Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Canada

Canada

Revenue in the Sleep Aids market is projected to reach €69.43m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.09%, resulting in a market volume of €77.00m 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 €1.78 are generated in 2024.

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

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Región

Comparación de regiones

Moneda

Analyst Opinion

The Sleep Aids (Pharmacies) market in Canada has been experiencing significant growth in recent years.

Customer preferences: Canadian consumers are increasingly seeking out sleep aids to help them address their sleep problems. The modern lifestyle, with its fast-paced nature and constant connectivity, has led to an increase in sleep disorders and insomnia. As a result, there is a growing demand for sleep aids that can help individuals achieve a restful night's sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in Canada is the rising popularity of natural and herbal sleep aids. Many consumers are becoming more conscious of the potential side effects of traditional sleep aids and are therefore seeking out natural alternatives. This has led to an increase in the availability and variety of natural sleep aids in pharmacies across the country. Another trend in the market is the growing interest in sleep aids that promote relaxation and stress reduction. Canadians are increasingly recognizing the importance of managing stress and anxiety for a good night's sleep. As a result, there is a demand for sleep aids that not only help with falling asleep but also promote relaxation and calmness.

Local special circumstances: Canada has a well-developed healthcare system, which includes a strong network of pharmacies. Pharmacies play a crucial role in the distribution of sleep aids to consumers. The accessibility and convenience of pharmacies make them a preferred channel for purchasing sleep aids. Additionally, the presence of trained pharmacists in pharmacies allows for personalized recommendations and advice on sleep aids, which is valued by consumers.

Underlying macroeconomic factors: The growing Sleep Aids (Pharmacies) market in Canada can be attributed to several underlying macroeconomic factors. Firstly, the aging population in Canada is driving the demand for sleep aids. As individuals age, they are more likely to experience sleep problems and seek out solutions to improve their sleep quality. Secondly, the increasing awareness and understanding of the importance of sleep for overall health and well-being is also contributing to the growth of the market. Canadians are becoming more educated about the negative effects of sleep deprivation and are therefore more willing to invest in sleep aids to improve their sleep quality. Lastly, the COVID-19 pandemic has had a significant impact on sleep patterns and has heightened the importance of sleep for many Canadians. The stress and anxiety caused by the pandemic have led to an increase in sleep disorders and insomnia. This has further fueled the demand for sleep aids in the country. In conclusion, the Sleep Aids (Pharmacies) market in Canada is experiencing growth due to increasing customer preferences for natural and herbal sleep aids, as well as sleep aids that promote relaxation and stress reduction. The accessibility and convenience of pharmacies, along with the underlying macroeconomic factors such as the aging population and the impact of the COVID-19 pandemic, are driving the growth of the market.

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.