Sleep Aids (Pharmacies) - Fiji | Statista Market Forecast

Revenue in the Sleep Aids market is projected to reach US$40.84k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.34%, resulting in a market volume of US$43.64k 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$0.04 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 Fiji is experiencing significant growth and development in recent years.

Customer preferences: Customers in Fiji are increasingly turning to sleep aids to address their sleep-related issues. This can be attributed to several factors, including the growing awareness about the importance of sleep for overall health and well-being. Additionally, the stressful and fast-paced lifestyles that many Fijians lead have also contributed to the increased demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Fiji is the rising popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of traditional sleep aids and are seeking safer alternatives. As a result, there has been a surge in the demand for natural sleep aids that are derived from plants and herbs. Another trend in the market is the increasing availability and accessibility of sleep aids. Pharmacies in Fiji are expanding their product offerings to include a wider range of sleep aids, catering to the diverse needs and preferences of customers. This has made it easier for customers to find and purchase sleep aids, thereby driving market growth.

Local special circumstances: Fiji is a popular tourist destination, attracting visitors from all over the world. Many tourists suffer from jet lag and sleep disturbances due to the time zone differences. This presents a unique opportunity for the Sleep Aids (Pharmacies) market in Fiji, as both local residents and tourists are in need of sleep aids to address their sleep-related issues.

Underlying macroeconomic factors: Fiji has been experiencing steady economic growth in recent years, which has led to an increase in disposable income levels. As a result, customers have more purchasing power and are willing to spend on sleep aids to improve their sleep quality. Additionally, the growing middle class in Fiji has also contributed to the growth of the Sleep Aids (Pharmacies) market, as this demographic segment is more likely to prioritize their health and well-being. In conclusion, the Sleep Aids (Pharmacies) market in Fiji is witnessing significant growth and development due to customer preferences for natural sleep aids, the increasing availability and accessibility of sleep aids, the unique circumstances of Fiji as a tourist destination, and the underlying macroeconomic factors such as economic growth and increasing disposable income levels.

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.