Anti-Rheumatic Drugs - Singapore

Singapore

The Anti-Rheumatic Drugs market in Singapore is expected to witness a significant increase in revenue, with projections indicating a staggering amount of US$43.96m by the year 2024.
Furthermore, it is anticipated that the market will continue to grow steadily at an annual growth rate of 1.82% (CAGR 2024-2029), resulting in a market volume of US$48.11m by 2029.
In comparison to other countries worldwide, United States is predicted to generate the highest revenue in the Anti-Rheumatic Drugs market, with an estimated amount of US$34,700.00m in 2024.
"Singapore's market for anti-rheumatic drugs is witnessing a growing demand due to the country's aging population and increasing prevalence of rheumatic diseases."

Key regions: Germany, United States, India, Japan, United Kingdom

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Analyst Opinion

The demand for Anti-Rheumatic Drugs in Singapore has been on the rise in recent years.

Customer preferences: Patients with rheumatoid arthritis and other autoimmune disorders are the primary consumers of Anti-Rheumatic Drugs in Singapore. These patients prefer drugs that provide long-term relief from pain and inflammation, without causing any significant side effects. As a result, there is a growing demand for biologic drugs that are more effective and have fewer side effects than traditional disease-modifying anti-rheumatic drugs (DMARDs).

Trends in the market: The Anti-Rheumatic Drugs market in Singapore is witnessing a shift towards biologic drugs. Biologics are becoming increasingly popular among patients due to their effectiveness in managing the symptoms of rheumatoid arthritis and other autoimmune disorders. In addition, the introduction of biosimilars has made biologic drugs more affordable, further driving their demand in the market.

Local special circumstances: Singapore has a rapidly aging population, which is a significant driver of the Anti-Rheumatic Drugs market. As people age, they become more susceptible to autoimmune disorders, leading to an increase in the demand for Anti-Rheumatic Drugs. Additionally, Singapore's healthcare system is one of the best in the world, with excellent infrastructure and highly qualified medical professionals. This has led to increased awareness about rheumatoid arthritis and other autoimmune disorders, further driving the demand for Anti-Rheumatic Drugs.

Underlying macroeconomic factors: Singapore has a highly developed economy, with a strong focus on healthcare. The government invests heavily in healthcare infrastructure and research, which has led to the development of new and innovative treatments for autoimmune disorders. Additionally, Singapore has a favorable regulatory environment, which has encouraged the growth of the pharmaceutical industry. These factors have contributed to the growth of the Anti-Rheumatic Drugs market in Singapore.

Methodology

Data coverage:

Data encompasses B2B, B2G, and B2C spend. Figures are based on drug revenues allocated to the country where the money is spent. Monetary values are given at manufacturer price level excluding VAT.

Modeling approach / Market size:

Market sizes are determined by a top-down approach, based on a specific rationale for each market. As a basis for evaluating markets, we use financial information of the key players by market. Next, we use relevant key market indicators and data from country-specific associations, such as industry associations. 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. The main driver is healthcare expenditure. Expiring patents and new drugs in the pipeline are also considered.

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. This market comprises prescription drugs and all OTC drugs covered in the Statista OTC Pharmaceuticals market. However, in the OTC Pharmaceuticals market, revenues are based on end-consumer prices.