Sleep Aids - North America

North America

Highlights

In 2024, the revenue in the Sleep Aids market market in North America amounts to US$2.23bn.
It is projected that the market will experience an annual growth rate of 3.58% from 2024 to 2029 (CAGR 2024-2029).
When compared to other regions globally, the United States generates the highest revenue in the Sleep Aids market market, amounting to US$2.10bn in 2024.
Taking into consideration the total population figures, the per person revenue in North America is estimated to be US$4.38 in 2024.
The North American market for sleep aids in the OTC Pharmaceuticals sector is currently experiencing a surge in demand due to the high-stress lifestyle prevalent in the region.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids market in North America has been experiencing significant growth in recent years. Customer preferences for natural and non-habit forming sleep aids have been a driving force behind this trend. Additionally, the increasing prevalence of sleep disorders and the growing awareness of the importance of sleep for overall health and well-being have also contributed to the growth of the market.

Customer preferences: Customers in North America are increasingly seeking natural and non-habit forming sleep aids. This is reflected in the growing demand for products that contain herbal ingredients such as valerian root, chamomile, and melatonin. These natural ingredients are perceived to be safer and have fewer side effects compared to prescription sleep aids. Customers are also looking for sleep aids that do not cause drowsiness or dependency the next day, allowing them to wake up feeling refreshed and energized.

Trends in the market: One of the key trends in the Sleep Aids market in North America is the rise of online sales channels. Customers are increasingly turning to online platforms to purchase sleep aids due to the convenience and accessibility they offer. Online retailers provide a wide range of products and often offer competitive prices, making it easier for customers to find the sleep aids that best meet their needs. This trend has been further accelerated by the COVID-19 pandemic, as more customers are opting for online shopping to avoid physical stores.Another trend in the market is the increasing availability of personalized sleep aids. Companies are leveraging technology and data analytics to develop sleep aids that are tailored to individual needs. This includes products that track sleep patterns, provide personalized recommendations, and even offer guided meditation or relaxation exercises. Personalized sleep aids not only provide a more targeted approach to improving sleep quality but also enhance the overall customer experience.

Local special circumstances: North America has a high prevalence of sleep disorders, such as insomnia and sleep apnea. This has created a significant market opportunity for sleep aids. The fast-paced and stressful lifestyle in many North American countries can contribute to sleep disturbances, leading individuals to seek sleep aids to help them relax and fall asleep more easily. Additionally, the aging population in North America is also driving the demand for sleep aids, as older adults are more likely to experience sleep problems.

Underlying macroeconomic factors: The Sleep Aids market in North America is influenced by various macroeconomic factors. The overall economic growth and disposable income levels in the region play a significant role in driving consumer spending on sleep aids. As the economy improves and individuals have more discretionary income, they are more likely to invest in products that improve their sleep quality.Furthermore, the increasing focus on health and wellness in North America has also contributed to the growth of the Sleep Aids market. Individuals are becoming more aware of the impact of sleep on their overall health and are willing to invest in sleep aids to improve their well-being. This trend is expected to continue as the importance of sleep continues to be emphasized in the media and by healthcare professionals.In conclusion, the Sleep Aids market in North America is experiencing growth due to customer preferences for natural and non-habit forming sleep aids, the increasing prevalence of sleep disorders, and the growing awareness of the importance of sleep. The rise of online sales channels and the availability of personalized sleep aids are also contributing to the market's development. The high prevalence of sleep disorders and the focus on health and wellness in the region, coupled with the overall economic growth, are underlying macroeconomic factors 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.