Sleep Aids (Pharmacies) - South Korea

Revenue in the Sleep Aids market is projected to reach US$61.99m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 1.07%, resulting in a market volume of US$65.39m 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$1.20 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 South Korea has been experiencing significant growth and development in recent years.

Customer preferences: South Korean customers have shown a growing interest in sleep aids due to various factors. One of the key reasons is the increasing prevalence of sleep disorders in the country. With the fast-paced and stressful lifestyle, many individuals are finding it difficult to get a good night's sleep. As a result, there is a rising demand for sleep aids to help improve sleep quality and address sleep-related issues.

Trends in the market: One of the major trends in the Sleep Aids (Pharmacies) market in South Korea is the growing popularity of natural and herbal sleep aids. Customers are becoming more conscious about the potential side effects of synthetic sleep medications and are seeking natural alternatives. This trend is in line with the global shift towards natural and organic products in the healthcare industry. As a result, there has been an increase in the availability and variety of natural sleep aids in pharmacies across the country. Another trend in the market is the increasing use of technology to track and improve sleep quality. South Korea is known for its technological advancements, and this is reflected in the sleep aids market as well. Customers are embracing wearable devices and smartphone applications that monitor sleep patterns and provide personalized recommendations for better sleep. This integration of technology with sleep aids is driving innovation and attracting tech-savvy consumers.

Local special circumstances: South Korea has a strong healthcare system and a well-regulated pharmaceutical industry. This provides customers with confidence in the safety and efficacy of sleep aids available in pharmacies. Additionally, the country has a high level of awareness and education regarding sleep disorders and their impact on overall health. This has contributed to a proactive approach among customers in seeking solutions for sleep-related issues.

Underlying macroeconomic factors: The South Korean economy has been steadily growing, and this has had a positive impact on the healthcare sector, including the sleep aids market. As people's disposable income increases, they are more willing to invest in products that promote their well-being, including sleep aids. Moreover, the aging population in South Korea is also driving the demand for sleep aids, as older adults are more prone to sleep disorders and are actively seeking solutions to improve their sleep quality. In conclusion, the Sleep Aids (Pharmacies) market in South Korea is experiencing growth and development due to customer preferences for natural and technology-driven sleep aids, the country's strong healthcare system, and the underlying macroeconomic factors. As the market continues to evolve, it is expected that there will be further advancements in sleep aid products and an increasing focus on personalized solutions to cater to the diverse needs of customers.

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.