OTC Pharmaceuticals - Singapore

Singapore

The OTC Pharmaceuticals market in Singapore is projected to generate a revenue of US$1,164.00m in 2024.
This market is expected to experience an annual growth rate of 5.20% (CAGR 2024-2029).
Among the various markets within this market, the Cold & Cough Remedies market holds the largest market share, with a volume of US$288.00m in 2024.
When compared globally, the in the United States generates the highest revenue in this market, with a total of US$41,240.00m in 2024.
In terms of per person revenues, in Singapore is projected to generate US$192.30 per individual in 2024.
Furthermore, it is estimated that online sales will contribute 6.02% of the total revenue in the OTC Pharmaceuticals market by 2024.
The demand for OTC Pharmaceuticals in Singapore is driven by the country's high healthcare standards and the preference for self-medication among its tech-savvy population.

Key regions: United States, China, Germany, Japan, 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.
For more information on the data displayed, use the info button next to the boxes.

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Analyst Opinion

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

Customer preferences: Consumers in Singapore have shown a growing preference for over-the-counter (OTC) pharmaceutical products. This can be attributed to several factors, including the convenience of purchasing these products without a prescription, the increasing awareness and acceptance of self-medication, and the rising healthcare costs. Additionally, OTC pharmaceuticals are often seen as a more affordable option compared to prescription medications.

Trends in the market: One of the key trends in the OTC Pharmaceuticals market in Singapore is the increasing demand for preventive healthcare products. Consumers are becoming more proactive in taking care of their health and are seeking OTC products that can help them prevent common ailments and maintain overall well-being. This trend is driven by a growing emphasis on preventive healthcare and the desire to lead a healthy lifestyle.Another trend in the market is the rising popularity of natural and herbal OTC products. Consumers are increasingly seeking alternatives to conventional medications and are turning to natural remedies for various health issues. This trend is driven by a growing awareness of the potential side effects of synthetic medications and a preference for more holistic approaches to healthcare.

Local special circumstances: Singapore has a well-developed healthcare system and a high standard of living, which has contributed to the growth of the OTC Pharmaceuticals market. The country's healthcare infrastructure provides easy access to healthcare services and information, making it convenient for consumers to purchase OTC products.Furthermore, Singapore has a diverse population with different cultural backgrounds and healthcare beliefs. This diversity has led to a wide range of OTC products being available in the market to cater to the specific needs and preferences of different consumer groups.

Underlying macroeconomic factors: The growth of the OTC Pharmaceuticals market in Singapore can also be attributed to underlying macroeconomic factors. The country has a strong economy and a high level of disposable income, which allows consumers to afford OTC products. Additionally, the government's efforts to promote healthcare and wellness have created a favorable environment for the OTC Pharmaceuticals market to thrive.In conclusion, the OTC Pharmaceuticals market in Singapore is experiencing steady growth due to customer preferences for convenience, preventive healthcare products, and natural remedies. The local special circumstances, such as the well-developed healthcare system and diverse population, further contribute to the market's growth. The underlying macroeconomic factors, including a strong economy and government support, also play a significant role in driving the growth of the market.

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.