Sleep Aids (Pharmacies) - Estonia

Revenue in the Sleep Aids market is projected to reach US$218.40k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.36%, resulting in a market volume of US$257.50k 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$0.17 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 Estonia has been experiencing steady growth in recent years.

Customer preferences: Customers in Estonia have shown an increasing interest in sleep aids available in pharmacies. This can be attributed to the growing awareness of the importance of quality sleep for overall health and well-being. Additionally, the hectic and stressful lifestyles of many Estonians have led to a higher demand for sleep aids to help them relax and achieve a good night's sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Estonia is the rising popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of synthetic sleep aids and are seeking out natural alternatives. This trend is in line with the global shift towards natural and organic products across various industries. Pharmacies in Estonia have responded to this trend by increasing their range of natural sleep aids and promoting their benefits to customers. Another trend in the market is the growing availability of sleep aids in different forms. While traditional sleep aids such as pills and capsules continue to be popular, there is a rising demand for alternative formats such as teas, sprays, and patches. These alternative forms offer convenience and ease of use, appealing to customers who may have reservations about taking traditional sleep aids. Pharmacies are expanding their product offerings to cater to this demand and provide customers with a wider range of options.

Local special circumstances: Estonia has a relatively high prevalence of sleep disorders compared to other countries. This can be attributed to various factors such as high stress levels, long working hours, and lifestyle habits. As a result, there is a greater need for sleep aids among the population. Pharmacies in Estonia have recognized this demand and have tailored their offerings to meet the specific needs of customers in the country. They have also invested in educating their staff about sleep disorders and the available treatment options to better serve their customers.

Underlying macroeconomic factors: The growing Sleep Aids (Pharmacies) market in Estonia can also be attributed to the country's favorable economic conditions. Estonia has experienced steady economic growth in recent years, leading to increased disposable income among its population. This has allowed more individuals to afford sleep aids and invest in their overall well-being. Additionally, the country's strong healthcare system and emphasis on preventive care have contributed to the growth of the market. The government's focus on promoting a healthy lifestyle and providing access to healthcare services has created a supportive environment for the Sleep Aids (Pharmacies) market to thrive. In conclusion, the Sleep Aids (Pharmacies) market in Estonia is experiencing growth due to customer preferences for natural sleep aids, the availability of sleep aids in different forms, the high prevalence of sleep disorders in the country, and the favorable macroeconomic conditions. Pharmacies in Estonia are adapting to these trends and special circumstances to meet the needs of their customers and contribute to the overall growth of the market.

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.