Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Kuwait

Kuwait

Revenue in the Sleep Aids market is projected to reach US$1.07m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2028) of -3.71%, resulting in a market volume of US$0.92m 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$0.25 are generated in 2024.

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

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Currency

Analyst Opinion

The Sleep Aids (Pharmacies) market in Kuwait has been experiencing significant growth in recent years.

Customer preferences: Customers in Kuwait have shown a growing interest in sleep aids, as they become more aware of the importance of getting a good night's sleep for their overall health and well-being. Sleep disorders such as insomnia and sleep apnea are becoming increasingly common, leading people to seek out solutions to improve their sleep quality. Additionally, the fast-paced and stressful lifestyles of many Kuwaitis have contributed to a higher demand for sleep aids to help them relax and unwind before bed.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Kuwait is the increasing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of conventional sleep medications and are seeking alternative options that are perceived as safer and more natural. This has led to a rise in the demand for products containing ingredients such as valerian root, chamomile, and melatonin. Another trend in the market is the growing availability of sleep aids in pharmacies across Kuwait. Pharmacies have recognized the rising demand for these products and have expanded their offerings to cater to customer needs. This has made it more convenient for customers to access sleep aids and has contributed to the overall growth of the market.

Local special circumstances: The Sleep Aids (Pharmacies) market in Kuwait is also influenced by local cultural and religious factors. Kuwait is a predominantly Muslim country, and the practice of fasting during the holy month of Ramadan can disrupt sleep patterns for many individuals. As a result, there is an increased demand for sleep aids during this time to help people adjust to the changes in their sleep schedules.

Underlying macroeconomic factors: The growth of the Sleep Aids (Pharmacies) market in Kuwait is supported by several underlying macroeconomic factors. Kuwait has a high per capita income and a strong healthcare system, which allows individuals to afford and access sleep aids. Additionally, the country has a growing population, with a significant proportion of the population being young and middle-aged adults who are more likely to experience sleep issues. These factors contribute to the overall growth and development of the Sleep Aids (Pharmacies) market in Kuwait.

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.