Singapore Over the Counter Drugs Market worth USD 795 million by 2021| Market Data Forecast

22/set/2017 09:31:02 MDFtends Contatta l'autore

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The Singapore Over the Counter Drugs Market was worth USD 610 million in 2016 and estimated to reach USD 795 million by the end of 2021 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 total Asia-Pacific OTC market.

Browse Market data tables and in-depth TOC of the Singapore Over the Counter Drugs Market to 2021 @http://www.marketdataforecast.com/market-reports/singapore-over-the-counter-drugs-market-801/

The term ‘’Over the counter’’ refers to pharmaceuticals, that are 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 has led to better focus on the advancement of innovative over-the-counter and consumer health drugs. With 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 aging population (>65) is increasing rapidly and will accounts to 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) nonprescription status are the major drivers for the growth of 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 a very high competition among the key players are the major factors restraining the growth of the market.

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The Singapore Over the Counter Drugs Market is broadly categorized by Formulation type - Tablets, Liquids, Ointments, Sprays, by Product type - Cough and cold Flu drugs, Analgesics, Dermatologics, Gastrointestinal Drugs, Antiseptics, Anti-allergy drugs, Smoking Cessation Aids, Vitamins and Minerals, Ophthalmics, sleep aids, Weightloss/diet drugs and others(Ear Drops & Diuretics), by distribution channels - Pharmacies/Drug Stores, Supermarkets/Hypermarkets, convenience stores, others ( online drug stores ).

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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