Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Armenia

Armenia

Revenue in the Sleep Aids market is projected to reach US$198.70k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.12%, resulting in a market volume of US$210.10k by 2029.
In global comparison, most revenue will be generated in the United States (US$1,473.00m in 2024).
In relation to total population figures, per person revenues of US$0.07 are generated in 2024.

Key regions: United States, Germany, Australia, India, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in Armenia is experiencing steady growth due to changing customer preferences and the local special circumstances in the country. Customer preferences in the Sleep Aids (Pharmacies) market in Armenia have shifted towards natural and herbal sleep aids. Consumers are becoming more health-conscious and are seeking products that are perceived as safer and have fewer side effects. This preference for natural sleep aids is a global trend, driven by growing concerns about the potential risks and dependency associated with traditional pharmaceutical sleep aids. As a result, the market in Armenia has seen an increase in demand for natural sleep aids that contain ingredients like valerian root, chamomile, and melatonin. In addition to changing customer preferences, the Sleep Aids (Pharmacies) market in Armenia is also influenced by local special circumstances. Armenia has a high prevalence of sleep disorders, with a significant portion of the population experiencing difficulties falling asleep or staying asleep. This has created a strong demand for sleep aids in the country. Furthermore, the stressful lifestyle and long working hours in Armenia contribute to the sleep problems faced by many individuals. As a result, the Sleep Aids (Pharmacies) market in Armenia is expected to continue growing as more people seek solutions to improve their sleep quality. The underlying macroeconomic factors in Armenia also contribute to the growth of the Sleep Aids (Pharmacies) market. The country has experienced stable economic growth in recent years, leading to an increase in disposable income and healthcare expenditure. As people have more disposable income, they are more likely to invest in products that improve their overall well-being, including sleep aids. Furthermore, the government of Armenia has been actively promoting healthcare and wellness, resulting in increased awareness about sleep disorders and the availability of sleep aids in pharmacies. In conclusion, the Sleep Aids (Pharmacies) market in Armenia is developing due to changing customer preferences towards natural sleep aids, local special circumstances such as a high prevalence of sleep disorders, and underlying macroeconomic factors including stable economic growth and increased healthcare expenditure. As a result, the market is expected to continue growing in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on offline and online spending by consumers, including VAT. Not included are B2B and B2G sales, or other pharmaceutical sales through hospitals or retail stores such as supermarkets.

Modeling approach:

Market sizes are determined through a bottom-up approach, building on specific predefined factors for each market market. As a basis for evaluating markets, we use industry associations, third-party studies and reports and survey results from our primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as healthcare expenditure per country, consumer healthcare spending, GDP and internet penetration. 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 relevant market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods. For forecasting digital trends such as the online-pharmacy sales share we use exponential trend smoothing and the s-curve method. The main drivers are healthcare expenditure per country and consumer healthcare spending.

Additional notes:

The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russia-Ukraine war are considered at a country-specific level. The market is updated twice a year. GCS data is reweighted for representativeness.