Sleep Aids - Ireland

Ireland

Highlights

Revenue in the Sleep Aids market amounts to US$19.43m in 2024. The market is expected to grow annually by 4.45% (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$3.82 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

The Sleep Aids market in Ireland is experiencing significant growth and development.

Customer preferences: Customers in Ireland are increasingly seeking sleep aids to help improve their quality of sleep. This can be attributed to several factors, including the growing awareness of the importance of sleep for overall health and well-being. Additionally, the stressful and fast-paced nature of modern life has led to an increase in sleep disorders and difficulties falling asleep, further driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in Ireland is the rising popularity of natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of traditional sleep aids and are seeking alternative options. Natural sleep aids, such as herbal supplements and essential oils, are perceived as safer and more gentle on the body. This trend is in line with the global shift towards natural and holistic health solutions. Another trend in the market is the increasing availability of sleep aids in various formats. Traditionally, sleep aids were primarily available in pill or capsule form. However, there has been a surge in the development of alternative formats, such as gummies, sprays, and teas. This diversification of product offerings caters to different customer preferences and provides more options for individuals seeking sleep aids.

Local special circumstances: Ireland has a high prevalence of sleep disorders, with a significant portion of the population experiencing difficulties falling asleep or staying asleep. This can be attributed to various factors, including stress, lifestyle habits, and the use of electronic devices before bedtime. The high demand for sleep aids in Ireland is driven by the need to address these sleep-related issues and improve overall sleep quality.

Underlying macroeconomic factors: The growing Sleep Aids market in Ireland can also be attributed to the country's strong economic performance. As the economy continues to grow, individuals have more disposable income to spend on health and wellness products, including sleep aids. Additionally, the increasing focus on mental health and well-being in Ireland has led to a greater emphasis on sleep and the recognition of sleep aids as a valuable investment in overall wellness. In conclusion, the Sleep Aids market in Ireland is experiencing growth and development due to customer preferences for natural and herbal sleep aids, the availability of sleep aids in various formats, the high prevalence of sleep disorders in the country, and the underlying macroeconomic factors such as strong economic performance and the focus on mental health and well-being.

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.