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Singapore Retail Pharmacy Market

Singapore Retail Pharmacy Market

Singapore Retail Pharmacy Market, By Type (Online, Offline); By Drug Type (Generic, Over the Counter (OTC), Patented); By End User (Equipment Retail, Drug Retail, Health Products Retail, Chemical Medicine Retail, Medicinal Drug Types Retail, Proprietary Chinese Medicine Retail, Others), Trend Analysis, Competitive Landscape & Forecast, 2019–2030

  • Published Date: October 2024
  • Report ID: BWC24765
  • Available Format: PDF
  • Page: 113

Report Overview

Rising chronic diseases, increasing healthcare expenditures, aging population, a spurring demand for OTC medications, and the convenience of online pharmacy are expected to drive Singapore Retail Pharmacy Market during the forecast period between 2024 and 2030.

Singapore Retail Pharmacy Market – Industry Trends & Forecast Report, 2030

Singapore Retail Pharmacy Market size by value was estimated at USD 3.45 billion in 2023. During the forecast period between 2024 and 2030, Singapore Retail Pharmacy Market size is expected to expand at a CAGR of 7.80% reaching a value of USD 5.79 billion by 2030. Singapore Retail Pharmacy Market is driven by several factors. Key factors include the increasing prevalence of chronic diseases, rising healthcare expenditure, and a growing aging population. Additionally, the demand for over-the-counter (OTC) medications and wellness products is on the rise. The convenience of online pharmacies and the expansion of retail pharmacy chains also contribute to market growth. Further, consumer preferences for accessible and reliable pharmaceutical services play a significant role.

Singapore Retail Pharmacy Market

Retail Pharmacy – Overview

Retail pharmacy refers to the segment of the healthcare industry that involves dispensing prescription medications and over-the-counter (OTC) drugs directly to consumers. These pharmacies play a crucial role in healthcare by advising patients on medication regimens, preventing drug interactions, and screening for side effects. Retail pharmacies include chains, independent stores, and online platforms, offering a range of products and services to meet consumer needs. They are essential for accessible and personalized pharmaceutical care.

Singapore Retail Pharmacy Market 

Growth Drivers

Increasing Prevalence of Chronic Diseases

Rising prevalence of chronic diseases such as hypertension, diabetes, cardiovascular diseases, and cancer is a significant growth driver for Singapore Retail Pharmacy Market. These conditions require ongoing medication and management, leading to increased demand for prescription drugs and healthcare products. As the population ages and lifestyle-related health issues become more common, retail pharmacies are essential in providing accessible and continuous care.

Challenges

Competition from Online Pharmacies

Rise of online pharmacies poses a significant restraint on Singapore Retail Pharmacy Market. These digital platforms offer convenience, competitive pricing, and a wide range of products, attracting a growing number of consumers. Therefore, traditional brick-and-mortar pharmacies face challenges in maintaining their customer base and market share. The ease of access to medications and health products online further intensifies this competition, compelling retail pharmacies to innovate and adapt.

Impact of Escalating Geopolitical Tensions on Singapore Retail Pharmacy Market

Intensifying and further spreading of geopolitical tensions among countries across the major regions could adversely affect the growth of Singapore Retail Pharmacy Market. Supply chain disruptions are a primary concern, as conflicts can hinder the availability of raw materials and increase transportation costs. Additionally, heightened geopolitical risks often lead to economic uncertainty, affecting consumer spending patterns and potentially reducing demand for non-essential goods. Inflationary pressures from geopolitical instability can also drive up production costs, leading to higher prices for consumers. Furthermore, international trade restrictions and tariffs may limit market expansion and the availability of imported products. Overall, these factors can create a challenging environment for market growth and stability.

Singapore Retail Pharmacy Market

Segmental Information

Singapore Retail Pharmacy Market – By Type

By type, Singapore Retail Pharmacy Market is divided into Online and Offline segments. The offline segment holds a larger market share of Singapore Retail Pharmacy Market by type, due to the trust and convenience associated with physical pharmacies, where customers can receive personalized advice from pharmacists and immediately access medications. The strong presence of well-established pharmacy chains, such as Guardian and Watsons, also contributes to the offline segment's dominance. While online pharmacies are gaining traction, especially with the rise of e-commerce, the offline segment continues to hold a larger market share.

Singapore Retail Pharmacy Market – By Drug Type

Based on drug type, Singapore Retail Pharmacy Market is divided into Generic, Over-the-counter (OTC), and Patented segments. The OTC segment holds the largest share of Singapore Retail Pharmacy Market by drug type, due to the growing consumer preference for self-medication and easy access to OTC products, such as pain relievers, vitamins, and cold medications. Growing awareness about health and wellness, along with the rising availability of OTC products in retail pharmacies, has contributed significantly to the dominance of this segment over the generic and patented product categories.

