Key regions: South Korea, Japan, Canada, France, United Kingdom
The Sleep Aids (Pharmacies) market in G20 is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.
Customer preferences: Customers in the G20 countries are increasingly seeking sleep aids from pharmacies due to the convenience and accessibility they offer. Pharmacies provide a one-stop solution for customers to purchase sleep aids along with other healthcare products. Additionally, customers prefer sleep aids available in pharmacies as they are easily accessible without a prescription, providing a quick and convenient solution for their sleep-related issues.
Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in G20 is the rising demand for natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of synthetic sleep aids and are seeking natural alternatives. This trend is driven by the increasing focus on health and wellness, as well as the growing popularity of holistic approaches to sleep disorders. Another trend in the market is the growing popularity of online pharmacies. Customers are increasingly turning to online platforms to purchase sleep aids due to the convenience and wide range of products available. Online pharmacies offer a discreet and convenient way for customers to access sleep aids, making it a preferred choice for many.
Local special circumstances: In some G20 countries, there are specific regulations and restrictions on the sale of sleep aids in pharmacies. For example, in some countries, certain sleep aids may require a prescription, limiting the availability of these products in pharmacies. This local special circumstance impacts the market dynamics, as customers may have to seek alternative channels to purchase sleep aids.
Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in G20 is influenced by several macroeconomic factors. Economic growth and rising disposable incomes contribute to increased spending on healthcare products, including sleep aids. As the economies of G20 countries continue to grow, the demand for sleep aids is expected to rise. Furthermore, the aging population in many G20 countries is driving the demand for sleep aids. Older individuals are more likely to experience sleep disorders and seek sleep aids to improve their quality of sleep. As the proportion of elderly individuals in the population increases, the demand for sleep aids is expected to grow. In conclusion, the Sleep Aids (Pharmacies) market in G20 is experiencing growth due to changing customer preferences, emerging trends, and local special circumstances. The demand for natural and herbal sleep aids, the popularity of online pharmacies, and the impact of regulations on the sale of sleep aids in pharmacies are shaping the market dynamics. Additionally, underlying macroeconomic factors such as economic growth and the aging population contribute to the growth of the market.
Data coverage:
The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.Modeling approach:
Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.Additional notes:
The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.
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