Sleep Aids (Pharmacies) - Taiwan | Statista Market Forecast

Revenue in the Sleep Aids market is projected to reach US$55.96m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 0.93%, resulting in a market volume of US$58.60m 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$2.34 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 Taiwan has been experiencing steady growth in recent years, driven by increasing customer preferences for sleep aids, changing lifestyles, and local special circumstances. Customer preferences in Taiwan have shifted towards using sleep aids to improve sleep quality and address sleep-related issues. With the fast-paced and stressful nature of modern life, many individuals in Taiwan are finding it difficult to get a good night's sleep. As a result, there is a growing demand for sleep aids that can help them relax and fall asleep more easily. Additionally, an aging population in Taiwan has also contributed to the increasing demand for sleep aids, as older individuals often experience sleep disturbances and insomnia. The market has seen several trends in recent years. Firstly, there has been a rise in the popularity of natural and herbal sleep aids in Taiwan. Customers are becoming more conscious of the potential side effects of synthetic sleep aids and are seeking out natural alternatives. This trend is in line with the global market, where there has been a growing interest in natural and organic products. Another trend in the market is the increasing availability of sleep aids in pharmacies. Pharmacies in Taiwan are expanding their range of sleep aids to meet the growing demand. This trend can be attributed to the convenience and accessibility of pharmacies, as customers can easily purchase sleep aids without a prescription. Furthermore, pharmacies often provide professional advice and recommendations to customers, which adds value to the purchasing experience. Local special circumstances in Taiwan have also contributed to the development of the Sleep Aids (Pharmacies) market. Taiwan has a high prevalence of sleep disorders, with a significant portion of the population reporting sleep-related issues. This has created a favorable environment for the growth of the sleep aids market, as individuals are actively seeking solutions to improve their sleep quality. Underlying macroeconomic factors have also played a role in the growth of the Sleep Aids (Pharmacies) market in Taiwan. The country has experienced stable economic growth in recent years, which has led to an increase in disposable income. As a result, individuals in Taiwan have more purchasing power to spend on sleep aids and other wellness products. In conclusion, the Sleep Aids (Pharmacies) market in Taiwan is developing due to increasing customer preferences for sleep aids, changing lifestyles, and local special circumstances. The market has seen a rise in the popularity of natural and herbal sleep aids, as well as an increasing availability of sleep aids in pharmacies. Local special circumstances, such as the high prevalence of sleep disorders, have created a favorable environment for the growth of the market. Additionally, underlying macroeconomic factors, such as stable economic growth and increasing disposable income, have also contributed 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.

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.