Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - China

China

Revenue in the Sleep Aids market is projected to reach €0.56bn in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 3.96%, resulting in a market volume of €0.68bn 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 €0.39 are generated in 2024.

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

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Analyst Opinion

The Sleep Aids (Pharmacies) market in China has been experiencing significant growth in recent years. As the demand for sleep aids continues to rise, pharmacies in China are capitalizing on this trend by offering a wide range of products to meet the needs of their customers.

Customer preferences: Chinese consumers are increasingly seeking out sleep aids to help them combat sleep disorders and improve the quality of their sleep. This growing demand can be attributed to several factors, including the high levels of stress and anxiety in modern society, as well as the increasing prevalence of sleep disorders such as insomnia. As a result, customers are looking for effective and convenient solutions to help them achieve a good night's sleep.

Trends in the market: One of the key trends in the Sleep Aids (Pharmacies) market in China is the increasing popularity of natural and herbal sleep aids. Many customers are turning to these products as they are perceived to be safer and have fewer side effects compared to traditional pharmaceutical sleep aids. This trend is also driven by a growing interest in traditional Chinese medicine and its emphasis on natural remedies. Another trend in the market is the rise of online sales channels for sleep aids. Chinese consumers are increasingly turning to e-commerce platforms to purchase sleep aids due to their convenience and competitive pricing. This shift towards online shopping has led to increased competition among pharmacies, prompting them to improve their online presence and offer a wider range of products to attract customers.

Local special circumstances: China has a large aging population, and this demographic group is particularly susceptible to sleep disorders. As a result, pharmacies in China are tailoring their products and services to meet the specific needs of older customers. This includes offering specialized sleep aids that are suitable for elderly individuals, as well as providing personalized advice and recommendations.

Underlying macroeconomic factors: The rapid urbanization and increasing disposable income in China have contributed to the growth of the Sleep Aids (Pharmacies) market. As more people move to cities and experience higher levels of stress and longer working hours, the demand for sleep aids is expected to continue to rise. Additionally, the increasing disposable income of Chinese consumers allows them to afford sleep aids and prioritize their sleep health. In conclusion, the Sleep Aids (Pharmacies) market in China is experiencing significant growth due to the increasing demand for sleep aids among Chinese consumers. The preference for natural and herbal sleep aids, the rise of online sales channels, the specific needs of the aging population, and the underlying macroeconomic factors all contribute to the development of this market. As the market continues to evolve, pharmacies in China will need to adapt to these trends and provide innovative solutions to meet the changing needs of their customers.

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.