Sleep Aids - CIS | Statista Market Forecast

Sleep Aids - CIS

CIS

Highlights

Revenue in the Sleep Aids market amounts to US$110.70m in 2024. The market is expected to grow annually by 3.55% (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$0.46 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in CIS is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in CIS are increasingly seeking sleep aids to address their sleep-related issues. The busy and stressful lifestyles of people in CIS countries have led to a rise in sleep disorders such as insomnia and sleep apnea. As a result, there is a growing demand for sleep aids that can help individuals improve the quality and duration of their sleep. Additionally, the aging population in CIS countries is also contributing to the increased demand for sleep aids, as older individuals often face sleep-related problems.

Trends in the market: One of the key trends in the Sleep Aids market in CIS is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of pharmaceutical sleep aids and are seeking safer alternatives. This has led to an increase in the demand for sleep aids that are made from natural ingredients such as herbs and plant extracts. Additionally, there is a rising trend of using sleep aids that promote relaxation and stress relief, such as aromatherapy products and weighted blankets.

Local special circumstances: The Sleep Aids market in CIS is also influenced by local special circumstances. For example, the harsh winters in CIS countries often lead to seasonal affective disorder (SAD) and other sleep-related problems. This has resulted in an increased demand for sleep aids that can help individuals cope with these conditions. Additionally, the cultural norms in CIS countries place a strong emphasis on the importance of a good night's sleep for overall health and well-being. This cultural factor further drives the demand for sleep aids in the region.

Underlying macroeconomic factors: The Sleep Aids market in CIS is also influenced by underlying macroeconomic factors. The growing economy and increasing disposable income in CIS countries have made sleep aids more affordable and accessible to a larger population. As a result, more people are able to afford sleep aids and are willing to invest in products that can improve their sleep quality. Furthermore, the increasing urbanization and modernization in CIS countries have led to a higher prevalence of sleep disorders, creating a larger market for sleep aids. In conclusion, the Sleep Aids market in CIS is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The demand for sleep aids is driven by the need to address sleep-related issues caused by busy lifestyles, aging population, and cultural norms. The market is also influenced by trends such as the preference for natural and herbal sleep aids, as well as the demand for products that promote relaxation and stress relief. Additionally, local special circumstances such as harsh winters and cultural emphasis on sleep further contribute to the growth of the market. The underlying macroeconomic factors of a growing economy, increasing disposable income, and urbanization also play a significant role in driving the demand for sleep aids in CIS countries.

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.