Anxiety and Related Sleep Disorders - Australia

Australia

Revenue in the Anxiety and Related Sleep Disorders market is projected to reach US$50.98m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.49%, resulting in a market volume of US$49.74m by 2029.
In global comparison, most revenue will be generated in the United States (US$3,213.00m in 2024).
In relation to total population figures, per person revenues of US$22.58 are generated in 2024.

Key regions: China, United States, Germany, India, Canada

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Analyst Opinion

The Anxiety and Related Sleep Disorders market in Australia is experiencing steady growth due to increasing customer preferences for natural remedies and a growing awareness of mental health issues.

Customer preferences: Customers in Australia are increasingly seeking natural remedies for anxiety and related sleep disorders. This shift in preferences is driven by a desire for holistic and non-invasive treatments, as well as concerns about the potential side effects of pharmaceutical medications. As a result, there is a growing demand for herbal supplements, aromatherapy products, and mindfulness practices that can help manage anxiety and improve sleep quality.

Trends in the market: One major trend in the Anxiety and Related Sleep Disorders market in Australia is the rising awareness of mental health issues. Australians are becoming more open about discussing their mental health and seeking professional help when needed. This increased awareness has led to a greater recognition of anxiety and related sleep disorders as legitimate health concerns, driving the demand for products and services that can help manage these conditions.Another trend in the market is the growing popularity of alternative therapies. Australians are increasingly turning to complementary and alternative medicine (CAM) practices, such as acupuncture, yoga, and meditation, to manage anxiety and improve sleep. These therapies are seen as more natural and holistic approaches to health and wellness, aligning with the customer preference for non-invasive treatments.

Local special circumstances: Australia has a high prevalence of anxiety and related sleep disorders, which contributes to the growth of the market. According to the Australian Bureau of Statistics, anxiety-related conditions are the most common mental health disorders in the country, affecting approximately 14% of the population. This high prevalence creates a significant market opportunity for products and services that can effectively address these conditions.Additionally, the Australian government has been actively promoting mental health and wellbeing initiatives, which further supports the growth of the Anxiety and Related Sleep Disorders market. The government has invested in campaigns to reduce the stigma surrounding mental health and increase access to mental health services. These initiatives have raised awareness and encouraged individuals to seek help for their anxiety and related sleep disorders, driving the demand for products and services in the market.

Underlying macroeconomic factors: The overall growth of the Anxiety and Related Sleep Disorders market in Australia is also influenced by macroeconomic factors such as disposable income and healthcare expenditure. As disposable income increases, individuals have more resources to spend on products and services that can help manage their anxiety and improve their sleep. Similarly, higher healthcare expenditure allows for greater access to mental health services and treatments, driving the demand for products in the market.In conclusion, the Anxiety and Related Sleep Disorders market in Australia is experiencing steady growth due to increasing customer preferences for natural remedies, a growing awareness of mental health issues, and local special circumstances such as a high prevalence of these conditions and government support for mental health initiatives. These factors, along with underlying macroeconomic factors, contribute to the development of the market in Australia.

Methodology

Data coverage:

Data encompasses B2C enterprises. Figures are based on companies' revenues, international institutes data, and global consumer survey data. Revenues refer to the retail value and include sales taxes.

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 financial reports and third-party data. Next, we use relevant key market indicators and data from country-specific associations such as healthcare spending per capita, medical product spending per capita, and gross domestic product per capita. This data helps us to 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, S-Curve function, ARIMA time series model and exponential curve function. Data is modeled using current exchange rates.

Additional Notes:

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. GCS data is reweighted for representativeness.