Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Taiwan

Taiwan

Revenue in the Sleep Aids market amounts to US$49.31m in 2024. The market is expected to grow annually by 8.21% (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$2.06 are generated in 2024.

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

Market

Region

Region comparison

Currency

Analyst Opinion

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

Customer preferences: Taiwanese consumers are increasingly prioritizing their sleep quality and are willing to invest in sleep aids to improve their overall well-being. With the rise in stress levels and hectic lifestyles, there is a growing demand for products that can help individuals relax and achieve a good night's sleep.

Trends in the market: One of the key trends in the Sleep Aids market in Taiwan is the increasing popularity of natural and herbal sleep aids. Consumers are becoming more conscious about the ingredients used in sleep aids and are opting for products that are made from natural sources. This trend is in line with the global shift towards natural and organic products in the health and wellness industry. Another trend in the market is the growing adoption of sleep tracking devices and apps. These devices and apps provide users with insights into their sleep patterns and help them identify potential sleep disorders or disturbances. As awareness about the importance of sleep health increases, more consumers are turning to technology to monitor and improve their sleep quality.

Local special circumstances: Taiwan has a highly competitive retail market, with a wide range of sleep aids available in pharmacies, supermarkets, and online platforms. This gives consumers a variety of options to choose from and encourages manufacturers to constantly innovate and improve their products. Furthermore, Taiwan has a well-developed healthcare system, with easy access to medical professionals and sleep clinics. This allows consumers to seek professional advice and guidance when it comes to addressing their sleep issues. The availability of professional help contributes to the overall growth of the Sleep Aids market in Taiwan.

Underlying macroeconomic factors: Taiwan has a strong economy with a high standard of living. As disposable incomes continue to rise, consumers have more purchasing power to invest in sleep aids and other wellness products. Additionally, the aging population in Taiwan is also a contributing factor to the growth of the Sleep Aids market. As individuals age, they are more likely to experience sleep issues and are therefore more inclined to seek out sleep aids to improve their sleep quality. In conclusion, the Sleep Aids market in Taiwan is witnessing significant growth due to increasing customer preferences for better sleep quality, the adoption of natural and herbal sleep aids, the popularity of sleep tracking devices, the competitive retail market, the availability of professional healthcare services, and the country's strong economy and aging population.

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.