Market Insights Health Pharmacies OTC Products

Sleep Aids (Pharmacies) - Colombia

Colombia

Revenue in the Sleep Aids market is projected to reach €2.59m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 2.36%, resulting in a market volume of €2.91m 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 €0.05 are generated in 2024.

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

Mercado

Región

Comparación de regiones

Moneda

Analyst Opinion

The Sleep Aids (Pharmacies) market in Colombia is experiencing steady growth due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors.

Customer preferences: In Colombia, there is a growing demand for sleep aids as consumers are becoming more aware of the importance of a good night's sleep. With the increasing prevalence of sleep disorders and the stressful lifestyles of urban dwellers, people are actively seeking solutions to improve their sleep quality. As a result, there is a rising preference for over-the-counter sleep aids available in pharmacies.

Trends in the market: One significant trend in the Sleep Aids (Pharmacies) market in Colombia is the increasing popularity of natural sleep aids. Consumers are becoming more conscious of the potential side effects of pharmaceutical sleep aids and are turning to natural alternatives. This trend is driven by the growing interest in holistic health and wellness, as well as the availability of a wide range of natural sleep aids in the market. Another trend in the market is the rising demand for sleep aids specifically designed for different age groups. As sleep disorders can affect people of all ages, there is a growing need for sleep aids that cater to the specific requirements of children, adults, and the elderly. Manufacturers are responding to this demand by developing sleep aids with age-specific formulations and packaging.

Local special circumstances: Colombia has a large population of older adults, and this demographic group is particularly susceptible to sleep disorders. As a result, there is a significant market for sleep aids targeted at the elderly population. Pharmacies in Colombia are adapting to this demand by expanding their range of sleep aids and providing specialized services to cater to the needs of older adults.

Underlying macroeconomic factors: The Sleep Aids (Pharmacies) market in Colombia is also influenced by underlying macroeconomic factors. The country's improving economic conditions have led to an increase in disposable income, allowing consumers to spend more on healthcare products, including sleep aids. Additionally, the expanding middle class in Colombia is becoming more health-conscious and willing to invest in products that improve their overall well-being. In conclusion, the Sleep Aids (Pharmacies) market in Colombia is growing due to changing customer preferences, emerging trends in the market, local special circumstances, and underlying macroeconomic factors. The demand for sleep aids is driven by the need for better sleep quality and the increasing awareness of the importance of a good night's sleep. As the market continues to evolve, there is a growing preference for natural sleep aids and age-specific formulations. With the country's improving economic conditions, the market is expected to further expand in the coming years.

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.