Sleep Aids (Pharmacies) - Norway | Statista Market Forecast

Revenue in the Sleep Aids market is projected to reach US$5.76m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.09%, resulting in a market volume of US$6.39m 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$1.04 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 Norway is experiencing significant growth, driven by changing customer preferences and several trends in the market.

Customer preferences: In recent years, there has been a growing demand for sleep aids in Norway. This can be attributed to various factors such as increased awareness about the importance of sleep for overall health and well-being, as well as the rising prevalence of sleep disorders. Customers are increasingly seeking out sleep aids to help them improve the quality and duration of their sleep. Additionally, the aging population in Norway is also contributing to the demand for sleep aids, as older individuals tend to experience more sleep disturbances.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Norway is the shift towards natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of traditional sleep medications and are seeking out alternative options. Natural sleep aids, such as herbal supplements and aromatherapy products, are gaining popularity 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 in Norway are expanding their product offerings to cater to the growing demand for sleep aids. They are stocking a wider range of products, including both over-the-counter and prescription sleep medications, as well as natural sleep aids. This increased availability and accessibility of sleep aids in pharmacies is making it easier for customers to find and purchase the products they need.

Local special circumstances: Norway has a high standard of living and a well-developed healthcare system, which contributes to the growth of the Sleep Aids (Pharmacies) market. The country has a strong emphasis on promoting health and well-being, and sleep is considered an important aspect of overall health. This cultural focus on health and wellness creates a favorable environment for the growth of the sleep aids market.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Norway is also influenced by underlying macroeconomic factors. The country has a stable economy with high disposable incomes, allowing customers to afford sleep aids. Additionally, the aging population in Norway is expected to continue growing, which will further drive the demand for sleep aids. The government's focus on healthcare and social welfare also contributes to the growth of the market, as it ensures that individuals have access to affordable healthcare services and products. In conclusion, the Sleep Aids (Pharmacies) market in Norway is experiencing growth due to changing customer preferences, such as the demand for natural sleep aids, as well as the increasing availability of sleep aids in pharmacies. The country's high standard of living, emphasis on health and wellness, and underlying macroeconomic factors also contribute 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.

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.