Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Singapore

Singapore

Revenue in the Sleep Aids market amounts to €7.39 in 2024. The market is expected to grow annually by 5.28% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,950 in 2024).
In relation to total population figures, per person revenues of €1.22 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Sleep Aids market in Singapore has been experiencing steady growth in recent years, driven by changing customer preferences and local special circumstances.

Customer preferences: In Singapore, there is a growing demand for sleep aids due to the increasing prevalence of sleep disorders and the rising awareness of the importance of good sleep hygiene. Customers are becoming more proactive in seeking solutions to improve their sleep quality and are willing to invest in sleep aids that can help them achieve a better night's sleep. Additionally, the busy and stressful lifestyles of Singaporeans have led to an increased need for relaxation and stress relief, further driving the demand for sleep aids.

Trends in the market: One of the key trends in the Sleep Aids market in Singapore is the shift towards natural and non-habit forming sleep aids. Customers are increasingly looking for products that are safe and have minimal side effects. This has led to a rise in the popularity of herbal and plant-based sleep aids, as well as products that promote relaxation and stress reduction through aromatherapy or soothing sounds. Additionally, there is a growing interest in wearable sleep trackers and smart devices that can monitor and improve sleep quality. Another trend in the market is the increasing availability and variety of sleep aids in different formats. Customers now have a wide range of options to choose from, including traditional pills and capsules, as well as alternative formats such as gummies, teas, and sprays. This allows customers to find a sleep aid that best suits their preferences and lifestyle.

Local special circumstances: Singapore's aging population is a significant factor contributing to the growth of the Sleep Aids market. As people age, they are more likely to experience sleep disturbances and disorders, leading to a higher demand for sleep aids. The government's focus on promoting healthy aging and improving the quality of life for seniors has also created a supportive environment for the Sleep Aids market. Furthermore, Singapore is known for its high-stress work culture, with long working hours and demanding jobs. This has resulted in a higher prevalence of sleep problems among the working population, leading to an increased demand for sleep aids. The government and employers are recognizing the importance of employee well-being and are implementing initiatives to promote work-life balance and stress management, further driving the demand for sleep aids.

Underlying macroeconomic factors: Singapore's strong economy and high disposable income levels have contributed to the growth of the Sleep Aids market. As people have more purchasing power, they are more willing to invest in products that can improve their sleep quality and overall well-being. Additionally, the presence of a well-developed healthcare system and easy access to healthcare services has made it easier for customers to seek professional advice and recommendations for sleep aids. In conclusion, the Sleep Aids market in Singapore is experiencing growth due to changing customer preferences, local special circumstances such as an aging population and high-stress work culture, and underlying macroeconomic factors such as a strong economy and high disposable income levels. The shift towards natural and non-habit forming sleep aids, the availability of sleep aids in different formats, and the increasing interest in wearable sleep trackers and smart devices are some of the key trends driving the market.

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.