Market Insights Health OTC Pharmaceuticals

Sleep Aids - EAEU

EAEU

In 2024, the revenue in the Sleep Aids market market in the EAEU amounts to US$108.80m.
It is projected to have an annual growth rate of 3.43% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue, reaching US$2,103.00m in 2024.
Furthermore, in relation to the total population figures, the per person revenues in the EAEU amount to US$0.60 in 2024.
The EAEU is experiencing a growing demand for natural sleep aids as consumers seek alternative remedies for sleep disorders.

Key regions: Australia, China, United Kingdom, Canada, United States

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in EAEU is experiencing significant growth due to several factors. Customer preferences for sleep aids in the region have shifted towards natural and herbal remedies, driving the demand for these products. Additionally, the market is witnessing an increase in the aging population and rising stress levels, leading to a higher prevalence of sleep disorders.

Customer preferences: In recent years, there has been a growing preference among customers in the EAEU region for natural and herbal sleep aids. This shift can be attributed to increasing awareness about the potential side effects of pharmaceutical sleep aids and a desire for more holistic approaches to sleep problems. Customers are seeking products that are derived from natural ingredients and have minimal to no side effects. As a result, manufacturers are focusing on developing and marketing sleep aids that are plant-based, incorporating ingredients such as valerian root, chamomile, and lavender.

Trends in the market: One of the key trends in the Sleep Aids market in the EAEU region is the rising prevalence of sleep disorders. Factors such as increasing work-related stress, lifestyle changes, and the aging population contribute to the growing number of individuals experiencing sleep problems. This trend has created a significant demand for sleep aids, both prescription and over-the-counter, as people seek solutions to improve their sleep quality.Another trend in the market is the growing popularity of wearable sleep trackers and smart sleep devices. These devices monitor sleep patterns and provide insights to help individuals understand their sleep quality and make lifestyle changes accordingly. The increasing adoption of these devices has created a niche market for sleep aids that complement the use of sleep trackers, such as aromatherapy oils and sleep-inducing sound machines.

Local special circumstances: The EAEU region consists of several countries with diverse cultural backgrounds and healthcare systems. This diversity influences the availability and accessibility of sleep aids in each country. For example, some countries may have a more developed pharmaceutical industry, resulting in a wider range of prescription sleep aids. In contrast, other countries may rely more on traditional medicine and herbal remedies. Understanding these local special circumstances is crucial for manufacturers and marketers to tailor their products and strategies to each country's unique market.

Underlying macroeconomic factors: The Sleep Aids market in the EAEU region is also influenced by underlying macroeconomic factors. Economic growth, disposable income, and healthcare expenditure play significant roles in the development of the market. As the region experiences economic growth, individuals have more disposable income to spend on healthcare products, including sleep aids. Additionally, increased healthcare expenditure by governments and private insurance companies can contribute to the accessibility and affordability of sleep aids, further driving market growth.In conclusion, the Sleep Aids market in the EAEU region is witnessing growth due to changing customer preferences, an increase in the prevalence of sleep disorders, and the influence of underlying macroeconomic factors. Manufacturers and marketers should take into account customer preferences for natural remedies, the rising demand for sleep aids, local special circumstances, and macroeconomic factors to effectively tap into the market's potential.

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.