Market Insights Health OTC Pharmaceuticals

Sleep Aids - Greece

Greece

In Greece, the revenue in the Sleep Aids market market for the year 2024 is estimated to be US$2.31m.
It is projected to experience an annual growth rate of 3.40% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue with US$2,103.00m in 2024.
In terms of per person revenues, in Greece generates US$0.22 in 2024.
Greece has seen a surge in the demand for natural sleep aids, as consumers prioritize holistic and herbal remedies for a restful night's sleep.

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

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Analyst Opinion

The Sleep Aids market in Greece has been experiencing steady growth in recent years, driven by changing customer preferences, emerging trends in the market, and local special circumstances.

Customer preferences: Customers in Greece have shown a growing interest in sleep aids as they become more aware of the importance of a good night's sleep for their overall health and well-being. Sleep disorders such as insomnia and sleep apnea are becoming more prevalent, leading individuals to seek solutions to improve their sleep quality. Additionally, the aging population in Greece has also contributed to the increased demand for sleep aids, as older individuals often experience sleep disturbances.

Trends in the market: One of the key trends in the Sleep Aids market in Greece is the growing popularity of natural and herbal sleep aids. Consumers are increasingly seeking products that are perceived as safer and have fewer side effects. As a result, there has been a rise in the demand for sleep aids made from natural ingredients such as valerian root, chamomile, and melatonin. This trend aligns with the global shift towards natural and organic products in the health and wellness industry.Another trend in the market is the increasing availability of sleep aids through online channels. E-commerce platforms have made it easier for consumers to access a wide range of sleep aids, compare prices, and read reviews from other customers. This has led to increased competition among sleep aid manufacturers and retailers, as they strive to differentiate their products and attract online shoppers.

Local special circumstances: The economic crisis in Greece in recent years has had a significant impact on the Sleep Aids market. As disposable incomes have decreased, consumers have become more price-conscious and are looking for affordable sleep aids. This has led to a shift towards generic and private label sleep aid brands, as they are often priced lower than branded products. Manufacturers and retailers have responded to this demand by introducing more affordable options in the market.

Underlying macroeconomic factors: The Sleep Aids market in Greece is influenced by several macroeconomic factors. The country's aging population, as mentioned earlier, has contributed to the growth of the market. Additionally, the increasing prevalence of sleep disorders and the growing awareness of the importance of sleep for overall health have also played a role in driving the market. Furthermore, the economic recovery in Greece, albeit slow, has led to a gradual improvement in consumer confidence and spending power, which has positively impacted the Sleep Aids market.In conclusion, the Sleep Aids market in Greece is witnessing growth due to changing customer preferences, emerging trends such as the demand for natural sleep aids and the availability of products through online channels, as well as local special circumstances such as the economic crisis and the aging population. These factors, along with underlying macroeconomic factors, are shaping the development of the market in Greece.

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.