Sleep Aids (Pharmacies) - Gambia | Statista Market Forecast

Revenue in the Sleep Aids market is projected to reach US$0.00 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of NaN%, resulting in a market volume of US$0.00 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$0.00 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 Gambia has been experiencing significant growth in recent years.

Customer preferences: Customers in Gambia have shown a growing interest in sleep aids, seeking products that can help them improve the quality of their sleep. This trend can be attributed to several factors, including increased awareness about the importance of sleep for overall health and well-being. Additionally, the rise in stress levels and busy lifestyles has led to an increase in sleep disorders, prompting individuals to seek solutions to aid their sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Gambia is the growing demand for natural and herbal sleep aids. Customers are increasingly opting for products that are perceived to be safer and have fewer side effects. This trend is in line with the global shift towards natural and organic products in the health and wellness industry. As a result, pharmacies in Gambia have been expanding their range of natural sleep aids to cater to this demand. Another trend in the market is the availability of a wide range of sleep aids in different forms. Customers have the option to choose from traditional tablets and capsules to more innovative forms such as gummies, sprays, and teas. This diversification of product offerings has allowed customers to find a sleep aid that suits their preferences and lifestyle.

Local special circumstances: Gambia, being a small country in West Africa, has a relatively small population compared to other countries. This has created a niche market for sleep aids, with a limited number of pharmacies catering to the demand. As a result, pharmacies in Gambia have been able to establish a strong presence in the market and develop a loyal customer base.

Underlying macroeconomic factors: The growth of the Sleep Aids (Pharmacies) market in Gambia can also be attributed to the overall economic development of the country. Gambia has experienced steady economic growth in recent years, leading to an increase in disposable income. As a result, individuals have more purchasing power to spend on products that improve their quality of life, including sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Gambia is developing due to customer preferences for natural and herbal sleep aids, the availability of a wide range of products, the local market dynamics, and the underlying macroeconomic factors. As the awareness about the importance of sleep continues to grow and the demand for sleep aids increases, the market is expected to further expand in the coming years.

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.