Sleep Aids - Israel

Israel

Highlights

Revenue in the Sleep Aids market amounts to US$6.69m in 2024. The market is expected to grow annually by 4.60% (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$0.72 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureMethodology

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

Customer preferences: Customers in Israel are increasingly seeking out sleep aids to help them improve the quality of their sleep. This can be attributed to several factors, including the growing prevalence of sleep disorders and the increasing recognition of the link between sleep and overall well-being. As a result, there is a rising demand for sleep aids that can help individuals fall asleep faster, stay asleep longer, and wake up feeling refreshed.

Trends in the market: One of the key trends in the Sleep Aids market in Israel is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of traditional sleep medications and are seeking out alternative options that are perceived as safer and more natural. This has led to an increase in the availability and variety of natural sleep aids in the market, including herbal supplements, aromatherapy products, and relaxation techniques. Another trend in the market is the rise of sleep tracking technology. With the increasing use of smartphones and wearable devices, customers are now able to monitor their sleep patterns and track their sleep quality. This has created a demand for sleep aids that can complement these technologies, such as smart mattresses, sleep tracking apps, and wearable sleep trackers. These products provide customers with valuable insights into their sleep habits and help them make informed decisions to improve their sleep.

Local special circumstances: Israel has a unique cultural and religious landscape that can influence the Sleep Aids market. For example, the observance of the Sabbath, which begins at sundown on Friday and ends at sundown on Saturday, can impact the demand for sleep aids. Many individuals may seek sleep aids to help them fall asleep earlier on Friday nights, in order to maximize their rest before the Sabbath begins. Additionally, the high stress levels associated with living in a conflict-prone region may contribute to the demand for sleep aids among the population.

Underlying macroeconomic factors: The growing Sleep Aids market in Israel can also be attributed to underlying macroeconomic factors. Israel has a strong and stable economy, with a high standard of living and a well-developed healthcare system. This provides individuals with the means and access to sleep aids and other healthcare products. Additionally, the government has been taking steps to promote a healthy lifestyle and raise awareness about the importance of sleep, which has further contributed to the growth of the Sleep Aids market. In conclusion, the Sleep Aids market in Israel is experiencing growth due to changing customer preferences, including a demand for natural and herbal sleep aids, as well as the increasing use of sleep tracking technology. The local special circumstances, such as the observance of the Sabbath and the high stress levels, also contribute to the demand for sleep aids. The underlying macroeconomic factors, including a strong economy and government initiatives, further support the growth of the market.

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.