Sleep Aids (Pharmacies) - Malaysia

Malaysia

Highlights

Revenue in the Sleep Aids market is projected to reach US$6.53m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.56%, resulting in a market volume of US$6.71m 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$0.19 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids (Pharmacies) market in Malaysia has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: Customers in Malaysia are increasingly seeking sleep aids to help them combat sleep disorders and improve the quality of their sleep. This is due to various factors such as high levels of stress and anxiety, busy lifestyles, and the prevalence of technology that disrupts sleep patterns. As a result, there is a growing demand for sleep aids that can help individuals fall asleep faster, stay asleep longer, and wake up feeling refreshed.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Malaysia is the increasing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects associated with traditional sleep aids, such as drowsiness and dependency. As a result, they are turning to natural alternatives that are perceived to be safer and have fewer side effects. This trend is driving the growth of natural sleep aids made from ingredients such as valerian root, chamomile, and melatonin. Another trend in the market is the rise of online sales channels. With the increasing popularity of e-commerce platforms, customers are now able to conveniently purchase sleep aids online and have them delivered to their doorstep. This has expanded the reach of sleep aid products, making them more accessible to a wider customer base. Online sales channels also provide customers with a greater variety of sleep aid options, allowing them to compare prices and read reviews before making a purchase.

Local special circumstances: Malaysia has a growing aging population, which is contributing to the demand for sleep aids. As individuals age, they may experience more sleep disturbances and disorders, such as insomnia and sleep apnea. This has led to an increased need for sleep aids among the elderly population in Malaysia. Additionally, the country's urbanization and fast-paced lifestyle have resulted in higher stress levels, leading to sleep problems among the working population. These local special circumstances have created a favorable market environment for sleep aid products.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Malaysia is also influenced by underlying macroeconomic factors. The country's growing middle class and increasing disposable income have contributed to the rising demand for sleep aids. As people have more money to spend, they are willing to invest in products that can improve their sleep quality and overall well-being. Furthermore, the government's efforts to promote healthcare and wellness have created a supportive environment for the growth of the sleep aids market. In conclusion, the Sleep Aids (Pharmacies) market in Malaysia is developing due to changing customer preferences, including a growing demand for natural sleep aids and the rise of online sales channels. Local special circumstances, such as a growing aging population and high levels of stress, also contribute to the market's growth. Additionally, underlying macroeconomic factors, such as the country's growing middle class and increasing disposable income, play a significant role in driving the demand for sleep aids.

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.