Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Malta

Malta

Revenue in the Sleep Aids market is projected to reach US$131.10k in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.03%, resulting in a market volume of US$131.30k 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$0.24 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 Malta has been experiencing significant growth in recent years. Customer preferences have shifted towards sleep aids as people become more aware of the importance of a good night's sleep. Additionally, there are local special circumstances in Malta that have contributed to the development of the market.

Customer preferences: Customers in Malta are increasingly seeking sleep aids to help them improve their sleep quality. This can be attributed to several factors. Firstly, the hectic and stressful lifestyles of modern society have led to an increase in sleep disorders such as insomnia. As a result, people are turning to sleep aids to help them fall asleep faster and stay asleep throughout the night. Secondly, the aging population in Malta has also contributed to the demand for sleep aids. Older individuals often experience difficulties with sleep, and sleep aids provide them with a solution to their sleep problems.

Trends in the market: One major trend in the Sleep Aids (Pharmacies) market in Malta is the growing popularity of natural sleep aids. Customers are increasingly opting for natural alternatives to traditional sleep aids, such as herbal supplements and aromatherapy products. This trend can be attributed to a growing awareness of the potential side effects of pharmaceutical sleep aids and a desire for more holistic approaches to sleep. Additionally, there is a trend towards personalized sleep aids, with customers seeking products that cater to their specific sleep needs. This includes products that address specific sleep disorders, such as sleep apnea or restless leg syndrome.

Local special circumstances: One of the local special circumstances that has contributed to the development of the Sleep Aids (Pharmacies) market in Malta is the high prevalence of sleep disorders in the population. Malta has a high rate of insomnia, with a significant portion of the population reporting difficulties with sleep. This has created a strong demand for sleep aids in the market. Additionally, the small size of the country and its close-knit community have allowed for the spread of information and awareness about the importance of sleep and the availability of sleep aids.

Underlying macroeconomic factors: The development of the Sleep Aids (Pharmacies) market in Malta can also be attributed to underlying macroeconomic factors. The country's strong economy and high standard of living have allowed consumers to prioritize their health and well-being, including their sleep. Additionally, the increasing availability of sleep aids in pharmacies and online platforms has made it easier for customers to access these products. This, combined with the growing awareness of the importance of sleep, has contributed to the growth of the market. In conclusion, the Sleep Aids (Pharmacies) market in Malta is experiencing significant growth due to customer preferences for sleep aids, including natural and personalized options. Local special circumstances, such as the high prevalence of sleep disorders and the close-knit community, have also contributed to the development of the market. Underlying macroeconomic factors, such as the strong economy and increasing availability of sleep aids, have further fueled 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.