Market Insights Health OTC Pharmaceuticals

Sleep Aids - BRICS

BRICS

In 2024, the revenue in the Sleep Aids market market in BRICS countries amounts to US$0.99bn.
It is projected that the market will experience an annual growth rate of 7.48% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with US$2,103.00m in 2024.
Taking into account the total population figures, per person revenues of US$0.30 are generated in 2024.
The Sleep Aids market market is an important market in the BRICS countries, contributing significantly to their overall economic landscape.
Brazil is experiencing a growing demand for natural sleep aids, as consumers seek alternatives to traditional pharmaceutical products.

Key regions: Australia, China, United Kingdom, Canada, United States

Market

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Region comparison

Currency

Analyst Opinion

The Sleep Aids market in BRICS countries is experiencing significant growth due to changing customer preferences and increasing awareness about the importance of quality sleep.

Customer preferences: Customers in BRICS countries are becoming more aware of the importance of good sleep and its impact on overall health and well-being. They are increasingly seeking sleep aids to help them improve the quality and duration of their sleep. Additionally, the growing prevalence of sleep disorders such as insomnia and sleep apnea is also driving the demand for sleep aids in these countries.

Trends in the market: One of the key trends in the Sleep Aids market in BRICS countries is the rising popularity of natural and herbal sleep aids. Customers are increasingly looking for products that are free from synthetic chemicals and have minimal side effects. This has led to a surge in demand for sleep aids made from natural ingredients such as melatonin, chamomile, and valerian root. Another trend in the market is the increasing availability of sleep aids in different formats. Customers now have a wide range of options to choose from, including tablets, capsules, gummies, and even beverages. This variety of formats allows customers to select the one that best suits their preferences and lifestyle.

Local special circumstances: In Brazil, the Sleep Aids market is driven by the high prevalence of sleep disorders and the growing aging population. Sleep disorders such as insomnia and sleep apnea are common in Brazil, leading to a higher demand for sleep aids. Additionally, the aging population in the country is more likely to experience sleep problems, further contributing to the growth of the market.In Russia, the Sleep Aids market is influenced by the stressful lifestyle and long working hours. Many Russians struggle with sleep problems due to work-related stress and irregular schedules. This has led to an increased demand for sleep aids to help them relax and improve their sleep quality.

Underlying macroeconomic factors: The growing middle class and increasing disposable incomes in BRICS countries are key macroeconomic factors driving the growth of the Sleep Aids market. As people's incomes rise, they are willing to spend more on products that can improve their quality of life, including sleep aids. Additionally, the rapid urbanization and changing lifestyles in these countries have also contributed to the growth of the market. Urban dwellers often face higher levels of stress and sleep problems, creating a demand for sleep aids.In conclusion, the Sleep Aids market in BRICS countries is witnessing growth due to changing customer preferences, increasing awareness about the importance of quality sleep, and underlying macroeconomic factors such as rising incomes and urbanization. The market is characterized by the rising popularity of natural and herbal sleep aids, as well as the availability of sleep aids in different formats. Local special circumstances, such as the high prevalence of sleep disorders in Brazil and the stressful lifestyle in Russia, 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.