Key regions: United States, Germany, Australia, India, United Kingdom
The Sleep Aids (Pharmacies) market in North America is experiencing significant growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.
Customer preferences: Customers in North America are increasingly seeking sleep aids to address their sleep-related issues. Factors such as high stress levels, busy lifestyles, and the prevalence of technology have contributed to an increase in sleep disorders and insomnia. As a result, consumers are turning to sleep aids available in pharmacies to help them achieve better sleep quality and improve their overall well-being.
Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in North America is the growing demand for natural and herbal sleep aids. Customers are becoming more conscious about the ingredients used in sleep aids and are opting for products that are perceived to be safer and have fewer side effects. This trend is driving the development and availability of natural sleep aids in pharmacies across North America. Another trend in the market is the increasing popularity of over-the-counter (OTC) sleep aids. Customers are looking for convenient and accessible solutions to their sleep problems, and OTC sleep aids provide a viable option. The availability of OTC sleep aids in pharmacies allows customers to easily purchase these products without the need for a prescription, contributing to the growth of the market.
Local special circumstances: The Sleep Aids (Pharmacies) market in North America is also influenced by local special circumstances. For example, the aging population in North America is more prone to sleep disorders and insomnia. This demographic trend has created a larger customer base for sleep aids, as older adults seek solutions to improve their sleep quality and address age-related sleep issues. Furthermore, the high prevalence of sleep disorders in North America, such as insomnia and sleep apnea, has led to increased awareness and diagnosis of these conditions. Healthcare professionals are prescribing sleep aids to patients, and pharmacies play a crucial role in providing these medications to customers.
Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in North America is also influenced by underlying macroeconomic factors. The healthcare spending in North America is relatively high, allowing customers to afford sleep aids and other healthcare products. Additionally, the presence of a well-established pharmacy network in North America ensures easy accessibility to sleep aids, further driving the market growth. In conclusion, the Sleep Aids (Pharmacies) market in North America is witnessing growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for natural and OTC sleep aids, the aging population, the high prevalence of sleep disorders, and the accessibility of healthcare products in pharmacies are contributing to 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.
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