Sleep Aids - GCC | Statista Market Forecast

Sleep Aids - GCC

GCC

Highlights

In 2024, the revenue in the Sleep Aids market market in the GCC amounts to US$25.47m.
It is projected that the market will experience an annual growth rate of 3.80% (CAGR 2024-2029).
When compared to other countries globally, the United States leads the pack with a revenue of US$2.10bn in 2024.
In terms of per person revenues, the GCC generates US$0.42 in 2024.
The sleep aids market in the GCC is witnessing a surge in demand due to the high prevalence of sleep disorders among the population.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

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

Customer preferences: Customers in GCC countries are increasingly prioritizing their sleep quality and seeking effective solutions to address sleep-related issues. The fast-paced lifestyle, high-stress levels, and long working hours have led to a rise in sleep disorders and insomnia cases. As a result, there is a growing demand for sleep aids that can help individuals achieve better sleep and improve their overall well-being.

Trends in the market: One of the key trends in the Sleep Aids market in GCC is the growing 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 free from harmful chemicals and have minimal side effects. This trend is driven by the increasing awareness about the potential risks associated with synthetic sleep aids.Another trend in the market is the rising adoption of wearable sleep tracking devices. These devices monitor sleep patterns, provide insights into sleep quality, and offer personalized recommendations to improve sleep. Customers are increasingly relying on these devices to track their sleep and make necessary lifestyle changes to enhance their sleep experience.

Local special circumstances: The Sleep Aids market in GCC is also influenced by local cultural and religious practices. The region has a strong tradition of herbal medicine, and customers in GCC countries have a preference for natural remedies. This preference for natural sleep aids aligns with the global trend and has contributed to the growth of the market.Moreover, the high disposable income levels in GCC countries have enabled customers to invest in their well-being and prioritize sleep health. The affluent population in these countries is willing to spend on premium sleep aids that offer superior comfort and quality.

Underlying macroeconomic factors: The Sleep Aids market in GCC is also driven by the overall economic growth and development in the region. The GCC countries have witnessed rapid urbanization, increased healthcare spending, and a growing awareness about the importance of sleep health. These factors have created a conducive environment for the growth of the Sleep Aids market.Additionally, the tourism industry in GCC countries has been thriving, attracting a large number of international visitors. Tourists often face jet lag and sleep disturbances due to time zone differences, leading to a higher demand for sleep aids during their stay in the region.In conclusion, the Sleep Aids market in GCC is experiencing significant growth due to changing customer preferences, emerging trends such as the demand for natural sleep aids and wearable sleep tracking devices, local special circumstances including a preference for herbal remedies, and underlying macroeconomic factors such as economic growth and the booming tourism industry. As customers continue to prioritize sleep health, the market is expected to witness further expansion in the coming years.

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.