Anxiety and Related Sleep Disorders - South Korea

South Korea

Revenue in the Anxiety and Related Sleep Disorders market is projected to reach US$119.50m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.63%, resulting in a market volume of US$123.30m 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$58.22 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 South Korea is experiencing significant growth and development.

Customer preferences: South Korean consumers are increasingly becoming aware of the importance of mental health and are seeking solutions to manage anxiety and sleep disorders. They are looking for effective and safe treatments that can help them alleviate their symptoms and improve their overall well-being. Additionally, there is a growing preference for natural and holistic approaches to healthcare, leading to an increased demand for alternative therapies and herbal remedies.

Trends in the market: One of the key trends in the Anxiety and Related Sleep Disorders market in South Korea is the rising popularity of traditional Korean medicine, known as Hanbang. Hanbang incorporates a combination of herbal remedies, acupuncture, and other traditional therapies to treat various ailments, including anxiety and sleep disorders. This trend is driven by the belief that Hanbang offers a more holistic and personalized approach to healthcare, addressing the root causes of the conditions rather than just the symptoms.Another trend in the market is the increasing adoption of digital health solutions. South Korea has one of the highest smartphone penetration rates in the world, and consumers are embracing mobile apps and wearable devices that track and monitor their sleep patterns, stress levels, and overall mental well-being. These digital tools provide users with real-time feedback and personalized recommendations, empowering them to take control of their mental health.

Local special circumstances: South Korea has a highly competitive healthcare market, with a strong emphasis on research and development. The country is known for its advanced medical technology and innovative treatments. This environment fosters the development of new and improved therapies for anxiety and sleep disorders, attracting both local and international players to invest in the market.Furthermore, the Korean government has been actively promoting mental health awareness and providing support for individuals suffering from anxiety and sleep disorders. This includes initiatives such as public education campaigns, increased funding for mental health services, and the establishment of specialized clinics and centers. These efforts have helped reduce the stigma associated with mental health and encourage individuals to seek professional help.

Underlying macroeconomic factors: South Korea has a high-stress work culture, with long working hours and intense competition. This, combined with the increasing prevalence of lifestyle-related diseases, has contributed to a rise in anxiety and sleep disorders among the population. As a result, there is a growing need for effective treatments and interventions to address these health concerns.Additionally, South Korea has an aging population, which is more susceptible to mental health issues. The government has recognized the need to provide specialized care for the elderly, including mental health services, leading to an increased demand for treatments for anxiety and sleep disorders.In conclusion, the Anxiety and Related Sleep Disorders market in South Korea is witnessing significant growth and development due to increasing customer awareness and preferences, emerging trends in traditional Korean medicine and digital health solutions, local special circumstances such as government support and a competitive healthcare market, and underlying macroeconomic factors such as high-stress work culture and an aging population.

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.