Key regions: United States, Germany, Australia, India, United Kingdom
The Sleep Aids (Pharmacies) market in Ireland has been experiencing steady growth in recent years.
Customer preferences: Irish consumers have shown a growing interest in sleep aids as they become more aware of the importance of a good night's sleep for overall health and well-being. With the increasing prevalence of sleep disorders such as insomnia, many individuals are seeking out over-the-counter sleep aids to help them get a better night's sleep. Additionally, the aging population in Ireland has contributed to the demand for sleep aids, as older adults often experience sleep disturbances and are more likely to seek out remedies to improve their sleep quality.
Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Ireland is the shift towards natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of traditional sleep aids and are opting for more natural alternatives. This trend is in line with the broader global movement towards natural and holistic health remedies. As a result, pharmacies in Ireland are stocking a wider range of natural sleep aids, including products containing herbal ingredients such as valerian root and chamomile. Another trend in the market is the increasing availability of sleep aids in different forms. While traditional sleep aids have typically been in pill or capsule form, there is now a growing variety of options available, including chewable tablets, gummies, and even beverages. This diversification of product formats allows consumers to choose the option that best suits their preferences and needs.
Local special circumstances: One of the unique factors influencing the Sleep Aids (Pharmacies) market in Ireland is the country's high rate of alcohol consumption. Many individuals in Ireland have a cultural habit of consuming alcohol before bed, which can have a negative impact on sleep quality. As a result, there is a specific demand for sleep aids that can help individuals relax and fall asleep without relying on alcohol. This has led to the development of sleep aids that are specifically marketed towards individuals looking to reduce their alcohol consumption and improve their sleep.
Underlying macroeconomic factors: The growing demand for sleep aids in Ireland can be attributed to several underlying macroeconomic factors. Firstly, the increasing prevalence of sleep disorders and sleep disturbances is likely linked to the high levels of stress and anxiety in modern society. As individuals face mounting pressures in their personal and professional lives, many struggle to unwind and achieve restful sleep. Additionally, the aging population in Ireland contributes to the demand for sleep aids, as sleep disturbances become more common with age. Furthermore, the rising disposable income levels in Ireland have allowed consumers to allocate a larger portion of their budget towards health and wellness products. Sleep aids are seen as an investment in one's overall well-being, and consumers are willing to spend more on products that can help them achieve a better night's sleep. In conclusion, the Sleep Aids (Pharmacies) market in Ireland is developing due to increasing customer preferences for natural and herbal sleep aids, the availability of sleep aids in different formats, local special circumstances related to alcohol consumption, and underlying macroeconomic factors such as the prevalence of sleep disorders and rising 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.
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