Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Austria

Austria

Revenue in the Sleep Aids market amounts to €38.95m in 2024. The market is expected to grow annually by 3.14% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,930m in 2024).
In relation to total population figures, per person revenues of €4.34 are generated in 2024.

Key regions: Philippines, Indonesia, United Kingdom, Canada, Thailand

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Región

Comparación de regiones

Moneda

Analyst Opinion

The Sleep Aids market in Austria has witnessed significant growth in recent years, driven by changing customer preferences and the increasing awareness of sleep disorders.

Customer preferences: Austrian consumers are becoming more conscious about their sleep patterns and are actively seeking solutions to improve their sleep quality. This has led to a growing demand for sleep aids, such as sleeping pills, herbal remedies, and sleep tracking devices. Customers are looking for products that can help them fall asleep faster, stay asleep throughout the night, and wake up feeling refreshed. They are also interested in natural and non-habit forming alternatives to traditional sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in Austria is the rising popularity of natural sleep aids. Customers are increasingly opting for herbal remedies and natural supplements that promote relaxation and better sleep. This trend is driven by the growing preference for holistic and organic products, as well as concerns about the potential side effects and dependency associated with traditional sleep aids. Manufacturers are responding to this trend by introducing a wide range of natural sleep aids that cater to different customer needs. Another trend in the market is the integration of technology in sleep aids. Sleep tracking devices, such as smartwatches and wearable devices, are gaining popularity among Austrian consumers. These devices monitor sleep patterns, provide insights into sleep quality, and offer personalized recommendations for improving sleep. The integration of technology in sleep aids not only enhances the customer experience but also allows for better understanding of sleep patterns and the identification of potential sleep disorders.

Local special circumstances: Austria has a high prevalence of sleep disorders, which is driving the demand for sleep aids. Factors such as stress, lifestyle changes, and the aging population contribute to the increasing incidence of sleep disorders in the country. Additionally, the busy and fast-paced lifestyle in urban areas can lead to sleep disturbances and insomnia. These local circumstances create a favorable environment for the growth of the Sleep Aids market in Austria.

Underlying macroeconomic factors: The growing awareness of the importance of sleep and the increasing disposable income of Austrian consumers are key macroeconomic factors driving the growth of the Sleep Aids market. As people become more aware of the impact of sleep on their overall health and well-being, they are willing to invest in sleep aids to improve their sleep quality. The rising disposable income allows consumers to afford sleep aids and prioritize their sleep needs. In conclusion, the Sleep Aids market in Austria is experiencing significant growth due to changing customer preferences, including the demand for natural sleep aids and the integration of technology in sleep aids. Local special circumstances, such as the high prevalence of sleep disorders, further contribute to the market growth. The underlying macroeconomic factors, such as the growing awareness of the importance of sleep and increasing disposable income, also drive the market expansion.

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.