Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Serbia

Serbia

Revenue in the Sleep Aids market is projected to reach US$0.56m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.34%, resulting in a market volume of US$0.66m 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$0.08 are generated in 2024.

Key regions: United States, Germany, Australia, India, United Kingdom

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids (Pharmacies) market in Serbia has been witnessing significant growth in recent years.

Customer preferences: Customers in Serbia have shown a growing interest in sleep aids, seeking solutions to improve their sleep quality. This can be attributed to the increasing awareness about the importance of good sleep for overall health and well-being. Additionally, the stressful and fast-paced lifestyles of individuals in Serbia are leading to higher levels of sleep disorders and insomnia, driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Serbia is the shift towards natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of synthetic sleep aids and are opting for natural alternatives. This trend is in line with the global market, where natural sleep aids are gaining popularity. Manufacturers are responding to this trend by introducing a wide range of natural sleep aids in the market. Another trend in the market is the increasing availability of sleep aids in pharmacies. Pharmacies are considered a trusted source for healthcare products in Serbia, and customers prefer to purchase sleep aids from these establishments. Pharmacies provide a convenient and accessible distribution channel for sleep aids, ensuring that customers can easily find the products they need.

Local special circumstances: Serbia has a well-established pharmaceutical industry, which plays a crucial role in the development and distribution of sleep aids. Local manufacturers are actively involved in the production of sleep aids, catering to the growing demand in the market. This contributes to the availability and affordability of sleep aids in Serbia.

Underlying macroeconomic factors: The growth of the Sleep Aids (Pharmacies) market in Serbia can be attributed to several macroeconomic factors. The improving economic conditions in the country have led to higher disposable incomes, enabling individuals to spend more on healthcare products, including sleep aids. Additionally, the aging population in Serbia is driving the demand for sleep aids, as older individuals are more prone to sleep disorders and insomnia. In conclusion, the Sleep Aids (Pharmacies) market in Serbia is experiencing growth due to the increasing customer preferences for sleep aids, the availability of natural and herbal alternatives, the accessibility of sleep aids in pharmacies, the presence of a well-established pharmaceutical industry, and the underlying macroeconomic factors such as improving economic conditions and an aging population.

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.