Singapore Retail Pharmacy Market Size

Competitive Landscape

Key players in the highly competitive Singapore Retail Pharmacy Market include Guardian Health and Beauty, Watsons, Unity Pharmacy, Pharmaplus, Wellcome, Happy Pharmacy, Cuckoo Pharmacy, Redmart, and iHerb. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Scope of the Report

Attributes

Details

Years Considered

Historical Data – 2019–2023

Base Year – 2023

Estimated Year – 2024

Forecast Period – 2024–2030

Facts Covered

Revenue in USD Billion 

Market Coverage

Singapore 

Product/Service Segmentation

Type, Drug Type, End User

Key Players

Guardian Health and Beauty, Watsons, Unity Pharmacy, Pharmaplus, Wellcome, Happy Pharmacy, Cuckoo Pharmacy, Redmart, iHerb

 

By Type

  • Online

  • Offline

By Drug Type

  • Generic

  • Over the Counter (OTC)

  • Patented

By End User

  • Equipment retail

  • Drug retail

  • Health products retail

  • Chemical medicine retail

  • Medicinal Drug Types retail

  • Proprietary Chinese medicine retail

  • Others

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Executive Summary
  3. Singapore Retail Pharmacy Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
        1. Increasing Prevalence of Chronic Diseases
        2. Increasing Aging Population
        3. Rising Healthcare Awareness
      2. Restraints
        1. Competition from Online Pharmacies
        2. Government Regulations
      3.  Opportunities
        1. Generic Drug Availability
        2. Advancement in Technology
      4. Challenges
        1. Economic Conditions
        2. Drug Shortages
    3. Technological Advancements/Recent Developments
    4. Regulatory Framework
    5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  4. Singapore Retail Pharmacy Market Marketing Strategies
  5. Singapore Retail Pharmacy Market: Pricing Analysis
  6. Singapore Retail Pharmacy Market Overview
    1. Market Size & Forecast, 2019–2030
      1. By Value (USD Billion)
    2. Market Share & Forecast
      1. By Type
        1. Online
        2. Offline
      2. By Drug Type
        1. Generic
        2. Over the counter (OTC)
        3. Patented
      3. By End User
        1. Equipment retail
        2. Drug retail
        3. Health products retail
        4. Chemical medicine retail
        5. Medicinal Drug Types retail
        6. Proprietary Chinese medicine retail
        7. Others
  7. Competitive Landscape
    1. List of Key Players and Their Offerings
    2. Singapore Retail Pharmacy Company Market Share Analysis, 2023
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
  8. Impact of Escalating Geopolitical Tensions on Singapore Retail Pharmacy Market
  9. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
    1. Guardian Health and Beauty
    2. Watsons
    3. Unity Pharmacy
    4. Pharmaplus
    5. Wellcome
    6. Happy Pharmacy
    7. Cuckoo Pharmacy
    8. Redmart
    9. iHerb
    10. Other Prominent Players
  10. Key Strategic Recommendations
  11. Research Methodology
    1.       Qualitative Research
      1.   Primary & Secondary Research
    2.       Quantitative Research
    3.       Market Breakdown & Data Triangulation
      1.   Secondary Research
      2.   Primary Research
    4.       Breakdown of Primary Research Respondents, By Country
    5.       Assumptions & Limitations

*Financial information of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable

 

List of Figures

 

Figure 1       Singapore Retail Pharmacy  Segmentation             

Figure 2       Singapore Retail Pharmacy  Market Value Chain Analysis           

Figure 3       Company Market Share Analysis, 2023         

Figure 4       Singapore Retail Pharmacy Market Size, By Value (USD Billion), 2019–2030            

Figure 5       Singapore Retail Pharmacy Market Share, By Type, By Value, 2019–2030               

Figure 6       Singapore Retail Pharmacy Market Share, By Drug Type, By Value, 2019–2030                  

Figure 7       Singapore Retail Pharmacy Market Share, By End User, By Value, 2019–2030          

 

List of Tables

 

Table 1        Singapore Retail Pharmacy Market Size, By Value (USD Billion), 2019–2030  

Table 2        Singapore Retail Pharmacy Market Size, By Type, By Value, 2019–2030        

Table 3        Singapore Retail Pharmacy Market Size, By Drug Type, By Value, 2019–2030

Table 4        Singapore Retail Pharmacy Market Size, By End User, By Value, 2019–2030

Table 5        Guardian Health and Beauty Company Overview

Table 6        Guardian Health and Beauty Financial Overview

Table 7        Watsons Company Overview

Table 8        Watsons Financial Overview

Table 9        Unity Pharmacy Company Overview

Table 10      Unity Pharmacy Financial Overview

Table 11      Pharmaplus Company Overview

Table 12      Pharmaplus Financial Overview

Table 13      Wellcome Company Overview

Table 14      Wellcome Financial Overview

Table 15      Happy Pharmacy Company Overview

Table 16      Happy Pharmacy Financial Overview

Table 17      Cuckoo Pharmacy Company Overview

Table 18      Cuckoo Pharmacy Financial Overview

Table 19      Redmart Company Overview

Table 20      Redmart Financial Overview

Table 21      iHerb  Company Overview

Table 22      iHerb  Financial Overview

Market Segmentation

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Frequently Asked Questions (FAQs):

Ans: Singapore Retail Pharmacy Market size by value was estimated at USD 3.45 billion in 2023.
Ans: Singapore Retail Pharmacy Market by value is expected to grow at a CAGR of 7.80% during the forecast period between 2024 and 2030.
Ans: Singapore Retail Pharmacy Market size is forecast to reach a value of USD 5.79 billion by 2030.
Ans: Growth of Singapore Retail Pharmacy Market is primarily driven by rising chronic diseases, increasing healthcare expenditure, an aging population, demand for OTC medications, and the convenience of online pharmacies.
Ans: The offline segment accounts for a higher market share of Singapore Retail Pharmacy Market by type.
Ans: Key players in Singapore Retail Pharmacy Market include Guardian Health and Beauty, Watsons, Unity Pharmacy, Pharmaplus, Wellcome, Happy Pharmacy, Cuckoo Pharmacy, Redmart, and iHerb.
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