays a significant role in ensuring the safety and quality of medications available in the market. This has created a favorable environment for the growth of the Pharmacies market in Singapore, as customers have confidence in the products they purchase from pharmacies.

Underlying macroeconomic factors: Singapore has a high per capita income and a strong economy, which has contributed to the growth of the Pharmacies market. With a higher disposable income, customers are more willing to spend on healthcare products and services, including pharmaceutical products. Additionally, Singapore has a rapidly aging population, which has increased the demand for healthcare services and medications. As the population continues to age, the demand for pharmaceutical products is expected to further increase in the coming years. In conclusion, the Pharmacies market in Singapore is driven by customer preferences for convenience and accessibility, as well as the increasing demand for OTC medications and the rise of online pharmacies. The local special circumstances, such as the well-developed healthcare system and strong regulatory framework, have also contributed to the growth of the market. The underlying macroeconomic factors, including high per capita income and an aging population, further support the development of the Pharmacies market in Singapore.

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.