Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - United States

United States

Revenue in the Sleep Aids market is projected to reach €1.37bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.37%, resulting in a market volume of €1.54bn by 2029.
In global comparison, most revenue will be generated in the United States (€1,366.00m in 2024).
In relation to total population figures, per person revenues of €4.00 are generated in 2024.

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

Marché

Région

Comparaison de régions

Monnaie

Analyst Opinion

The Sleep Aids (Pharmacies) market in United States is experiencing steady growth due to various factors.

Customer preferences: Customers in the United States have shown a growing interest in sleep aids as a result of the increasing awareness about the importance of good sleep for overall health and well-being. Sleep disorders such as insomnia and sleep apnea are common in the country, leading consumers to seek solutions to improve their sleep quality. Additionally, the aging population in the United States is also driving the demand for sleep aids, as older individuals often experience difficulties in falling asleep or staying asleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in United States is the rising popularity of natural and herbal sleep aids. Many consumers are becoming more conscious about the potential side effects of pharmaceutical sleep aids and are turning to natural alternatives. This trend is driven by the growing interest in holistic health and wellness, as well as the desire for non-addictive options. As a result, pharmacies in the United States are stocking a wider range of natural sleep aids to cater to this demand. Another trend in the market is the increasing availability and use of over-the-counter (OTC) sleep aids. OTC sleep aids provide a convenient and accessible solution for individuals who are looking for immediate relief from sleep issues. The ease of access to these products in pharmacies and the ability to purchase them without a prescription has contributed to their growing popularity. In addition, the affordability of OTC sleep aids compared to prescription alternatives has also made them a preferred choice for many consumers.

Local special circumstances: The United States has a highly competitive pharmaceutical market, with a wide range of sleep aids available to consumers. This competition has led to continuous innovation and the introduction of new products in the market. Pharmacies in the United States are constantly updating their inventory to offer the latest sleep aids, ensuring that they meet the diverse needs and preferences of their customers.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in United States is also influenced by macroeconomic factors. The growing healthcare expenditure in the country has resulted in increased access to healthcare services, including sleep aids. Additionally, the high-stress levels and demanding lifestyles of many Americans have contributed to the demand for sleep aids. As individuals strive to balance work, family, and personal responsibilities, they often turn to sleep aids to help them relax and achieve a good night's sleep. In conclusion, the Sleep Aids (Pharmacies) market in United States is witnessing growth due to customer preferences for natural and OTC sleep aids, as well as the competitive landscape of the pharmaceutical market. The increasing awareness about the importance of sleep and the aging population are also driving the demand for sleep aids. Furthermore, macroeconomic factors such as healthcare expenditure and high-stress levels play a role in the market's development.

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.