Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Canada

Canada

Revenue in the Sleep Aids market amounts to US$108.10m in 2024. The market is expected to grow annually by 4.09% (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$2.76 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in Canada has been experiencing steady growth in recent years, driven by changing customer preferences and the increasing prevalence of sleep disorders.

Customer preferences: Customers in Canada are becoming more aware of the importance of a good night's sleep and are seeking out sleep aids to help them achieve this. With busy lifestyles and high levels of stress, many Canadians are finding it difficult to fall asleep or stay asleep throughout the night. As a result, there is a growing demand for sleep aids that can promote better sleep quality and improve overall well-being.

Trends in the market: One of the key trends in the Sleep Aids market in Canada is the shift towards natural and organic sleep aids. Customers are increasingly looking for products that are made from natural ingredients and free from harmful chemicals. This trend is driven by a growing concern for health and wellness, as well as a desire to minimize the potential side effects of sleep aids. Another trend in the market is the rise of wearable sleep technology. Customers are now able to track their sleep patterns and receive personalized recommendations for improving sleep quality. This technology allows individuals to better understand their sleep habits and make informed decisions about their sleep aids.

Local special circumstances: Canada has a high prevalence of sleep disorders, with approximately one in three Canadians experiencing some form of sleep problem. This high prevalence is attributed to a number of factors, including a sedentary lifestyle, high stress levels, and an aging population. As a result, there is a significant market for sleep aids in Canada.

Underlying macroeconomic factors: The Sleep Aids market in Canada is also influenced by underlying macroeconomic factors. The growing aging population in Canada is driving the demand for sleep aids, as older individuals are more likely to experience sleep problems. Additionally, the increasing disposable income of Canadians allows them to spend more on sleep aids and prioritize their sleep health. In conclusion, the Sleep Aids market in Canada is growing due to changing customer preferences, the increasing prevalence of sleep disorders, and underlying macroeconomic factors. Customers are seeking out natural and organic sleep aids, as well as utilizing wearable sleep technology to improve their sleep quality. With a high prevalence of sleep disorders and a growing aging population, the market for sleep aids in Canada is expected to continue to expand in the coming years.

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.