Sleep Aids (Pharmacies) - Chile | Statista Market Forecast

Revenue in the Sleep Aids market is projected to reach US$3.60m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.86%, resulting in a market volume of US$3.94m by 2029.
In global comparison, most revenue will be generated United States (US$1.47bn in 2024).
In relation to total population figures, per person revenues of US$0.18 are generated in 2024.

Definition:
The Sleep Aids market encompasses a diverse array of over-the-counter (OTC) medications and supplements designed to aid individuals in managing sleep-related disorders, including insomnia, sporadic sleep disruptions, and jetlag resulting from adjusting to different time zones. This market includes products containing ingredients such as Doxylamine Succinate, Diphenhydramine, Melatonin, and herbal remedies. Notable sleep aid products include Natrol Melatonin, Vitafusion, Alteril, Unisom SleepTabs, and Kalms. This market exclusively covers product sales through pharmacies.

Additional information:
The Sleep Aids market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Single Active Ingredient Formulations
Combination Active Ingredient Formulations
Herbal Remedies
Melatonin Products

Prescription Sleep Medications
Products for Chronic Insomnia which are not designed to address only occasional sleep challenges

The Sleep Aids (Pharmacies) market in Chile has been experiencing significant growth in recent years. Customer preferences, trends in the market, local special circumstances, and underlying macroeconomic factors have all contributed to this development. Customer preferences in the Sleep Aids (Pharmacies) market in Chile have been shifting towards natural and non-prescription sleep aids. Consumers are increasingly seeking out products that are made from natural ingredients and have minimal side effects. This preference for natural sleep aids is in line with global trends, as consumers become more health-conscious and seek out products that are perceived to be safer and more sustainable. Trends in the market also play a role in the development of the Sleep Aids (Pharmacies) market in Chile. One notable trend is the increasing availability and accessibility of sleep aids in pharmacies. Pharmacies are expanding their product offerings to cater to the growing demand for sleep aids, making it easier for consumers to purchase these products. This trend is driven by the recognition of sleep disorders as a common health issue and the need for effective solutions. Another trend in the market is the rise of online sales channels for sleep aids. With the increasing popularity of e-commerce, consumers are now able to purchase sleep aids from the comfort of their own homes. This convenience factor has contributed to the growth of the Sleep Aids (Pharmacies) market in Chile, as consumers are more likely to purchase these products when they are readily available and easily accessible. Local special circumstances in Chile have also influenced the development of the Sleep Aids (Pharmacies) market. Chile has a high prevalence of sleep disorders, with a significant portion of the population reporting difficulties in falling asleep or staying asleep. This high demand for sleep aids has created a favorable market environment for suppliers and retailers. Underlying macroeconomic factors have also played a role in the growth of the Sleep Aids (Pharmacies) market in Chile. The country has experienced steady economic growth in recent years, resulting in an increase in disposable income. As consumers have more purchasing power, they are more likely to invest in products that improve their quality of life, such as sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Chile is developing due to customer preferences for natural and non-prescription sleep aids, trends in the market such as the increasing availability of sleep aids in pharmacies and the rise of online sales channels, local special circumstances such as the high prevalence of sleep disorders, and underlying macroeconomic factors such as steady economic growth and increased disposable income.

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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.