Sleep Aids (Pharmacies) - Nigeria

Revenue in the Sleep Aids market is projected to reach US$0.00 in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of NaN%, resulting in a market volume of US$0.00 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$0.00 are generated in 2024.

Definition:
The Sleep Aids market encompasses a diverse array of over-the-counter (OTC) medications and supplements designed to aid individuals in managing sleep-related disorders, including insomnia, sporadic sleep disruptions, and jetlag resulting from adjusting to different time zones. This market includes products containing ingredients such as Doxylamine Succinate, Diphenhydramine, Melatonin, and herbal remedies. Notable sleep aid products include Natrol Melatonin, Vitafusion, Alteril, Unisom SleepTabs, and Kalms. This market exclusively covers product sales through pharmacies.

Additional information:
The Sleep Aids market comprises revenues, average revenue per capita and average revenue per pharmacy. Revenues include VAT. The market only displays B2C revenues, hence B2B and B2G revenues are not included.
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Single Active Ingredient Formulations
Combination Active Ingredient Formulations
Herbal Remedies
Melatonin Products

Prescription Sleep Medications
Products for Chronic Insomnia which are not designed to address only occasional sleep challenges

The Sleep Aids (Pharmacies) market in Nigeria has been experiencing significant growth in recent years.

Customer preferences: Nigerian consumers have shown a growing interest in sleep aids, as they increasingly prioritize their sleep health. This is driven by several factors, including the rising awareness of the importance of sleep for overall well-being and the increasing prevalence of sleep disorders. As a result, consumers are seeking out sleep aids that can help them improve the quality of their sleep and address any sleep-related issues they may have.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Nigeria is the growing demand for natural and herbal sleep aids. Consumers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are looking for safer alternatives. This has led to an increase in the availability and popularity of natural sleep aids, such as herbal teas, essential oils, and supplements made from natural ingredients. Another trend in the market is the growing popularity of sleep tracking devices and apps. These devices and apps allow users to monitor their sleep patterns and receive personalized recommendations for improving their sleep. With the increasing adoption of smartphones and wearable technology in Nigeria, more consumers are turning to these sleep tracking solutions to gain insights into their sleep habits and make informed decisions about their sleep health.

Local special circumstances: The Sleep Aids (Pharmacies) market in Nigeria is also influenced by local cultural and lifestyle factors. Nigerians have a strong tradition of using natural remedies and herbal medicines, which has contributed to the demand for natural sleep aids. Additionally, the fast-paced and stressful nature of modern life in Nigeria has led to an increase in sleep disorders and insomnia, driving the need for sleep aids.

Underlying macroeconomic factors: The growth of the Sleep Aids (Pharmacies) market in Nigeria is also supported by favorable macroeconomic factors. Nigeria has a large and growing population, with a significant portion of the population experiencing sleep-related issues. Additionally, the country has been experiencing economic growth, which has increased disposable incomes and the ability to spend on healthcare products, including sleep aids. In conclusion, the Sleep Aids (Pharmacies) market in Nigeria is developing due to changing customer preferences, including a growing interest in natural sleep aids and the adoption of sleep tracking devices. Local cultural and lifestyle factors, such as the use of herbal remedies and the prevalence of sleep disorders, also contribute to the market growth. Furthermore, favorable macroeconomic factors, including a large population and increasing disposable incomes, support the development 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.

This report presents a comprehensive analysis and additional information on the Health market, in a PDF format.

The global online pharmacy sector was estimated at 32 billion U.S. dollars by the end of 2023. In the United States, forecasts indicate that this figure would reach approximately 5.7 billion, solidifying its position as one of the largest online pharmacy markets. However, China dominates the pharma e-commerce industry worldwide, generating nearly 8.5 billion dollars in revenue. With China at the forefront, it is no wonder digital pharmacies make up the fastest-growing segment in the Asian digital health market.