Sleep Aids - India

India

Highlights

Revenue in the Sleep Aids market amounts to US$289.00m in 2024. The market is expected to grow annually by 9.54% (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$0.20 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in India has been experiencing significant growth in recent years, driven by changing customer preferences and increasing awareness about the importance of sleep.

Customer preferences: Customers in India are becoming more conscious about their sleep patterns and are actively seeking solutions to improve the quality of their sleep. This has led to a growing demand for sleep aids such as sleep masks, earplugs, and herbal remedies. Additionally, the rise in stress levels and the prevalence of sleep disorders among the population have further fueled the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in India is the growing popularity of natural and herbal sleep aids. Customers are increasingly opting for products that are made from natural ingredients and have minimal side effects. This trend is driven by a general shift towards holistic and wellness-focused lifestyles. As a result, companies in the market are launching new products that cater to this demand, such as herbal sleep teas and essential oil blends. Another trend in the market is the increasing adoption of sleep tracking devices and apps. These devices and apps monitor sleep patterns and provide insights to help individuals improve their sleep quality. With the rising penetration of smartphones and wearable devices, more customers are using these technologies to track their sleep and make informed decisions about their sleep habits. This trend is driving the demand for sleep aids that complement these devices, such as smart pillows and sleep trackers.

Local special circumstances: India has a large population that is increasingly urbanized and leading fast-paced lifestyles. This has resulted in higher stress levels and sleep disorders among the population. Additionally, the prevalence of technology and screens in everyday life has also contributed to sleep disturbances. These local circumstances have created a favorable environment for the growth of the Sleep Aids market in India.

Underlying macroeconomic factors: The growing middle class in India, coupled with increasing disposable incomes, has contributed to the growth of the Sleep Aids market. As people become more aware of the importance of sleep and prioritize their well-being, they are willing to spend on sleep aids to improve their sleep quality. Furthermore, the rapid urbanization and changing lifestyles in India have led to an increase in sleep disorders, further driving the demand for sleep aids. In conclusion, the Sleep Aids market in India is witnessing significant growth due to changing customer preferences, increasing awareness about sleep health, and the prevalence of sleep disorders. The market is characterized by a growing demand for natural and herbal sleep aids, as well as the adoption of sleep tracking devices and apps. These trends are driven by the local special circumstances of high stress levels, sleep disturbances, and an urbanized population. Additionally, the underlying macroeconomic factors of a growing middle class and increasing disposable incomes have also contributed to the market's growth.

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.