Sleep Aids - NAFTA

NAFTA

Highlights

In 2024, the revenue in the Sleep Aids market market for NAFTA countries amounted to US$2.23bn.
It is anticipated that the market will experience an annual growth rate of 3.58% (CAGR 2024-2029).
Amongst all countries, the United States generates the highest revenue, with US$2.10bn in 2024.
When considering the total population, the per person revenue is estimated to be US$4.38 in 2024.
The demand for sleep aids in the NAFTA region is increasing due to rising stress levels and a growing awareness of the importance of quality sleep.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids market in NAFTA is experiencing steady growth due to increasing customer preferences for natural and non-addictive sleep aids.

Customer preferences: Customers in the NAFTA region are increasingly seeking natural alternatives to traditional sleep aids. They are becoming more conscious of the potential side effects and addictive nature of pharmaceutical sleep aids, leading them to explore alternative options. As a result, there is a growing demand for natural sleep aids made from herbal ingredients such as chamomile, lavender, and valerian root. Customers are also looking for non-habit forming solutions that can help them fall asleep faster and wake up feeling refreshed.

Trends in the market: One major trend in the Sleep Aids market in NAFTA is the rise of CBD-infused sleep aids. CBD, or cannabidiol, is a non-psychoactive compound derived from hemp or cannabis plants. It is known for its calming and relaxing effects, making it a popular ingredient in sleep aids. The legalization of cannabis in certain parts of the NAFTA region has contributed to the growth of CBD-infused sleep aids, as customers are more open to trying products that contain CBD.Another trend in the market is the increasing availability of sleep aids in different formats. Traditionally, sleep aids were available in pill or capsule form. However, companies are now introducing sleep aids in the form of gummies, teas, and sprays, catering to customers who prefer alternative delivery methods. This diversification of product formats allows customers to choose the option that best suits their preferences and lifestyle.

Local special circumstances: In the United States, the Sleep Aids market is heavily regulated by the Food and Drug Administration (FDA). This regulatory environment has created a barrier to entry for new companies trying to enter the market. However, it also provides a level of assurance for customers, as they can trust that the products they purchase have been approved by a governing body.In Canada, the Sleep Aids market is influenced by the country's healthcare system. Prescription sleep aids are covered by the national healthcare system, making them more accessible to customers. However, there is also a growing market for over-the-counter sleep aids, as customers seek non-prescription alternatives.

Underlying macroeconomic factors: The growing Sleep Aids market in NAFTA can be attributed to several underlying macroeconomic factors. Firstly, the increasing prevalence of sleep disorders and insomnia is driving the demand for sleep aids. Factors such as stress, anxiety, and lifestyle changes contribute to sleep disturbances, creating a need for effective sleep aids.Additionally, the aging population in the NAFTA region is also contributing to the growth of the Sleep Aids market. As individuals age, they may experience changes in sleep patterns and have difficulty falling or staying asleep. This demographic shift is fueling the demand for sleep aids tailored to the needs of older adults.In conclusion, the Sleep Aids market in NAFTA is experiencing growth due to customer preferences for natural and non-addictive sleep aids. The rise of CBD-infused sleep aids and the availability of sleep aids in different formats are key trends in the market. Local special circumstances, such as regulations and healthcare systems, influence the market in each country. Underlying macroeconomic factors, such as the prevalence of sleep disorders and the aging population, are driving the growth of the market.

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.