Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Argentina

Argentina

Revenue in the Sleep Aids market amounts to US$16.94m in 2024. The market is expected to grow annually by 5.93% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$2,103m in 2024).
In relation to total population figures, per person revenues of US$0.37 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

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Analyst Opinion

The Sleep Aids market in Argentina has been experiencing significant growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Argentina have shifted towards a more health-conscious lifestyle, with an increasing focus on improving sleep quality.

This has led to a growing demand for sleep aids, such as sleep medication, herbal supplements, and sleep tracking devices. Customers are seeking effective solutions to combat sleep disorders and improve their overall well-being. Trends in the market indicate a rising popularity of natural sleep aids in Argentina.

Customers are increasingly opting for herbal supplements and natural remedies to promote better sleep. This trend is driven by a growing awareness of the potential side effects of conventional sleep medications and a preference for more holistic approaches to health and wellness. Another trend in the market is the increasing adoption of sleep tracking devices.

These devices, such as wearable fitness trackers and smartphone apps, monitor sleep patterns and provide insights into sleep quality. Customers are using these devices to track their sleep patterns, identify sleep disturbances, and make lifestyle changes to improve their sleep. Local special circumstances in Argentina, such as a high-stress work culture and a busy lifestyle, contribute to the growing demand for sleep aids.

Many Argentinians face long working hours and high levels of stress, which can negatively impact sleep quality. As a result, there is a need for sleep aids to help individuals relax and achieve a restful night's sleep. Underlying macroeconomic factors also play a role in the development of the Sleep Aids market in Argentina.

Economic growth and increasing disposable income levels have enabled more consumers to prioritize their health and well-being. As a result, they are willing to invest in sleep aids to improve their sleep quality and overall quality of life. In conclusion, the Sleep Aids market in Argentina is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

The shift towards a health-conscious lifestyle, the rising popularity of natural sleep aids, the adoption of sleep tracking devices, the high-stress work culture, and economic growth are all contributing to the development of the market. As the demand for sleep aids continues to rise, companies in Argentina have the opportunity to cater to the needs of consumers and provide innovative solutions for better sleep.

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.