Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Latvia

Latvia

Revenue in the Sleep Aids market is projected to reach US$246.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.52%, resulting in a market volume of US$265.40k 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$0.14 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 Latvia has been experiencing significant growth in recent years.

Customer preferences: Latvian consumers have shown a growing interest in sleep aids, seeking solutions to improve the quality of their sleep. This can be attributed to several factors, including the increasing awareness of the importance of sleep for overall health and well-being. Additionally, the hectic and stressful lifestyles of many Latvians have led to higher levels of sleep disorders and insomnia, driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Latvia is the rising popularity of natural and herbal sleep aids. Consumers are increasingly opting for products that are perceived to be safer and have fewer side effects compared to traditional pharmaceutical sleep aids. This trend is in line with the global shift towards natural and holistic approaches to health and wellness. Another trend in the market is the growing availability of sleep aids in pharmacies. Pharmacies are expanding their product offerings to cater to the increasing demand for sleep aids, making them more accessible to consumers. This trend is driven by the convenience factor, as consumers prefer to purchase sleep aids from trusted and reputable sources like pharmacies.

Local special circumstances: One of the unique aspects of the Sleep Aids (Pharmacies) market in Latvia is the strong influence of traditional medicine. Latvian consumers have a long-standing tradition of using herbal remedies for various health issues, including sleep disorders. This cultural preference for natural remedies has contributed to the popularity of herbal sleep aids in the market.

Underlying macroeconomic factors: The growing Sleep Aids (Pharmacies) market in Latvia can be attributed to several macroeconomic factors. Firstly, the improving economic conditions in the country have led to higher disposable incomes, allowing consumers to spend more on healthcare products, including sleep aids. Additionally, the aging population in Latvia has resulted in a higher prevalence of sleep disorders, driving the demand for sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Latvia is experiencing growth due to the increasing awareness of the importance of sleep, the rising popularity of natural sleep aids, the growing availability of sleep aids in pharmacies, the cultural preference for traditional medicine, and the underlying macroeconomic factors such as improving economic conditions and an aging population.

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.