Market Insights Health OTC Pharmaceuticals

Sleep Aids - South Korea

South Korea

In South Korea, the revenue generated in the Sleep Aids market market in 2024 amounts to US$58.83m.
It is projected that the market will experience an annual growth rate of 5.60% (CAGR 2024-2029).
When compared globally, the in the United States leads in terms of revenue generation, with US$2,103.00m in 2024.
In relation to the total population figures, the per person revenues in South Korea amount to US$1.14 in 2024.
South Korea's sleep aids market is witnessing a surge in demand for traditional herbal remedies due to the country's cultural preference for natural and holistic healthcare solutions.

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

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Analyst Opinion

The Sleep Aids market in South Korea has been experiencing steady growth in recent years, driven by changing customer preferences and trends in the market. Customer preferences in South Korea have shifted towards a greater focus on health and wellness, with more people recognizing the importance of a good night's sleep. As a result, there has been an increased demand for sleep aids to help improve sleep quality and address sleep disorders. Trends in the market reflect this growing demand for sleep aids in South Korea. One major trend is the rise of natural and herbal sleep aids. Many consumers are seeking out products that are made from natural ingredients and are free from synthetic chemicals. This trend aligns with the overall preference for natural and organic products in the country. Another trend in the Sleep Aids market in South Korea is the growing popularity of wearable sleep trackers. These devices monitor sleep patterns and provide users with insights and recommendations to improve their sleep quality. The increasing adoption of wearable technology and the emphasis on personal health tracking have contributed to the growth of this segment in the market. Local special circumstances in South Korea also play a role in the development of the Sleep Aids market. The country has a high-stress work culture, with long working hours and high expectations. This can lead to sleep problems and sleep disorders among the population. As a result, there is a greater need for sleep aids to help individuals manage their sleep and improve their overall well-being. Underlying macroeconomic factors also contribute to the growth of the Sleep Aids market in South Korea. The country has a strong and stable economy, which provides consumers with the purchasing power to invest in their health and well-being. Additionally, the aging population in South Korea is driving the demand for sleep aids, as older individuals are more likely to experience sleep problems and seek out solutions. In conclusion, the Sleep Aids market in South Korea is developing due to changing customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors. The increasing focus on health and wellness, the demand for natural and herbal products, the popularity of wearable sleep trackers, the high-stress work culture, the strong economy, and the aging population all contribute 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.