Market Insights Health OTC Pharmaceuticals

Sleep Aids - Singapore

Singapore

In Singapore, the revenue in the Sleep Aids market market reached US$7.97m in 2024.
It is projected to experience an annual growth rate of 5.06% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, amounting to US$2,103.00m in 2024.
In terms of per capita figures, the revenue per person in Singapore is US$1.32 in 2024.
Singaporeans are increasingly turning to natural sleep aids, such as herbal supplements and aromatherapy, to combat sleep disorders and improve sleep quality.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Singaporeans are increasingly facing sleep-related issues due to various factors such as stress, busy lifestyles, and the prevalence of electronic devices. As a result, there is a growing demand for sleep aids to help individuals achieve better quality sleep. Customers in Singapore prefer sleep aids that are natural, non-addictive, and have minimal side effects. They are also willing to invest in premium products that offer additional benefits such as relaxation and stress relief.

Trends in the market: One of the key trends in the Sleep Aids market in Singapore is the rising popularity of herbal and natural sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that contain natural substances such as valerian root, chamomile, and melatonin. This trend is driven by the increasing awareness of the potential side effects of synthetic sleep aids and the desire for a more holistic approach to sleep.Another trend in the market is the growing availability of sleep aids in various formats. While traditional sleep aids such as pills and capsules continue to dominate the market, there is a rising demand for alternative formats such as sleep sprays, gummies, and teas. These formats offer convenience and appeal to customers who are looking for different options to suit their preferences.

Local special circumstances: Singapore is known for its fast-paced lifestyle and high-stress levels, which can significantly impact sleep quality. The competitive work environment, long working hours, and the pressure to succeed contribute to sleep disturbances among the population. Additionally, the widespread use of electronic devices, especially before bedtime, disrupts sleep patterns and further exacerbates the problem. These local circumstances create a favorable environment for the Sleep Aids market to thrive in Singapore.

Underlying macroeconomic factors: The Sleep Aids market in Singapore is also influenced by underlying macroeconomic factors. The country's aging population is a significant driver of market growth as older individuals are more likely to experience sleep-related issues. Furthermore, the increasing disposable income and changing lifestyles of Singaporeans contribute to the willingness to invest in sleep aids. As the economy continues to grow and living standards improve, the demand for sleep aids is expected to increase further.In conclusion, the Sleep Aids market in Singapore is growing due to customer preferences for natural and non-addictive sleep aids, the availability of sleep aids in various formats, local special circumstances such as high-stress levels and the use of electronic devices, and underlying macroeconomic factors such as an aging population and increasing disposable income.

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.