Market Insights Health OTC Pharmaceuticals

Sleep Aids - Thailand

Thailand

In 2024, the revenue in the Sleep Aids market market in Thailand amounted to US$22.99m.
It is projected that the market will experience an annual growth rate of 5.50% (Compound Annual Growth Rate) from 2024 to 2029.
When compared to other countries worldwide, the in the United States generates the highest revenue in the Sleep Aids market market, amounting to US$2,103.00m in 2024.
In terms of per capita revenue, in Thailand generates US$0.32 per person in 2024.
Thailand's growing demand for sleep aids in the OTC Pharmaceuticals market is driven by the country's fast-paced and stressful lifestyle.

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

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Analyst Opinion

The Sleep Aids market in Thailand has been experiencing steady growth in recent years.

Customer preferences: Thailand has a growing urban population that is increasingly facing sleep-related issues due to hectic lifestyles and high stress levels. As a result, there is a rising demand for sleep aids in the country. Customers are looking for products that can help them relax, reduce anxiety, and improve the quality of their sleep. They are also becoming more conscious about the ingredients used in sleep aids and are opting for natural and herbal products.

Trends in the market: One of the key trends in the Sleep Aids market in Thailand is the growing popularity of herbal and natural sleep aids. Customers are becoming more aware of the potential side effects of synthetic sleep aids and are seeking safer alternatives. This has led to a surge in demand for sleep aids that contain natural ingredients such as chamomile, lavender, and valerian root.Another trend in the market is the increasing availability of sleep aids in different forms. While traditional sleep aids such as pills and capsules remain popular, there is a growing demand for sleep aids in the form of teas, sprays, and even wearable devices. Customers are looking for convenient and easy-to-use products that can help them relax and fall asleep quickly.

Local special circumstances: Thailand is known for its traditional medicine practices, and this has influenced the Sleep Aids market in the country. Thai customers have a preference for herbal remedies and are more inclined towards traditional sleep aids that have been used for centuries. This has created a niche market for Thai herbal sleep aids, which are gaining popularity not only among local customers but also among tourists.

Underlying macroeconomic factors: Thailand's growing middle class and increasing disposable income are contributing to the growth of the Sleep Aids market. As people become more affluent, they are willing to spend more on products that can improve their quality of life, including sleep aids. Additionally, the tourism industry in Thailand is booming, and this has led to an influx of tourists who are also potential customers for sleep aids.In conclusion, the Sleep Aids market in Thailand is experiencing growth due to the increasing demand for products that can help customers relax and improve the quality of their sleep. The preference for herbal and natural sleep aids, the availability of sleep aids in different forms, the influence of traditional medicine practices, and the country's growing middle class and tourism industry are all contributing factors to this growth.

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.