Market Insights Health OTC Pharmaceuticals

Sleep Aids - India

India

In the year 2024, the revenue generated in the Sleep Aids market market in India is estimated to reach a substantial amount of US$289.00m.
This market is expected to experience a steady annual growth rate of 9.55% (CAGR 2024-2029).
When comparing this revenue globally, it is noteworthy that the in the United States leads with the highest revenue generated, reaching a staggering US$2,103.00m in 2024.
To put this into perspective, in India, the per capita revenue generated in the Sleep Aids market market in 2024 amounts to US$0.20.
This indicates the amount of revenue generated per person based on the total population figures.
India's growing population and increasing stress levels have led to a surge in demand for sleep aids in the OTC Pharmaceuticals market.

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

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Analyst Opinion

The Sleep Aids market in India has been experiencing significant growth in recent years. Customer preferences for sleep aids have been influenced by various factors such as the increasing prevalence of sleep disorders, changing lifestyles, and growing awareness about the importance of sleep.

Customer preferences: In India, customers have shown a growing preference for natural and herbal sleep aids. This can be attributed to the rising awareness about the potential side effects of synthetic sleep aids and the desire for more holistic and sustainable solutions. Customers are also seeking sleep aids that are easily accessible and affordable, leading to an increase in demand for over-the-counter sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in India is the growing popularity of Ayurvedic sleep aids. Ayurveda, an ancient Indian system of medicine, emphasizes the use of natural herbs and remedies to promote overall well-being, including sleep. This trend is driven by the belief that Ayurvedic sleep aids are safer and have fewer side effects compared to synthetic alternatives.Another trend in the market is the increasing availability of sleep aids through online channels. E-commerce platforms have made it easier for customers to access a wide range of sleep aids from the comfort of their homes. This has contributed to the growth of the market, particularly among urban consumers who value convenience and time-saving.

Local special circumstances: India has a large and diverse population, with varying sleep patterns and lifestyles. This diversity presents both opportunities and challenges for sleep aid manufacturers. Companies need to understand the unique needs and preferences of different customer segments in order to effectively cater to their requirements. For example, sleep aids targeted towards working professionals may need to address issues such as stress and anxiety, while those targeted towards older adults may need to focus on age-related sleep disorders.

Underlying macroeconomic factors: The Sleep Aids market in India is also influenced by underlying macroeconomic factors. As the country's economy continues to grow, there is an increase in disposable income, which has led to a rise in consumer spending on healthcare products, including sleep aids. Additionally, the increasing urbanization and hectic lifestyles have contributed to the demand for sleep aids as people struggle to balance work, personal life, and sleep.In conclusion, the Sleep Aids market in India is witnessing growth due to customer preferences for natural and herbal sleep aids, increasing availability through online channels, and the influence of underlying macroeconomic factors such as rising disposable income and changing lifestyles. Manufacturers in the market need to understand the diverse needs and preferences of the Indian population in order to effectively tap into this growing 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.