Market Insights Health OTC Pharmaceuticals

Sleep Aids - Israel

Israel

In the year 2024, the revenue in the Sleep Aids market market in Israel is estimated to amount to US$6.69m.
It is projected that the market will experience an annual growth rate of 4.61% (CAGR 2024-2029).
When compared globally, the in the United States generates the highest revenue in this market, with a value of US$2,103.00m in 2024.
In terms of per capita figures, the revenue generated per person in Israel amounts to US$0.72 in 2024.
Israel is experiencing a growing demand for natural sleep aids, such as herbal supplements and aromatherapy products, as consumers seek alternative remedies for insomnia.

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

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Analyst Opinion

The Sleep Aids market in Israel has been experiencing steady growth in recent years, driven by changing customer preferences and increasing awareness about the importance of sleep.

Customer preferences: In Israel, there is a growing demand for sleep aids due to the high-stress lifestyle and busy work schedules. Many individuals are finding it difficult to get a good night's sleep, leading them to seek out products that can help improve their sleep quality. Additionally, the aging population in Israel has also contributed to the increased demand for sleep aids, as older adults often experience sleep disturbances.

Trends in the market: One of the key trends in the Sleep Aids market in Israel is the shift towards natural and organic sleep aids. Consumers are becoming more conscious of the ingredients used in sleep aids and are opting for products that are free from synthetic chemicals and additives. This trend is in line with the global movement towards natural and holistic wellness products.Another trend in the market is the increasing availability of sleep aids in different formats. While traditional sleep aids in the form of pills and capsules continue to dominate the market, there has been a rise in the popularity of alternative formats such as sleep sprays, teas, and aromatherapy products. This diversification of product offerings allows consumers to choose the format that best suits their preferences and needs.

Local special circumstances: Israel has a strong healthcare system and a high level of medical expertise. This has led to the development of innovative sleep aids that are backed by scientific research and clinical trials. Israeli companies are known for their cutting-edge technologies and are often at the forefront of sleep aid innovation. This has helped to create a favorable environment for the growth of the Sleep Aids market in Israel.

Underlying macroeconomic factors: Israel has a strong economy with a high standard of living. This has contributed to an increase in disposable income, allowing consumers to spend more on sleep aids. Additionally, the government has implemented policies to promote health and wellness, which has further boosted the demand for sleep aids.In conclusion, the Sleep Aids market in Israel is experiencing growth due to changing customer preferences, increasing awareness about sleep health, and favorable macroeconomic factors. The market is witnessing a shift towards natural and organic sleep aids, as well as the availability of sleep aids in different formats. The strong healthcare system and innovative capabilities of Israeli companies have also contributed to the growth of the market.

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.