Singapore: Market for Medicaments Containing Corticosteroid Hormones 2024

Market Size for Medicaments Containing Corticosteroid Hormones in Singapore

The Singaporean medicaments containing corticosteroid hormones market skyrocketed to $X in 2021, increasing by 130% against the previous year. In general, consumption saw a significant increase. As a result, consumption attained the peak level and is likely to continue growth in the immediate term.

Production of Medicaments Containing Corticosteroid Hormones in Singapore

In value terms, medicaments containing corticosteroid hormones production rose remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a deep contraction. The pace of growth was the most pronounced in 2014 when the production volume increased by 317%. As a result, production reached the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Exports of Medicaments Containing Corticosteroid Hormones

Exports from Singapore

In 2021, overseas shipments of medicaments containing corticosteroid hormones decreased by -51.8% to X tons for the first time since 2018, thus ending a two-year rising trend. In general, exports saw a abrupt decline. The growth pace was the most rapid in 2014 when exports increased by 220% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2021, the exports stood at a somewhat lower figure.

In value terms, medicaments containing corticosteroid hormones exports declined markedly to $X in 2021. Overall, exports faced a abrupt downturn. The most prominent rate of growth was recorded in 2014 with an increase of 317% against the previous year. As a result, the exports attained the peak of $X. From 2015 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

The United States (X tons) was the main destination for medicaments containing corticosteroid hormones exports from Singapore, accounting for a 32% share of total exports. Moreover, medicaments containing corticosteroid hormones exports to the United States exceeded the volume sent to the second major destination, Canada (X tons), twofold. Belgium (X tons) ranked third in terms of total exports with a 9.8% share.

From 2012 to 2021, the average annual growth rate of volume to the United States totaled -13.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (-3.9% per year) and Belgium (-30.9% per year).

In value terms, South Korea ($X), the United States ($X) and the Philippines ($X) constituted the largest markets for medicaments containing corticosteroid hormones exported from Singapore worldwide, with a combined 39% share of total exports.

Among the main countries of destination, the Philippines, with a CAGR of +49.0%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average medicaments containing corticosteroid hormones export price amounted to $X per ton, picking up by 36% against the previous year. Overall, export price indicated a resilient expansion from 2012 to 2021: its price increased at an average annual rate of +7.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, medicaments containing corticosteroid hormones export price increased by +54.1% against 2014 indices. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was the Philippines ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to South Korea (+15.8%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Medicaments Containing Corticosteroid Hormones

Imports into Singapore

In 2021, imports of medicaments containing corticosteroid hormones into Singapore rose rapidly to X tons, increasing by 14% compared with the year before. Overall, imports continue to indicate a strong increase. The pace of growth was the most pronounced in 2015 when imports increased by 93% against the previous year. Over the period under review, imports reached the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, medicaments containing corticosteroid hormones imports expanded rapidly to $X in 2021. In general, imports posted resilient growth. The most prominent rate of growth was recorded in 2015 when imports increased by 168%. Imports peaked in 2021 and are likely to see steady growth in the immediate term.

Imports by Country

Belgium (X tons), Japan (X tons) and Austria (X tons) were the main suppliers of medicaments containing corticosteroid hormones imports to Singapore, with a combined 44% share of total imports. Spain, Ireland, Germany, the UK, the United States, Sweden and France lagged somewhat behind, together accounting for a further 42%.

From 2012 to 2021, the biggest increases were recorded for Spain (with a CAGR of +183.3%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Germany ($X) constituted the largest supplier of medicaments containing corticosteroid hormones to Singapore, comprising 24% of total imports. The second position in the ranking was taken by Belgium ($X), with a 10% share of total imports. It was followed by Austria, with a 10% share.

From 2012 to 2021, the average annual growth rate of value from Germany amounted to +22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+9.9% per year) and Austria (+39.3% per year).

Import Prices by Country

In 2021, the average medicaments containing corticosteroid hormones import price amounted to $X per ton, waning by -6.8% against the previous year. Overall, the import price, however, posted a prominent expansion. The pace of growth was the most pronounced in 2015 when the average import price increased by 39% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for Spain ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by France (+20.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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