Sleep Aids - Greece

Greece

Highlights

Revenue in the Sleep Aids market amounts to US$2.31m in 2024. The market is expected to grow annually by 3.39% (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$0.22 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: In Greece, there is a growing demand for sleep aids as more people are recognizing the importance of a good night's sleep for overall health and well-being. With the fast-paced modern lifestyle and high levels of stress, many individuals are finding it difficult to fall asleep or stay asleep throughout the night. As a result, there is a rising interest in sleep aids that can help improve sleep quality and promote relaxation.

Trends in the market: One of the key trends in the Sleep Aids market in Greece is the shift towards natural and herbal sleep aids. Consumers are becoming more conscious about the potential side effects of synthetic sleep aids and are seeking safer alternatives. As a result, there has been a significant increase in the demand for sleep aids made from natural ingredients such as chamomile, lavender, and valerian root. Another trend in the market is the growing popularity of sleep tracking devices and mobile applications. These devices and apps allow individuals to monitor their sleep patterns and receive personalized recommendations for improving sleep quality. This trend is driven by the increasing use of technology in everyday life and the desire for self-improvement.

Local special circumstances: Greece has a unique cultural tradition of valuing sleep and relaxation. The concept of "Siesta" is deeply ingrained in the Greek culture, where people take a short nap in the afternoon to recharge and rejuvenate. This cultural emphasis on sleep contributes to the demand for sleep aids in the market. Additionally, Greece has a large aging population, which is more prone to sleep disorders such as insomnia and sleep apnea. This demographic factor further drives the demand for sleep aids in the country.

Underlying macroeconomic factors: The Sleep Aids market in Greece is also influenced by macroeconomic factors such as the overall economic stability and disposable income levels. During periods of economic uncertainty, consumers may prioritize essential expenses over sleep aids, leading to a slowdown in the market. However, as the economy stabilizes and disposable incomes increase, the demand for sleep aids is expected to grow. In conclusion, the Sleep Aids market in Greece is witnessing growth due to changing customer preferences, including a shift towards natural sleep aids and the adoption of sleep tracking devices. The cultural emphasis on sleep and the presence of an aging population also contribute to the market's development. The overall economic stability and disposable income levels play a crucial role in shaping the market's trajectory.

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.