Market Insights Health OTC Pharmaceuticals

Analgesics - Singapore

Singapore

In Singapore, the revenue generated in the Analgesics market is estimated to be US$210.10m in 2024.
This market is projected to experience an annual growth rate of 6.95% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue with an estimated amount of US$7,243.00m in 2024.
In terms of per person revenue, in Singapore generates approximately US$34.72 in 2024.
The demand for analgesics in the OTC Pharmaceuticals market in Singapore is driven by the country's high-stress work culture and increasing aging population.

Key regions: Brazil, Europe, Germany, Canada, United States

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Analyst Opinion

The Analgesics market in Singapore has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Singapore have shown a growing preference for over-the-counter (OTC) analgesics due to their convenience and accessibility. OTC analgesics are widely available in pharmacies, supermarkets, and convenience stores, allowing customers to easily purchase them without a prescription. This convenience factor has contributed to the increasing demand for analgesics in the market.

Trends in the market: One of the key trends in the Analgesics market in Singapore is the rising demand for natural and herbal pain relief products. Customers are becoming more health-conscious and are seeking alternatives to traditional analgesics that may have side effects. As a result, there has been an increase in the availability and popularity of natural analgesics made from ingredients such as turmeric, ginger, and willow bark. This trend is in line with the global shift towards natural and organic products.Another trend in the market is the growing popularity of online sales channels for analgesics. With the increasing use of e-commerce platforms and the convenience of online shopping, customers in Singapore are turning to online retailers to purchase analgesics. This trend has been further accelerated by the COVID-19 pandemic, which has led to a surge in online shopping across various industries.

Local special circumstances: Singapore has a high population density and a busy urban lifestyle, which often leads to high levels of stress and physical discomfort. This has created a strong demand for analgesics to relieve common ailments such as headaches, muscle aches, and joint pain. Additionally, Singapore's aging population is also contributing to the growth of the Analgesics market, as older individuals are more likely to experience chronic pain and require regular pain relief medication.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have also played a significant role in the growth of the Analgesics market. With a high standard of living and a focus on wellness, Singaporeans are willing to spend on healthcare products, including analgesics, to maintain their overall well-being. The government's healthcare policies and initiatives to promote a healthy lifestyle have also contributed to the increased awareness and consumption of analgesics in the country.In conclusion, the Analgesics market in Singapore is experiencing growth due to changing customer preferences, such as the preference for OTC and natural analgesics, as well as the increasing popularity of online sales channels. The local special circumstances, including the high population density and aging population, have further fueled the demand for analgesics. Singapore's strong economy and high disposable income levels have also played a significant role in 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.