Singapore Pharmaceuticals Market Size, Share, Growth and Industry Analysis By Type & Application, Regional Insights and Forecast to 2026-2034

Growth Factors of Singapore pharmaceuticals Market

The Singapore pharmaceuticals market is witnessing strong growth, driven by the rising prevalence of chronic diseases, aging population, increasing R&D expenditure, advanced infrastructure, and expansion of manufacturing capabilities. The market was valued at USD 2.94 billion in 2025, expected to grow to USD 3.19 billion in 2026, and projected to reach USD 6.51 billion by 2034, reflecting a CAGR of 8.22% during the forecast period.

The country has become a preferred hub for biopharmaceutical manufacturing due to its specialized infrastructure, skilled workforce, and favorable regulatory environment. For example, in May 2023, Thermo Fisher Scientific Inc. expanded its steriles manufacturing and research capabilities in Singapore, highlighting the nation's growing significance in the Asia Pacific pharmaceutical landscape. According to the Singapore Economic Development Board (EDB), Singapore witnessed USD 724.6 million in biomedical net asset investment (NAI) in 2021, further emphasizing the government's commitment to advancing pharmaceutical innovation.

Market Trends

A significant trend in the Singapore pharmaceuticals market is the emphasis on innovative and advanced therapy development, including cell and gene therapies (CGTs). Facilities like the Advanced Cell Therapy and Research Institute Singapore (ACTRIS) have received substantial investment in recent years. Government programs are actively supporting CGT R&D, focusing on manufacturing scale-up and understanding cell attributes, encouraging both domestic and global players to collaborate and innovate.

Market Drivers

Key drivers of market growth include advanced infrastructure, strong government support, and increasing R&D investment. Singapore's Tuas Biomedical Park (TBP) offers specialized biopharmaceutical manufacturing zones with established infrastructure such as roads, utilities, and waste treatment facilities. This has attracted global players like Pfizer, Merck, AstraZeneca, and GSK to expand manufacturing and R&D capabilities in the country.

Additionally, the rising prevalence of chronic diseases such as cancer, diabetes, cardiovascular, and respiratory disorders drives pharmaceutical consumption in the region.

Market Restraints

Despite robust growth, the Singapore pharmaceuticals market faces pricing pressure and supply chain constraints, limiting the growth rate. Rising inflation, fluctuating demand, and geopolitical instability have affected manufacturers and drug sponsors. Additionally, regulatory compliance with HSA (Health Sciences Authority) and NPRA (National Pharmaceutical Regulatory Agency), the rise of generics, and over-the-counter (OTC) drugs also contribute to pricing pressures.

Segmentation Analysis

By Type:

• Drugs accounted for approximately 94% of the market in 2024.
• Vaccines are projected to grow at the fastest rate, supported by strong clinical pipelines and government immunization programs. For example, in June 2025, MSD (Merck & Co.) initiated the MOBILIZE-1 Phase 3 clinical trial for the quadrivalent V181 dengue vaccine, covering multiple trial sites in Singapore.

By Disease Indication:

• The oncology segment led the market in 2026 with 18.70% share, driven by high cancer prevalence and increasing awareness programs, such as the Breast Cancer Awareness Webinar by Singapore Cancer Society in October 2024.

By Drug Type:

• In 2026, drugs represented 94.42% of the market, with biologics & biosimilars accounting for 32.94% share, driven by increased biopharmaceutical manufacturing and global investments. For instance, in February 2023, Catalent, Inc. invested USD 2.2 million to expand its clinical supply facility in Singapore.

By Route of Administration:

• The oral segment accounted for 48.77% of the market in 2026, while topical drugs were significant in 2024 due to dermatological indications and preventive skin care trends. For example, in June 2025, Cosmo Pharmaceuticals N.V. launched Winlevi cream 1% for acne treatment.

By Age Group:

• The adults segment dominated the market in 2024, driven by aging population and chronic disease prevalence. According to GLOBOCAN (Feb 2024), 25,250 new cancer cases were diagnosed in Singapore in 2022.

By Distribution Channel:

• Online pharmacies are expected to grow fastest due to telepharmacy adoption, e-prescriptions, and convenient delivery. For instance, in January 2022, Hyphens Pharma launched WellAway, Singapore's first HSA-approved e-pharmacy.

Key Companies

Major companies operating in Singapore include Pfizer, AstraZeneca, Merck KGaA, GSK plc., Johnson & Johnson, Sanofi, F. Hoffmann-La Roche, Merck & Co., and Hyphens Pharma International. These players focus on new product launches, collaborations, and R&D expansion.

Notable Developments:

• June 2024: Partex collaborated with the Experimental Drug Development Centre (EDDC) to enhance early drug discovery.
• May 2024: AstraZeneca announced a USD 1.5 billion manufacturing facility in Singapore for antibody drug conjugates (ADCs).

Regional and Market Outlook

Singapore remains a leading biopharmaceutical hub in Asia Pacific, benefiting from advanced infrastructure, government support, and skilled workforce. Growing adoption of advanced therapies, biologics, and vaccines, combined with increasing prevalence of chronic diseases, ensures strong market growth through 2034.

Conclusion

The Singapore pharmaceuticals market is expected to grow from USD 2.94 billion in 2025 to USD 6.51 billion by 2034 at a CAGR of 8.22%. Growth is fueled by government support, advanced manufacturing infrastructure, increasing R&D investment, and rising chronic disease prevalence. While pricing pressures and supply chain constraints pose challenges, opportunities in biologics, vaccines, innovative therapies, and online pharmacy platforms are likely to sustain market expansion. Oncology and adult segments remain key contributors, while companies like Pfizer, AstraZeneca, and Merck continue to drive innovation and market penetration.

Segmentation By Type

• Drugs
  • Prescription
  • OTC
• Vaccines
  • Bacterial
  • Viral

By Disease Indication

• Oncology
• Diabetes
• Infectious
• Cardiovascular
• Neurology & Psychiatry
• Respiratory
• Renal
• Obesity
• Autoimmune
• Ophthalmic
• Gastrointestinal
• Dermatology
• Hematology/Blood
• Liver/Hepatology
• Genetic
• Hormonal/Endocrine
• Women's Health
• Reproductive
• Allergies
• Others

By Drug Type

• Biologics & Biosimilars
  • Antibodies
• Monoclonal Antibodies (mAbs)
• Bispecific Antibodies
• Antibody-Drug Conjugates (ADCs)
• Others
  • Vaccines
  • Peptides/Peptide-Drug Conjugates (PDCs)
  • Others
  • Small Molecules/Conventional Drugs

By Route of Administration

• Oral
• Parenteral
• Topical
• Inhalation
• Others

By Age Group

• Pediatric
• Adults

By Distribution Channel

• Hospital Pharmacies
• Drug Stores & Retail Pharmacies
• Online Pharmacies