Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Belgium

Belgium

Revenue in the Sleep Aids market amounts to US$17.14m in 2024. The market is expected to grow annually by 3.04% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$2,103m in 2024).
In relation to total population figures, per person revenues of US$1.46 are generated in 2024.

Key regions: Thailand, Indonesia, United States, Europe, Philippines

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Analyst Opinion

The Sleep Aids market in Belgium has been experiencing significant growth in recent years. Customer preferences for sleep aids in Belgium have shifted towards natural and organic products.

Consumers are becoming more health-conscious and are seeking products that are free from chemicals and artificial ingredients. This trend is in line with the global market, where there is a growing demand for natural sleep aids. Trends in the market show that sleep aids in Belgium are not only being used for treating insomnia, but also for improving overall sleep quality.

Consumers are increasingly looking for products that can help them relax and unwind before bed, such as herbal teas and aromatherapy products. This trend is driven by the growing awareness of the importance of a good night's sleep for overall health and well-being. Another trend in the market is the rising popularity of wearable sleep trackers.

These devices monitor sleep patterns and provide insights into sleep quality. Consumers in Belgium are using these devices to track their sleep and make adjustments to their lifestyle and sleep habits. This trend is in line with the global market, where wearable sleep trackers are becoming increasingly popular.

Local special circumstances in Belgium, such as the high stress levels and long working hours, contribute to the growing demand for sleep aids. The fast-paced lifestyle and work culture in Belgium can lead to sleep problems and insomnia. As a result, consumers are turning to sleep aids to help them relax and sleep better.

Underlying macroeconomic factors, such as the aging population and increasing healthcare costs, also play a role in the growth of the Sleep Aids market in Belgium. As the population ages, the prevalence of sleep disorders and insomnia increases. This creates a larger customer base for sleep aids.

Additionally, the rising healthcare costs in Belgium make sleep aids an attractive alternative to expensive medical treatments for sleep disorders. In conclusion, the Sleep Aids market in Belgium is experiencing growth due to customer preferences for natural and organic products, trends towards improving sleep quality, local special circumstances such as high stress levels, and underlying macroeconomic factors such as the aging population and increasing healthcare costs. The market is expected to continue growing as consumers prioritize sleep and invest in products that can help them achieve a good night's rest.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.