Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Northern Europe

Northern Europe

Revenue in the Sleep Aids market amounts to US$27.22m in 2024. The market is expected to grow annually by 2.94% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$2,103m in 2024).
In relation to total population figures, per person revenues of US$0.80 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in Northern Europe has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Northern Europe are increasingly prioritizing their sleep quality and overall well-being, leading to a growing demand for sleep aids. With the rise in stress levels and busy lifestyles, individuals are seeking solutions to improve their sleep patterns and combat sleep disorders. This has created a strong market for sleep aids, including prescription medications, over-the-counter remedies, and natural sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in Northern Europe is the growing popularity of natural sleep aids. Customers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are seeking natural alternatives. This has led to an increase in the demand for herbal supplements, aromatherapy products, and relaxation techniques. Additionally, there is a rising interest in sleep technology, such as sleep tracking apps and devices, which provide insights into sleep patterns and offer personalized recommendations for better sleep.

Local special circumstances: Northern Europe has a high prevalence of sleep disorders, with a significant portion of the population experiencing insomnia and other sleep-related issues. This has created a strong demand for sleep aids in the region. Additionally, the long winter nights in Northern Europe can have a negative impact on sleep quality, leading to an increased need for sleep aids during these months.

Underlying macroeconomic factors: The Sleep Aids market in Northern Europe is also influenced by underlying macroeconomic factors. The region has a high disposable income, which allows customers to invest in their sleep health. Furthermore, the aging population in Northern Europe is driving the demand for sleep aids, as older individuals are more prone to sleep disorders and seek solutions to improve their sleep quality. In conclusion, the Sleep Aids market in Northern Europe is experiencing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers are increasingly prioritizing their sleep quality and seeking natural alternatives to traditional sleep aids. The high prevalence of sleep disorders in the region, coupled with a high disposable income and an aging population, further contribute to the growth of the market.

Methodology

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.