Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Austria

Austria

Revenue in the Sleep Aids market is projected to reach US$37.91m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.50%, resulting in a market volume of US$40.84m 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$4.22 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 Austria has been experiencing steady growth in recent years.

Customer preferences: Austrian consumers have shown a growing interest in sleep aids, with an increasing number of people seeking solutions for their sleep problems. This can be attributed to several factors such as the rise in stress levels, busy lifestyles, and the aging population. Sleep aids provide a convenient and accessible solution for individuals looking to improve their sleep quality.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Austria is the growing demand for natural and herbal sleep aids. Consumers are increasingly opting for products that are perceived to be more natural and have fewer side effects. This trend is in line with the global shift towards natural and holistic health solutions. As a result, there has been a rise in the availability and variety of natural sleep aids in pharmacies across Austria. Another trend in the market is the increasing popularity of over-the-counter sleep aids. These products offer convenience to consumers as they can be purchased without a prescription. The ease of access and affordability of over-the-counter sleep aids have contributed to their growing demand in Austria. Pharmacies have responded to this trend by expanding their range of over-the-counter sleep aids to cater to the needs of their customers.

Local special circumstances: Austria has a well-developed healthcare system, which includes a strong network of pharmacies. This provides a favorable environment for the Sleep Aids (Pharmacies) market to thrive. Pharmacies in Austria are easily accessible to consumers, and they play a crucial role in providing healthcare advice and products. The presence of knowledgeable pharmacists who can guide consumers in selecting the right sleep aids has contributed to the growth of the market.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Austria is also influenced by macroeconomic factors. The country has a stable economy with a high standard of living. This allows consumers to prioritize their health and well-being, including investing in sleep aids. Additionally, the aging population in Austria has contributed to the growth of the market. As people age, they are more likely to experience sleep problems and seek solutions to improve their sleep quality. In conclusion, the Sleep Aids (Pharmacies) market in Austria is developing due to the increasing customer preferences for sleep aids, the trends towards natural and over-the-counter products, the local special circumstances of a well-developed healthcare system, and the underlying macroeconomic factors of a stable economy and aging population.

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.