Market Insights Consumer OTC Pharmaceuticals

Sleep Aids - Vietnam

Vietnam

Revenue in the Sleep Aids market amounts to €14.80m in 2024. The market is expected to grow annually by 9.57% (CAGR 2024-2029).
In global comparison, most revenue is generated in the United States (€1,950m in 2024).
In relation to total population figures, per person revenues of €0.15 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 Vietnam has been experiencing significant growth in recent years. Customer preferences for sleep aids have shifted towards natural and herbal remedies, as consumers become more health-conscious and seek alternatives to traditional pharmaceutical products. Additionally, the increasing prevalence of sleep disorders and the growing awareness of the importance of a good night's sleep have also contributed to the development of the Sleep Aids market in Vietnam.

Customer preferences: In Vietnam, customers are increasingly turning to natural and herbal sleep aids. This shift in preference can be attributed to the rising awareness of the potential side effects and dependency associated with pharmaceutical sleep aids. Consumers are now seeking safer and more natural alternatives to help them sleep better. As a result, there has been a growing demand for sleep aids made from natural ingredients such as chamomile, lavender, and valerian root.

Trends in the market: One of the key trends in the Sleep Aids market in Vietnam is the increasing availability of sleep aids in different forms. In addition to traditional pills and capsules, sleep aids are now available in the form of teas, sprays, and even wearable devices. This diversification of product offerings caters to the varying preferences and needs of consumers, allowing them to choose the sleep aid that best suits their lifestyle and preferences. Another trend in the market is the growing popularity of sleep aids that promote relaxation and stress relief. As the pace of life becomes increasingly fast-paced and stressful, consumers are seeking sleep aids that not only help them fall asleep but also help them relax and unwind. Products that combine sleep aid ingredients with stress-relieving properties, such as aromatherapy oils and herbal blends, have gained popularity in the market.

Local special circumstances: Vietnam has a rich tradition of herbal medicine, and this has influenced customer preferences in the Sleep Aids market. Consumers in Vietnam have a preference for natural remedies that are rooted in traditional medicine practices. This cultural preference for natural and herbal remedies has contributed to the growth of the Sleep Aids market in Vietnam and has shaped the product offerings in the market.

Underlying macroeconomic factors: The growing middle class in Vietnam has contributed to the development of the Sleep Aids market. As disposable incomes rise, consumers are willing to spend more on products that improve their quality of life, including sleep aids. Additionally, the increasing urbanization and modernization of Vietnam have led to lifestyle changes, such as longer working hours and increased stress levels, which have resulted in a higher demand for sleep aids. In conclusion, the Sleep Aids market in Vietnam is developing in response to changing customer preferences, with a shift towards natural and herbal remedies. The market is also influenced by the growing awareness of the importance of sleep and the increasing prevalence of sleep disorders. The availability of sleep aids in different forms and the popularity of products that promote relaxation and stress relief are key trends in the market. The cultural preference for natural remedies and the growing middle class in Vietnam are underlying macroeconomic factors that have contributed to the development of the Sleep Aids 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.