OTC Pharmaceuticals - Singapore

Singapore

Revenue in the OTC Pharmaceuticals market amounts to US$1,164.00m in 2024. The market is expected to grow annually by 5.20% (CAGR 2024-2029).
The market's largest segment is the segment Cold & Cough Remedies with a market volume of US$288.00m in 2024.
In global comparison, most revenue is generated in the United States (US$41,240m in 2024).
In relation to total population figures, per person revenues of US$192.30 are generated in 2024.
In the OTC Pharmaceuticals market, 6.0% of total revenue will be generated through online sales by 2024.

Key regions: Worldwide, India, Philippines, United States, Europe

Definition:
The Over-the-Counter Pharmaceuticals market includes non-prescription medications, treatments, and healthcare products that are available directly to consumers without a prescription from a licensed healthcare professional. It includes both products which are exclusively sold in pharmacies and products which can be purchased elsewhere such as supermarkets, and online retailers. Sales by hospitals are not included.

Structure:
The market is subdivided into Analgesics, Cold and Cough Remedies, Digestives and Intestinal Remedies, Skin Treatment, Vitamins and Minerals, Hand Sanitizer, Eye care, Sleep aids, Wound care, and Other OTC Pharmaceuticals. The Analgesics market covers non-prescription pain-relief medications which help to relief aches, pains and fevers. Cold & Cough market covers non-prescription remedies aimed at relieving nasal congestion, coughing, sore throat, and related cold discomforts. The Digestives and Intestinal Remedies market encompasses non-prescription products designed to alleviate symptoms related to digestive discomfort and intestinal issues. The Skin Treatment market includes non-prescription medications formulated to address various dermatological concerns such as acne, eczema and dryness. The Vitamins and Minerals market comprises non-prescription dietary supplements containing essential nutrients such as vitamins and minerals. The Hand sanitizer market covers sanitizing products which are applied on hands to effectively reduce the presence of bacteria and viruses. The Eye Care market covers non-prescription products to address common eye-related discomforts such as dryness, irritation or redness. The Sleep Aids market covers non-prescription products designed to promote relaxation, alleviate insomnia, and improve sleep quality. The Wound Care market includes non-prescription products designed to facilitate wound healing and prevent infection.

Additional information:
OTC Pharmaceuticals comprises revenues, average revenue per capita. Sales channels show online and offline revenue. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Market

Region

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Analyst Opinion

The OTC Pharmaceuticals market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Customers in Singapore have shown a preference for OTC pharmaceuticals due to their convenience and accessibility. OTC drugs are readily available in pharmacies and supermarkets without the need for a prescription, allowing consumers to quickly and easily purchase medications for common ailments such as colds, headaches, and allergies. This convenience factor has contributed to the increasing demand for OTC pharmaceuticals in Singapore.

Trends in the market: One noticeable trend in the OTC Pharmaceuticals market in Singapore is the growing popularity of natural and herbal remedies. Consumers are becoming more conscious of their health and are seeking alternative treatments that are perceived to be more natural and have fewer side effects. This trend is reflected in the increasing availability and variety of natural and herbal OTC pharmaceutical products in the market. Another trend is the rising demand for OTC pharmaceuticals targeting specific demographics, such as children and the elderly. With an aging population and a growing emphasis on child healthcare, there is a demand for OTC medications that cater to the unique needs of these age groups. Manufacturers have responded to this demand by developing specialized OTC products that are safe and effective for children and the elderly.

Local special circumstances: Singapore has a well-developed healthcare system and high standards of healthcare delivery. The government plays an active role in ensuring the safety and quality of OTC pharmaceutical products through regulations and strict monitoring. This has fostered consumer trust in OTC medications and contributed to the growth of the market.

Underlying macroeconomic factors: The growing middle-class population and increasing disposable income in Singapore have also contributed to the growth of the OTC Pharmaceuticals market. As people have more purchasing power, they are willing to spend on healthcare products, including OTC medications. Additionally, the prevalence of chronic diseases such as diabetes and hypertension has led to a higher demand for OTC pharmaceuticals that can help manage these conditions. In conclusion, the OTC Pharmaceuticals market in Singapore is experiencing steady growth due to customer preferences for convenience, the popularity of natural and herbal remedies, and the demand for specialized OTC products. The country's well-developed healthcare system, high standards of healthcare delivery, growing middle-class population, and increasing prevalence of chronic diseases are all underlying macroeconomic factors that contribute to the market's development.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.