Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Hungary

Hungary

Revenue in the Sleep Aids market amounts to US$1.98m in 2024. The market is expected to grow annually by 6.95% (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$0.20 are generated in 2024.

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

Market

Region

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Currency

Analyst Opinion

The Sleep Aids market in Hungary has been experiencing significant growth in recent years.

Customer preferences: Hungarian consumers are increasingly seeking sleep aids to help them combat sleep disorders and improve the quality of their sleep. The busy and stressful lifestyles of modern society have led to a rise in sleep-related issues such as insomnia and sleep apnea. As a result, there is a growing demand for sleep aids that can help individuals relax and achieve a restful night's sleep.

Trends in the market: One of the key trends in the Sleep Aids market in Hungary is the shift towards natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are seeking safer alternatives. Natural sleep aids, such as herbal teas and supplements, have gained popularity as they are perceived to be gentler on the body and have fewer adverse effects. Another trend in the market is the increasing availability of sleep aids through online channels. E-commerce platforms have made it easier for consumers to access a wide range of sleep aids from the comfort of their homes. This convenience factor has contributed to the growth of the market as it allows consumers to browse and compare different products before making a purchase.

Local special circumstances: Hungary has a high prevalence of sleep disorders, which has contributed to the growth of the Sleep Aids market. Factors such as high stress levels, long working hours, and an aging population have all contributed to the increase in sleep-related issues. As a result, there is a greater need for sleep aids to help individuals manage their sleep disorders and improve their overall well-being.

Underlying macroeconomic factors: The growing Sleep Aids market in Hungary can also be attributed to the country's improving economic conditions. As disposable incomes increase, consumers have more purchasing power to invest in sleep aids and prioritize their sleep health. Additionally, the increasing awareness of the importance of sleep and its impact on overall health has also contributed to the growth of the market. In conclusion, the Sleep Aids market in Hungary is experiencing significant growth due to the increasing demand for sleep aids to combat sleep disorders and improve sleep quality. The shift towards natural and herbal sleep aids, the availability of products through online channels, the high prevalence of sleep disorders, and the improving economic conditions in the country are all contributing factors to the growth of the market.

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.