Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - EU-27

EU-27

Revenue in the Sleep Aids market amounts to US$1.38bn in 2024. The market is expected to grow annually by 4.01% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (US$2,103m in 2024).
In relation to total population figures, per person revenues of US$3.09 are generated in 2024.

Key regions: Thailand, Indonesia, United States, Europe, Philippines

Market

Region

Region comparison

Currency

Analyst Opinion

The Sleep Aids market in EU-27 is experiencing significant growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. Customer preferences for sleep aids have been shifting in recent years.

With the increasing awareness of the importance of a good night's sleep for overall health and well-being, consumers are seeking out products that can help them achieve better sleep. This has led to a growing demand for sleep aids such as herbal supplements, melatonin-based products, and sleep tracking devices. Additionally, there is a rising interest in natural and organic sleep aids, as consumers become more conscious of the ingredients and potential side effects of traditional sleep medications.

Trends in the market are also driving the growth of the Sleep Aids market in EU-27. One notable trend is the increasing adoption of technology in sleep aids. Sleep tracking devices, such as wearable fitness trackers and smartwatches, are becoming more popular as they provide users with valuable insights into their sleep patterns and quality.

These devices can track metrics such as sleep duration, sleep stages, and heart rate variability, allowing users to make informed decisions about their sleep habits and identify areas for improvement. Another trend in the market is the growing availability of sleep aids through online channels. E-commerce platforms have made it easier for consumers to access a wide range of sleep aids, including products that may not be readily available in local stores.

This has expanded the market reach and allowed consumers to explore different options and compare prices, leading to increased competition among sleep aid manufacturers. Local special circumstances within the EU-27 region also contribute to the development of the Sleep Aids market. For instance, certain countries in the region have a high prevalence of sleep disorders, such as insomnia and sleep apnea.

This creates a significant demand for sleep aids as individuals seek solutions to improve their sleep quality. Additionally, the aging population in some EU-27 countries is driving the need for sleep aids, as older adults often experience sleep disturbances and may require assistance in achieving restful sleep. Underlying macroeconomic factors also play a role in the growth of the Sleep Aids market in EU-27.

The increasing disposable income of consumers in the region allows them to spend more on products that promote better sleep. Additionally, the growing focus on health and wellness across the EU-27 region has led to increased investment in research and development of sleep aids, resulting in the introduction of innovative products to the market. In conclusion, the Sleep Aids market in EU-27 is experiencing growth and development due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

The increasing awareness of the importance of sleep, the adoption of technology in sleep aids, the availability of products through online channels, the prevalence of sleep disorders, the aging population, rising disposable income, and the focus on health and wellness are all contributing to the expansion of the Sleep Aids market in EU-27.

Methodology

Data coverage:

Data encompasses B2C spend. Figures are based on the OTC Pharmaceuticals market values, representing revenues generated by both product sales which take place exclusively in pharmacies and products which can be purchased elsewhere. Sales by hospitals are not included.

Modeling approach / Market size:

Market sizes are determined by a combined top-down and bottom-up approach, based on a specific rationale for each market market. As a basis for evaluating markets, we use data from national statistical offices, international institutions, trade associations, and self-medication associations. Next, we use relevant key market indicators and data from country-specific associations, such as consumer healthcare spending, out-of-pocket healthcare expenditure, health system accessibilities, and GDP. 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 particular market. For example, forecasts are based on historical developments, current trends, and key market indicators, using advanced statistical methods.

Additional notes:

Data is modeled in US$ using current exchange rates. The market is updated twice per year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level. Whereas this market covers only OTC drugs, the Statista Pharmaceuticals market covers both OTC and prescription drugs.