Sleep Aids - BRICS

BRICS

Highlights

Revenue in the Sleep Aids market amounts to US$989.40m in 2024. The market is expected to grow annually by 7.43% (CAGR 2024-2029).
In global comparison, most revenue is generated United States (US$2bn in 2024).
In relation to total population figures, per person revenues of US$0.30 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in BRICS is witnessing significant growth and development in recent years.

Customer preferences: Customers in the BRICS countries are increasingly seeking sleep aids to address their sleep-related issues. Factors such as high stress levels, longer working hours, and lifestyle changes have contributed to the growing demand for sleep aids. Additionally, the aging population in these countries has also led to an increased need for sleep aids, as older individuals tend to experience more sleep disturbances.

Trends in the market: One of the key trends in the Sleep Aids market in BRICS is the rising popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of traditional sleep aids and are seeking safer alternatives. This trend is driving the demand for natural sleep aids, which are perceived to be more gentle and have fewer side effects. Another trend in the market is the increasing availability of sleep aids through online channels. E-commerce platforms have made it easier for customers to access a wide range of sleep aids, compare prices, and make convenient purchases. This has significantly expanded the reach of sleep aid products, particularly in rural areas where access to physical stores may be limited.

Local special circumstances: Each BRICS country has its own unique set of circumstances that influence the Sleep Aids market. For example, in Brazil, where the prevalence of sleep disorders is high, there is a growing demand for sleep aids. The country's large population and urbanization have contributed to increased stress levels and sleep disturbances. In Russia, the market for sleep aids is driven by the aging population and the high prevalence of sleep disorders.

Underlying macroeconomic factors: The economic growth and rising disposable incomes in BRICS countries have played a significant role in the development of the Sleep Aids market. As people's purchasing power increases, they are more willing to invest in products that can improve their sleep quality and overall well-being. Additionally, the increasing awareness about the importance of sleep health and the availability of a wide range of sleep aid products have also contributed to market growth. In conclusion, the Sleep Aids market in BRICS is experiencing growth and development due to customer preferences for natural and herbal sleep aids, the increasing availability of products through online channels, and the underlying macroeconomic factors such as economic growth and rising disposable incomes. The unique circumstances in each BRICS country, such as high stress levels, aging populations, and the prevalence of sleep disorders, further contribute to the growth of the market.

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.