Market Insights Health OTC Pharmaceuticals

Sleep Aids - Belgium

Belgium

In Belgium, the revenue generated in the Sleep Aids market market in 2024 amounts to US$17.14m.
It is projected to experience an annual growth rate of 3.04% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States leads with a revenue of US$2,103.00m in 2024.
Looking at the per person revenues in relation to the total population, in Belgium generates US$1.46 in 2024.
Belgium has seen a rise in demand for natural sleep aids, driven by a growing interest in holistic health and wellness.

Key regions: Europe, Germany, Canada, United Kingdom, United States

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Analyst Opinion

The Sleep Aids market in Belgium is experiencing steady growth due to various factors such as changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in Belgium are increasingly seeking sleep aids to address their sleep-related issues. This can be attributed to the rising awareness about the importance of quality sleep for overall well-being. Additionally, the hectic and stressful lifestyles of individuals have led to an increase in sleep disorders, driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in Belgium is the growing popularity of natural and herbal sleep aids. Many consumers are shifting towards natural alternatives, as they perceive them to be safer and with fewer side effects compared to pharmaceutical sleep aids. This trend is in line with the global market, where natural sleep aids are gaining traction. Another trend observed in the market is the increasing availability of sleep aids through online channels. E-commerce platforms have made it convenient for consumers to purchase sleep aids from the comfort of their homes, leading to a rise in online sales. This trend is driven by the growing digitalization and e-commerce penetration in Belgium, as well as the convenience factor for consumers.

Local special circumstances: Belgium has a high prevalence of sleep disorders, which contributes to the growth of the Sleep Aids market. Factors such as work-related stress, irregular working hours, and lifestyle changes have led to an increase in sleep-related issues among the population. As a result, there is a higher demand for sleep aids in the country.

Underlying macroeconomic factors: The Sleep Aids market in Belgium is also influenced by underlying macroeconomic factors. The stable economic conditions in the country have contributed to the growth of the market. With a strong economy and high disposable income levels, consumers are more willing to spend on sleep aids to improve their sleep quality. Furthermore, the aging population in Belgium is also a significant factor driving the market growth. As individuals age, they are more likely to experience sleep-related issues, leading to an increased demand for sleep aids.In conclusion, the Sleep Aids market in Belgium is witnessing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing awareness about the importance of quality sleep, the popularity of natural sleep aids, the rise of online sales channels, and the high prevalence of sleep disorders in the country are all contributing to the growth of the market. With the stable economic conditions and aging population, the Sleep Aids market in Belgium is expected to continue its upward trajectory in the coming years.

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.