Market Insights Health OTC Pharmaceuticals

Sleep Aids - Southern Europe

Southern Europe

The revenue in the Sleep Aids market market in Southern Europe amounts to US$0.40bn in 2024.
It is projected to grow annually by 3.71% (CAGR 2024-2029).
In comparison to other countries, the in the United States generates the highest revenue, reaching US$2,103.00m in 2024.
When considering the total population, per person revenues of US$1.68 are generated in 2024.
In Southern Europe, the demand for natural sleep aids is on the rise, with consumers in countries like Italy and Spain seeking herbal remedies for better sleep quality.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in Southern Europe is experiencing steady growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Southern Europe are increasingly seeking sleep aids to address sleep disorders and improve the quality of their sleep. This shift in preferences is driven by factors such as high stress levels, longer working hours, and lifestyle changes. Additionally, the aging population in the region is also contributing to the growing demand for sleep aids, as older individuals often experience sleep-related issues.

Trends in the market: One of the key trends in the Sleep Aids market in Southern Europe is the rising popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of traditional sleep medications and are opting for natural alternatives. This trend is driven by the growing awareness of the benefits of natural ingredients and the desire for a more holistic approach to health.Another trend in the market is the increasing availability of sleep aids through online channels. Customers in Southern Europe are embracing e-commerce platforms, which offer convenience and a wide range of products. Online retailers are capitalizing on this trend by offering a variety of sleep aids, including sleep supplements, aromatherapy products, and sleep masks.

Local special circumstances: Southern Europe is known for its Mediterranean lifestyle, which emphasizes relaxation, leisure, and a slower pace of life. This cultural aspect contributes to the demand for sleep aids, as individuals in the region prioritize restful sleep and overall well-being. The warm climate and outdoor-oriented lifestyle also create a need for sleep aids that can help individuals overcome difficulties in falling asleep or staying asleep during hot summer nights.

Underlying macroeconomic factors: The Sleep Aids market in Southern Europe is also influenced by macroeconomic factors such as GDP growth, disposable income levels, and healthcare expenditure. As the economy in the region continues to recover from the global financial crisis, consumers are gaining more purchasing power, which allows them to spend on sleep aids. Additionally, increased healthcare expenditure and government initiatives to improve sleep health are also driving the growth of the market.In conclusion, the Sleep Aids market in Southern Europe is growing due to changing customer preferences, emerging trends, and local special circumstances. Customers are increasingly seeking natural sleep aids and are purchasing them through online channels. The Mediterranean lifestyle and underlying macroeconomic factors also contribute to the market's development.

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.