Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Singapore

Singapore

Revenue in the Sleep Aids market is projected to reach US$5.28m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 4.02%, resulting in a market volume of US$6.43m 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$0.87 are generated in 2024.

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

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Analyst Opinion

The Sleep Aids (Pharmacies) market in Singapore has been experiencing steady growth in recent years.

Customer preferences: Singaporeans are increasingly turning to sleep aids to help them combat sleep issues such as insomnia and sleep deprivation. This can be attributed to several factors. Firstly, the fast-paced and stressful nature of modern life has led to an increase in sleep disorders. Many Singaporeans find it difficult to unwind and relax after a long day, leading to difficulties in falling asleep. Additionally, the prevalence of electronic devices and screens has disrupted sleep patterns, as the blue light emitted by these devices can interfere with the body's natural sleep-wake cycle. As a result, sleep aids have become a popular solution for those seeking a good night's sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Singapore is the growing demand for natural and herbal sleep aids. Singaporeans are becoming more conscious of their health and are seeking products that are perceived to be safer and have fewer side effects. As a result, there has been a shift towards natural sleep aids that contain ingredients such as chamomile, valerian root, and melatonin. These products are seen as a more holistic approach to sleep and are gaining popularity among consumers. Another trend in the market is the increasing availability and variety of sleep aids in pharmacies. Pharmacies in Singapore have expanded their range of sleep aids to cater to the growing demand. This includes both over-the-counter sleep aids as well as prescription medications. Additionally, pharmacies are also offering a wider range of sleep aids in different forms such as tablets, capsules, and even sleep sprays. This allows consumers to choose the format that best suits their preferences and needs.

Local special circumstances: Singapore's aging population is also contributing to the growth of the Sleep Aids (Pharmacies) market. As people age, they may experience changes in their sleep patterns and are more likely to suffer from sleep disorders. This has created a larger customer base for sleep aids, as older adults seek solutions to improve the quality of their sleep. Additionally, Singapore's high-stress work culture and long working hours have also contributed to the demand for sleep aids among working professionals.

Underlying macroeconomic factors: Singapore's strong economy and high standard of living have also played a role in the growth of the Sleep Aids (Pharmacies) market. As disposable incomes rise, consumers are more willing to spend on products that improve their quality of life, including sleep aids. Additionally, Singapore's healthcare system is well-developed, with easy access to pharmacies and healthcare professionals. This has made it convenient for consumers to seek advice and purchase sleep aids, further driving the growth of the market. In conclusion, the Sleep Aids (Pharmacies) market in Singapore is experiencing growth due to customer preferences for natural sleep aids, the increasing availability and variety of sleep aids in pharmacies, Singapore's aging population, and the underlying macroeconomic factors such as the strong economy and high standard of living. With the demand for sleep aids expected to continue rising, it is likely that the market will continue to grow in the coming years.

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.