Singapore Over the Counter Drugs Market 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, weight loss/Diet drugs, others(Ear Drops & Diuretics)), by distribution - (Pharmacies/Drug Stores, Super markets/Hyper markets, convenience stores, others) by Region – Industry Analysis, Size, Share, Growth, Trends, and Forecasts (2016–2021)
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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 at www.marketdataforecast.com/market-…drugs-market-801/
The term ‘’Over the counter’’ refers to pharmaceuticals, that are bought across the counter without any prescription from physicians.
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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.
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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