Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Iceland

Iceland

Revenue in the Sleep Aids market is projected to reach US$153.00k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of 3.80%, resulting in a market volume of US$177.60k by 2028.
In global comparison, most revenue will be generated in the United States (US$1,473.00m in 2024).
In relation to total population figures, per person revenues of US$0.41 are generated in 2024.

Key regions: South Korea, Japan, Canada, France, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in Iceland has seen significant growth in recent years, driven by changing customer preferences and increasing demand for sleep aids.

Customer preferences: Customers in Iceland are increasingly seeking solutions to improve their sleep quality and address sleep-related issues. This trend is fueled by the growing awareness of the importance of sleep for overall health and well-being. As a result, there is a rising demand for sleep aids in the country.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Iceland is the shift towards natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of traditional sleep medications and are seeking alternative options. This has led to an increase in the availability and popularity of natural sleep aids, such as herbal supplements and aromatherapy products. Another trend in the market is the growing popularity of sleep tracking devices and apps. These devices and apps provide users with insights into their sleep patterns and help them identify potential sleep disturbances. As a result, there is a growing demand for products that can complement these devices and apps, such as sleep-inducing teas and relaxation aids.

Local special circumstances: Iceland's unique geographical location and natural environment contribute to the market for sleep aids. The country experiences long periods of daylight in the summer months, which can disrupt sleep patterns and lead to sleep difficulties for some individuals. This has created a specific need for sleep aids that can help people adjust to the changing light conditions and maintain healthy sleep habits.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Iceland is also influenced by underlying macroeconomic factors. The country has a high standard of living and a strong healthcare system, which allows individuals to prioritize their sleep and invest in sleep aids. Additionally, Iceland has a well-developed pharmaceutical industry, which ensures a wide range of sleep aids are available to customers. In conclusion, the Sleep Aids (Pharmacies) market in Iceland is experiencing growth due to changing customer preferences, including a shift towards natural sleep aids and the increasing use of sleep tracking devices. The country's unique geographic location and strong healthcare system also contribute to the market's development.

Methodology

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.