Sleep Aids - Iraq | Statista Market Forecast

Sleep Aids - Iraq

Iraq

Highlights

Revenue in the Sleep Aids market amounts to US$2.46m in 2024. The market is expected to grow annually by 3.76% (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$0.05 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in Iraq has been experiencing significant growth in recent years.

Customer preferences: Customers in Iraq are increasingly seeking sleep aids to address their sleep-related issues. The modern lifestyle, with its high levels of stress and busy schedules, has led to an increase in sleep disorders such as insomnia and sleep apnea. As a result, there is a growing demand for sleep aids that can help individuals achieve a restful night's sleep.

Trends in the market: One of the key trends in the Sleep Aids market in Iraq is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are opting for natural alternatives. Herbal sleep aids, such as chamomile tea and lavender essential oil, are gaining traction as they are perceived to be safer and have fewer side effects. Another trend in the market is the increasing availability of sleep aids through online platforms. E-commerce has gained significant popularity in Iraq, and customers are now able to easily access a wide range of sleep aids through online retailers. This convenience factor has contributed to the growth of the Sleep Aids market in the country.

Local special circumstances: Iraq has a relatively young population, with a significant portion of the population falling within the working-age group. This demographic trend has led to an increase in sleep disorders, as the younger population is more prone to stress and sleep deprivation. Additionally, the ongoing conflicts and political instability in the region have also contributed to the rise in sleep-related issues among the population.

Underlying macroeconomic factors: The improving economic conditions in Iraq have also played a role in the growth of the Sleep Aids market. As the country's economy continues to recover, individuals have more disposable income to spend on healthcare products, including sleep aids. The increasing urbanization and westernization of the country have also led to a greater awareness of sleep disorders and the availability of sleep aids. In conclusion, the Sleep Aids market in Iraq is experiencing significant growth due to customer preferences for natural and herbal sleep aids, the increasing availability of sleep aids through online platforms, the young population's susceptibility to sleep disorders, and the improving macroeconomic conditions in the country.

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.