Sleep Aids (Pharmacies) - NAFTA

NAFTA

Highlights

Revenue in the Sleep Aids market is projected to reach US$1.56bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.20%, resulting in a market volume of US$1.74bn 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$3.06 are generated in 2024.

Key regions:

Market definitionIn-Scope/Out-of-scopeMarket structureReportsMethodology

The Sleep Aids (Pharmacies) market in NAFTA is experiencing significant growth due to changing customer preferences, emerging trends, and local special circumstances. In recent years, there has been a growing demand for sleep aids in the region, driven by factors such as increased stress levels, changing lifestyles, and a greater awareness of the importance of sleep for overall health and well-being.

Customer preferences: Customers in NAFTA countries are increasingly seeking sleep aids to address their sleep-related issues. Factors such as work-related stress, long working hours, and a constant exposure to digital devices have led to an increase in sleep disorders and insomnia. As a result, customers are turning to sleep aids to help them achieve a better quality of sleep and improve their overall well-being.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in NAFTA is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of traditional sleep medications and are seeking alternative options. Natural sleep aids, such as herbal supplements and aromatherapy products, are gaining traction as they are perceived to be safer and have fewer side effects. Another trend in the market is the increasing availability of sleep aids in pharmacies. Pharmacies are expanding their product offerings to cater to the growing demand for sleep aids. This includes a wider range of over-the-counter sleep medications, as well as natural and herbal sleep aids. Pharmacies are also providing additional services such as sleep consultations and recommendations to help customers find the most suitable sleep aids for their needs.

Local special circumstances: The Sleep Aids (Pharmacies) market in NAFTA is also influenced by local special circumstances. For example, the aging population in the region is contributing to the growth of the market. As people age, they are more likely to experience sleep-related issues and seek sleep aids to improve their sleep quality. This demographic shift is driving the demand for sleep aids in the region. In addition, the increasing prevalence of chronic diseases such as obesity, diabetes, and cardiovascular diseases is also contributing to the growth of the Sleep Aids (Pharmacies) market. These conditions are often associated with sleep disorders, and patients with these conditions may require sleep aids to manage their symptoms and improve their overall health.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in NAFTA is also influenced by underlying macroeconomic factors. Economic growth, rising disposable incomes, and increasing healthcare expenditure are contributing to the growth of the market. As people have more disposable income, they are more likely to spend on sleep aids to improve their sleep quality and overall well-being. Furthermore, the increasing prevalence of sleep disorders and the growing awareness of the importance of sleep are also driving the demand for sleep aids. As people become more educated about the negative effects of sleep deprivation, they are more willing to invest in sleep aids to address their sleep-related issues. In conclusion, the Sleep Aids (Pharmacies) market in NAFTA is experiencing significant growth due to changing customer preferences, emerging trends, local special circumstances, and underlying macroeconomic factors. The increasing demand for sleep aids, the popularity of natural and herbal sleep aids, the expanding availability of sleep aids in pharmacies, the aging population, the prevalence of chronic diseases, economic growth, rising disposable incomes, and increasing healthcare expenditure are all contributing to the growth of the market.

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.