Market Insights Health OTC Pharmaceuticals

Sleep Aids - Europe

Europe

In Europe, the revenue in the Sleep Aids market market is projected to reach US$1.69bn by 2024.
This market is expected to experience an annual growth rate of 4.24% (CAGR 2024-2029).
When compared to other countries around Worldwide, the in the United States leads in terms of revenue generation, with a projected revenue of US$2,103.00m in 2024.
In relation to the total population, per person revenues of US$2.01 are estimated to be generated in 2024.
In Germany, the demand for natural sleep aids is on the rise, with consumers seeking alternative remedies such as herbal supplements and aromatherapy products.

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

Market

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Currency

Analyst Opinion

The Sleep Aids market in Europe is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: Customers in Europe are increasingly seeking sleep aids to improve the quality of their sleep and address sleep-related issues. The busy and stressful lifestyles of individuals in Europe have led to a rise in sleep disorders such as insomnia and sleep apnea. As a result, there is a growing demand for sleep aids that can help individuals fall asleep faster, stay asleep longer, and wake up feeling refreshed. Customers are also looking for natural and non-addictive sleep aids that have minimal side effects.

Trends in the market: One of the key trends in the Sleep Aids market in Europe is the growing popularity of herbal and natural sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that contain natural herbs and botanicals known for their sleep-inducing properties. This trend is driven by the increasing preference for holistic and natural remedies among European consumers.Another trend in the market is the rising adoption of technology-based sleep aids. With the advancement of technology, sleep tracking devices and mobile applications have become popular tools for monitoring sleep patterns and providing personalized recommendations for better sleep. These technological innovations are driving the growth of the sleep aids market in Europe.

Local special circumstances: Europe has a diverse population with varying sleep patterns and cultural norms. Some countries in Europe, such as Spain and Italy, have a tradition of taking afternoon naps, which may impact the demand for sleep aids. Additionally, the prevalence of sleep disorders varies across different European countries, which influences the demand for sleep aids in each market.

Underlying macroeconomic factors: The Sleep Aids market in Europe is also influenced by underlying macroeconomic factors. The increasing disposable income of individuals in Europe has made sleep aids more affordable and accessible. Additionally, the aging population in Europe is driving the demand for sleep aids, as older individuals are more prone to sleep disorders and may require assistance in improving their sleep quality. The growing awareness about the importance of sleep and its impact on overall health and well-being is also contributing to the growth of the Sleep Aids market in Europe.In conclusion, the Sleep Aids market in Europe is witnessing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customers in Europe are seeking sleep aids to improve their sleep quality, leading to a rise in demand for natural and technology-based sleep aids. The diverse population and cultural norms in Europe, along with the increasing disposable income and aging population, are contributing to the growth of the Sleep Aids market in the region.

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.