The size of the Over Counter Drugs Market in Singapore was worth USD 643.25 million in 2022 and estimated to reach USD 838.71 million by the end of 2027 with a growing potential of 5.45%.
Singapore is placed in fourth place, given its excellent political and economic outlook by Business Environment Rankings for Asia. Singapore OTC Pharmaceuticals market accounts for 1.2% of the total Asia-Pacific OTC market.
The term Over the Counter (OTC) refers to pharmaceuticals bought across the counter without any prescription from physicians. Consumers in Singapore are gradually increasing to take the route of self-medication due to growing pressure on healthcare budgets. Together with the Reducing output from drug manufacturing Companies, R&D efforts have led to a better focus on advancing innovative over-the-counter and consumer health drugs. With the rising aged population and middle class, it is not astonishing that over-the-counter is one of the fastest-growing segments in Singapore. The growth of the aging population (>65) is increasing rapidly and will accounts for 19% of the population in Singapore by 2030. Demand for OTC drugs is growing as patients are taking a proactive approach in treating ailments.
Increasing pressure from consumers, drug regulators, and manufacturers to renovate prescription medications to Over-the-Counter (OTC) non-prescription status are the major drivers for the growth of the OTC drugs market. Cost-aware insurance programs will drive the market even further by encouraging customers to self-treatment regarding chronic conditions by providing increased incentives for the newly approved OTC medicines.
Cost sensitivity of production and very high competition among the key players are the major factors restraining the growth of the market.
This research report is segmented & sub-segmented the Singapore OTC Drugs Market into the following categories:
Some of the key players dominating the Over the Counter Drugs market in Singapore are Eu Yan Sang International Ltd, Bayer AG, Johnson & Johnson, Glaxo SmithKline PLC, Merck Pte Ltd, Sunward Pharmaceutical Pte Ltd, Beacons Pharmaceuticals (Pte) Ltd.
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