Market Insights Health OTC Pharmaceuticals

Sleep Aids - Portugal

Portugal

In Portugal, the Sleep Aids market market generated a revenue of US$2.66m in 2024.
It is projected to experience an annual growth rate of 4.34% (CAGR 2024-2029).
When compared to other countries worldwide, the in the United States leads with a revenue of US$2,103.00m in 2024.
In terms of per capita figures, the revenue per person in Portugal amounted to US$0.26 in 2024.
Despite the rising demand for sleep aids in Portugal, the market remains dominated by traditional herbal remedies.

Key regions: Europe, Germany, Canada, United Kingdom, United States

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Analyst Opinion

The Sleep Aids market in Portugal is experiencing steady growth due to various factors.

Customer preferences: Customers in Portugal are increasingly seeking sleep aids to address their sleep-related issues. The fast-paced lifestyle and high-stress levels have led to an increase in sleep disorders, such as insomnia, in the country. As a result, there is a growing demand for sleep aids that can help individuals improve the quality and duration of their sleep.

Trends in the market: One of the key trends in the Sleep Aids market in Portugal is the growing popularity of natural and herbal sleep aids. Many consumers are becoming more conscious of the potential side effects of traditional sleep aids and are turning to natural alternatives. This trend is driven by a desire for safer and more sustainable products. As a result, there has been a rise in the availability and sales of natural sleep aids in the market.Another trend in the market is the increasing use of technology in sleep aids. Sleep tracking devices and mobile applications that monitor sleep patterns and provide personalized recommendations are gaining popularity among consumers. These technological advancements have made it easier for individuals to track their sleep and identify areas for improvement, leading to a higher demand for sleep aids that can address specific sleep issues.

Local special circumstances: Portugal has a growing aging population, which is contributing to the demand for sleep aids. Older individuals often face sleep-related problems, and they are more likely to seek out sleep aids to improve their sleep quality. Additionally, Portugal is a popular tourist destination, and the tourism industry plays a significant role in driving the demand for sleep aids. Tourists visiting the country may experience jet lag or have difficulty adjusting to a new sleep environment, leading to an increased need for sleep aids.

Underlying macroeconomic factors: The Sleep Aids market in Portugal is influenced by the overall economic conditions in the country. As the economy grows and disposable incomes increase, consumers are more willing to spend on sleep aids to improve their well-being. Additionally, the healthcare system in Portugal is evolving, with a greater emphasis on preventive care and self-management of health. This shift in healthcare practices has led to an increased awareness of sleep disorders and a higher demand for sleep aids.In conclusion, the Sleep Aids market in Portugal is witnessing growth due to customer preferences for natural and technology-driven sleep aids, the special circumstances of an aging population and a thriving tourism industry, and underlying macroeconomic factors such as economic growth and evolving healthcare practices. As these trends continue to shape the market, it is expected that the demand for sleep aids will continue to rise in Portugal.

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.