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According to Reports and Data, the global nootropics market is expected to reach USD 6,690.6 Million by the year 2028
NEW YORK CITY, NY, UNITED STATES, September 15, 2022 /EINPresswire.com/ -- According to the current analysis of Reports and Data, the global nootropics market was valued at USD 2,551.8 Million in 2020 and is expected to reach USD 6,690.6 Million by the year 2028, at a CAGR of 12.7%. Nootropics are compounds that enhance the cognitive performance of an individual. These substance, also known as smart drugs, are a class of ingredients which can boost the memory, enhance creativity levels, decision making capabilities and improve brain performance. Nootropics medication are of two types, prescription and nonprescription. Prescription medication gives stimulant effects, counteracting the symptoms of medical conditions such as attention deficit hyperactivity disorder (ADHD), Alzheimer's disease, or narcolepsy while nonprescription medications are used to boost mental performance due to their cholinergic mechanisms.
The market for these substances is anticipated to get augmented by factors such as the increasing demand for brain boosters owing to the competitive work environment across various domains, rising demand from the sports industry for brain and improved decision making, and the growing awareness regarding mental illnesses. However, the side effects associated with regular consumption of these pills, lack of awareness among consumers regarding these products, addiction to the drug and hesitation among people to visit psychiatrists or neurologists in emerging countries would impede the growth of this market.
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With the increasing number of nootropic consumers, more recently, the drug modafinil (brand name: Provigil) has become the brain-booster of choice. Modafinil is intended to improve wakefulness in people with narcolepsy, obstructive sleep apnea, or work condition change according to the FDA. But when people take it without these factors, it has been related to changes in alertness, strength, decision-making and concentration. Other leading pharmaceutical companies in this domain are focused on bringing new products in the market with multiple functions. For instance, Neurohacker Collective, the human optimization company, launched the first liquid nootropic, Qualia Nootropic Energy Shot, claimed to improve brain energy levels.
North America holds the highest market share in this industry with the highest number of nootropics consumers in the region. A large percentage of adult population in this region consumes multi-vitamin tablets for improving functional abilities. Moreover, the U.S. Food and Drug Administration has classified the nonprescription product as Generally Regarded as Safe (GRAS).
Further key findings from the report suggest:
The application type segment is dominated by the memory enhancement type nootropics owing to the challenging work environment demanding potential employees. It is anticipated to grow at a CAGR of 13.7 % during the forecast period. HVMN, a U.S. based manufacturer and seller of ketone associated products launched HVMN Ketone at the beginning of 2020, which is claimed to enhance both physical and cognitive performance.
In recent years, consumer have shifted to organic nootropics as well such as coffee, matcha tea, green tea, kucha tea, spinach, beets, peanuts, eggs, liver, brahmi, arctic root, turmeric, ginseng, pine bark, and fish oil.
According to the American Exercise Council (ACE), around 50% of the consumers in the U.S. prefer to buy natural ingredient products. The growth in vegan population is expected to drive demand for natural products in developed regions such as Europe and North America.
Manufacturers for Nootropics are focused on natural ingredients to satisfy the growing demand. For instance, Gaia Herbs launched a new product in April 2019 called Bacopa a vegan supplement made using natural ingredient. It contains lemon balm, saffron and spearmint.
North America remains the key revenue generating geographical segment in this market. The geographical segment accounted for USD 740.1 million in 2020. Availability presence of key market players in the region, rising focus on precision medicine, and rising awareness about nootropics applications, are among the key factors driving the market growth for Nootropics in this region
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Asia Pacific is expected to lead the market growth over the coming years owing to rapid advancements in the healthcare sector in APAC countries such as India, China, and Japan. North America is anticipated to register the highest market growth over the forecast period attributed to the increasing availability of robust healthcare and clinical settings, legalization of medical marijuana, favorable reimbursement scenario, presence of key market players, and rapid technological advancements in the region.
The growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and R&D activities to hamper the market growth
The imposition of strict government regulations and shortage of funds has put a halt on product launches and R&D activities and is expected to restrain market growth over the forecast period. In addition, the launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering the market growth.
The global market comprises various market players operating at regional and global levels. These key players are adopting various strategies such as R&D investments, license agreements, partnerships, mergers and acquisitions, collaborations, and joint ventures to gain a robust footing in the market.
Top Companies Profiled in the Report:
Accelerated Intelligence Inc., AlternaScript; HVMN, Onnit Labs, Inc., Peak Nootropics, Teva Pharmaceutical Industries, Purelife bioscience Co., Ltd., United Pharmacies, SupNootropic bio co., Ltd., and Powder City
Drug Type Outlook (Revenue in Million USD; 2020–2028)
Prescription Nootropics Modafinil (Provigil) Adderall Methylphenidate (Ritalin) Memantine (Axura) OTC Nootropics Ginkgo Biloba Panax Ginseng Rhodiola Rosea Nicotine Caffeine Racetams Piracetam Pramiracetam Phenylpiracetam Aniracetam L-theanine CDP-choline Creatine monohydrate Bacopa monnieri Noopept Omega-3 fatty acids
Application Outlook (Revenue in Million USD; 2020–2028)
Memory Enhancement Mood & Depression Attention & Focus Longevity & Anti-aging Sleep & Recovery Anxiety
Distribution Channel Outlook (Revenue in Million USD; 2020–2028)
North America (U.S., Canada, Mexico) Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe) Asia Pacific (China, India, Japan, South Korea, Rest of Asia Pacific) Latin America (Brazil, Rest of LATAM) Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of the Middle East & Africa)
Frequently asked questions addressed in the report:
What is the revenue growth rate of the global Nootropics market over the forecast period? What are the major factors driving the growth of the Global Nootropics Market? What are the key challenges impacting the global Nootropics market growth? What are the outcomes of the SWOT Analysis and Porter’s Five Forces Analysis conducted in the report?
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