Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Turkey

Turkey

Revenue in the Sleep Aids market is projected to reach US$5.06m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of -0.72%, resulting in a market volume of US$4.88m 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$0.06 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 Turkey has been experiencing significant growth in recent years.

Customer preferences: Customers in Turkey have shown a growing interest in sleep aids, seeking solutions to their sleep-related problems. This can be attributed to the increasing awareness about the importance of a good night's sleep for overall health and well-being. As a result, there has been a rise in the demand for sleep aids in pharmacies across the country.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Turkey is the shift towards natural and herbal sleep aids. Customers are becoming more conscious of the potential side effects of conventional sleep aids and are seeking safer alternatives. This has led to an increase in the availability and popularity of herbal sleep aids in pharmacies. Additionally, there has been a growing trend of customers seeking personalized sleep solutions, such as customized sleep aids or sleep consultations, to address their specific sleep issues.

Local special circumstances: Turkey has a large population, and with the increasing urbanization and hectic lifestyles, sleep disorders have become more prevalent. This has created a significant market opportunity for sleep aids in pharmacies. Furthermore, the Turkish government has been actively promoting the importance of sleep health and has implemented campaigns to raise awareness about sleep disorders. This has further contributed to the growth of the Sleep Aids (Pharmacies) market in Turkey.

Underlying macroeconomic factors: The growing middle class in Turkey has led to an increase in disposable income, allowing individuals to spend more on healthcare products, including sleep aids. Additionally, the aging population in Turkey is also driving the demand for sleep aids, as older individuals are more prone to sleep disorders. Furthermore, the increasing prevalence of chronic diseases, such as obesity and diabetes, which are associated with sleep disorders, has also contributed to the growth of the Sleep Aids (Pharmacies) market in Turkey. In conclusion, the Sleep Aids (Pharmacies) market in Turkey is witnessing significant growth due to the increasing customer preferences for sleep aids, the shift towards natural and herbal sleep aids, and the special circumstances of a large population, government campaigns, growing middle class, aging population, and increasing prevalence of chronic diseases. These underlying macroeconomic factors are driving the demand for sleep aids in pharmacies across the country.

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.