Sleep Aids (Pharmacies) - Ghana | 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 Ghana is experiencing steady growth due to increasing customer preferences for sleep aids, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences in Ghana are shifting towards sleep aids as people become more aware of the importance of a good night's sleep for overall health and well-being. With the increasing stress levels and busy lifestyles, many Ghanaians are finding it difficult to fall asleep or stay asleep throughout the night. As a result, there is a growing demand for sleep aids that can help promote better sleep quality and improve sleep duration. Customers are looking for products that are safe, effective, and easily accessible, which has led to an increase in sales of sleep aids in pharmacies. Trends in the market are also contributing to the growth of the Sleep Aids (Pharmacies) market in Ghana. One of the key trends is the introduction of new and innovative sleep aid products. Pharmaceutical companies are constantly developing and launching new sleep aid products that cater to the specific needs of customers. These products often incorporate natural ingredients and are marketed as being non-habit forming, which appeals to customers who are looking for alternatives to traditional sleep aids. Additionally, there is a growing trend towards online purchasing of sleep aids, with more customers opting to buy their products through e-commerce platforms. This trend has further increased the accessibility and convenience of sleep aids for customers in Ghana. Local special circumstances in Ghana are also contributing to the growth of the Sleep Aids (Pharmacies) market. Ghana has a relatively young population, with a large percentage of the population being under the age of 30. This demographic is more prone to sleep disorders and insomnia due to factors such as high stress levels, irregular sleep schedules, and the use of electronic devices before bed. As a result, there is a higher demand for sleep aids among this demographic, which is driving the growth of the market. Underlying macroeconomic factors are also playing a role in the development of the Sleep Aids (Pharmacies) market in Ghana. The country's economy has been growing steadily in recent years, leading to an increase in disposable income among the population. This has allowed more people to afford sleep aids and prioritize their sleep health. Additionally, the government's focus on healthcare and wellness initiatives has created awareness about the importance of sleep and the availability of sleep aids in pharmacies. In conclusion, the Sleep Aids (Pharmacies) market in Ghana is experiencing growth due to increasing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. As more Ghanaians prioritize their sleep health and seek out effective sleep aid products, the market is expected to continue growing 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.