Sleep Aids - China

China

Highlights

In China, the revenue generated in the Sleep Aids market market in 2024 is US$517.70m.
It is projected to experience an annual growth rate of 7.12% (CAGR 2024-2029).
When compared to other countries worldwide, the United States leads in terms of revenue, reaching US$2.10bn in 2024.
In relation to the total population, per person revenues amount to US$0.36 in 2024.
China's sleep aids market is experiencing a surge in demand driven by the country's growing middle class and increasing awareness of the importance of sleep hygiene.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Chinese consumers are increasingly concerned about their sleep quality and are actively seeking solutions to improve it. This has led to a growing demand for sleep aids in the country. Additionally, the stressful and fast-paced lifestyle in China has contributed to the rise in sleep disorders, further driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in China is the increasing popularity of natural and herbal sleep aids. Chinese consumers have a long-standing tradition of using traditional Chinese medicine, and this preference extends to sleep aids as well. Natural and herbal sleep aids are perceived as safer and more effective by many Chinese consumers, leading to a shift away from synthetic sleep aids.Another trend in the market is the rise of sleep tracking devices and apps. Chinese consumers are becoming more health-conscious and are actively monitoring their sleep patterns. Sleep tracking devices and apps provide valuable insights into sleep quality and help users identify any sleep-related issues. This trend is driving the demand for sleep aids that can complement these devices and apps, such as sleep-inducing aromatherapy products or sleep-promoting supplements.

Local special circumstances: China has a large aging population, and sleep disorders are more prevalent among older adults. This demographic factor has contributed to the growth of the Sleep Aids market in China, as older adults are more likely to seek sleep aids to improve their sleep quality.Furthermore, the rapid urbanization and increasing disposable income in China have also played a role in the market's development. Urban dwellers often face higher levels of stress and have busier lifestyles, leading to sleep disturbances. With rising incomes, Chinese consumers are more willing to spend on sleep aids to address these issues.

Underlying macroeconomic factors: China's growing middle class and rising disposable income levels have fueled the demand for sleep aids. As more consumers have the financial means to prioritize their health and well-being, they are willing to invest in products that can help them achieve better sleep.Additionally, the increasing awareness and understanding of sleep disorders in China have led to a greater recognition of the importance of good sleep. This has created a favorable environment for the Sleep Aids market to thrive.In conclusion, the Sleep Aids market in China is experiencing growth due to increasing customer preferences for natural and herbal sleep aids, the popularity of sleep tracking devices and apps, the large aging population, rapid urbanization, rising disposable incomes, and a growing awareness of sleep disorders. These factors have created a favorable market environment for sleep aid manufacturers and suppliers in China.

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.