Market Insights Health OTC Pharmaceuticals

Sleep Aids - EU-27

EU-27

In the year 2024, the revenue in the Sleep Aids market market in EU-27 is projected to reach a significant amount of US$1.38bn.
It is anticipated that this market will experience an annual growth rate of 4.01% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States leads in terms of revenue generation with a staggering US$2,103.00m in 2024.
Moreover, when considering the total population, it can be observed that per person revenues amount to US$3.09 in the same year.
In EU-27, the sleep aids market is experiencing a surge in demand due to increasing stress levels and a growing awareness about the importance of sleep for overall health and well-being.

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

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in EU-27 is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances.

Customer preferences: Customers in the EU-27 region are increasingly prioritizing their sleep quality and seeking solutions to improve their sleep patterns. This shift in preferences can be attributed to the growing awareness about the importance of sleep for overall health and well-being. As a result, there is a rising demand for sleep aids that can help individuals achieve better sleep and wake up feeling refreshed.

Trends in the market: One of the key trends in the Sleep Aids market in EU-27 is the increasing popularity of natural and herbal sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that are perceived to be safer and have fewer side effects. This trend is driving the demand for sleep aids made from natural ingredients such as valerian root, chamomile, and lavender.Another trend in the market is the growing adoption of wearable sleep tracking devices. These devices monitor an individual's sleep patterns, providing valuable insights into their sleep quality and duration. As people become more interested in understanding their sleep patterns, the demand for sleep aids that can complement the data provided by these devices is also increasing. Sleep aids that are specifically designed to address the identified sleep issues are gaining popularity among customers.

Local special circumstances: The Sleep Aids market in EU-27 is influenced by various local special circumstances. For instance, the region has a high prevalence of sleep disorders, such as insomnia and sleep apnea, which has contributed to the increased demand for sleep aids. Additionally, the aging population in many EU countries has also led to a greater need for sleep aids, as older adults often experience sleep disturbances.

Underlying macroeconomic factors: The Sleep Aids market in EU-27 is also influenced by underlying macroeconomic factors. The region's economic stability and increasing disposable income levels have allowed customers to allocate more of their budget towards sleep aids. Furthermore, advancements in technology and the ease of online shopping have made sleep aids more accessible to customers, contributing to market growth.In conclusion, the Sleep Aids market in EU-27 is experiencing growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing focus on sleep quality, the popularity of natural and herbal sleep aids, the adoption of wearable sleep tracking devices, and the high prevalence of sleep disorders in the region are all driving the demand for sleep aids. Additionally, the region's economic stability and advancements in technology have made sleep aids more accessible to customers, further fueling market growth.

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.