Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Iraq

Iraq

Revenue in the Sleep Aids market is projected to reach US$1.82m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.78%, resulting in a market volume of US$1.75m by 2029.
In global comparison, most revenue will be generated in the United States (US$1,473.00m in 2024).
In relation to total population figures, per person revenues of US$0.04 are generated in 2024.

Key regions: United States, Germany, Australia, India, United Kingdom

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Analyst Opinion

The Sleep Aids (Pharmacies) market in Iraq is experiencing significant growth due to changing customer preferences and trends in the market.

Customer preferences: Customers in Iraq are increasingly seeking sleep aids to help them combat sleep disorders and improve their overall sleep quality. This can be attributed to several factors, including the increasing prevalence of sleep disorders such as insomnia and sleep apnea, as well as the growing awareness of the importance of good sleep for overall health and well-being. As a result, there is a rising demand for sleep aids in the market.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Iraq is the growing 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. This has led to an increased demand for natural sleep aids that are derived from plant-based ingredients. Another trend in the market is the availability of a wide range of sleep aids in pharmacies. Customers now have access to a variety of sleep aids, including over-the-counter medications, herbal supplements, and sleep aids prescribed by healthcare professionals. This has resulted in increased competition among sleep aid manufacturers, leading to innovation and the introduction of new products in the market.

Local special circumstances: Iraq has a relatively young population, with a large percentage of the population under the age of 30. This demographic factor plays a significant role in the growth of the Sleep Aids (Pharmacies) market in Iraq. Younger individuals are more likely to experience sleep disorders due to factors such as stress, lifestyle changes, and the use of electronic devices before bedtime. This has created a larger customer base for sleep aids in the market.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Iraq is also influenced by underlying macroeconomic factors. The improving economic conditions in the country have resulted in increased disposable income, allowing individuals to spend more on healthcare products, including sleep aids. Additionally, the expanding healthcare infrastructure and the availability of pharmacies in urban areas have made sleep aids more accessible to customers. In conclusion, the Sleep Aids (Pharmacies) market in Iraq is experiencing growth due to changing customer preferences, including the demand for natural sleep aids, and the availability of a wide range of products in pharmacies. The young population and improving economic conditions in the country also contribute to the growth of the market.

Methodology

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.