The Global
Nootropics Market is anticipated to expand with a rapid pace in the
years to come on account of modernization and technological advancements.
Increasing consumer spending on healthcare and wellness products, and rising
awareness regarding benefits of the product can drive the market. Additionally,
easy accessibility and cost-effectiveness of the product are expected to boost
the sale of the product. Growing trend of cognitive enhancement among healthy
people for professional advantage, academic success, personal improvement,
athletic performance, and to sustain brain activities during old age is
projected to boost the product demand in the years to come.
Growing
trend of supplements is anticipated to support market growth in the coming
years. High adoption of social media platform to promote the products can have
a positive impact on market growth. Increasing adoption of nootropics among
students is a key driving factor in the market. The product can enhance the efficiency
of brain functions and protect the brain from chemical injuries. Memory
enhancing nootropic medications improve learning and memory effect and develop
the capability of learned behaviors to resist distraction. Furthermore,
continuously growing competition in education and career is increasing the
product demand among working professionals.
Numerous
people are preferring supplements and smart drugs to enhance concentration and
grasping power, thereby boosting market growth. Moreover, these products are
used in the treatment of several cognitive and age-related disorders, such as
hyperactivity, Alzheimer's disease, and Parkinson's disease. Various
individuals across the world are undergoing depression, and other emotional and
mood disorders. Thus, increasing demand for mood enhancers is also projected to
stimulate market growth in the years to come.
However,
low awareness regarding the product among consumers, lack of organized
treatment, and hesitation to visit neurologist or psychiatrist, especially in
emerging countries can hamper market growth.
Nootropics
find their application in memory enhancement, attention and focus, sleep,
anti-aging and longevity, anxiety, recovery, mood and depression, and dream
enhancement. Memory enhancement holds a prominent share in terms of revenue.
This could be attributed to continuously evolving education system and working
environment, which involves workload, and mental and physical pressure. Mood
and depression, and attention and focus are likely to emerge as prominent
applications in near future due to growth of aging population, which is more
vulnerable to dementia.
North
America is one of the leading consumers of nootropics on account of high
consciousness among consumers regarding preventive and cognitive health. Factors,
such as presence of established players, large population pool, increasing
number of self-directed consumers, and proliferation of distribution channel,
are likely to support regional growth in the years to come. Furthermore,
ongoing research activities by government and private organizations regarding
cognitive enhancers and brain supplements are expected to create several
opportunities for the regional market.
Asia
Pacific is anticipated to witness the fastest growth in the coming years.
Emerging countries, such as India and China, have a history of natural and
herbal cognitive medicines, which improve the brain functions. Increasing
foreign investment in partnership with regional players is anticipated to have
a positive impact on regional market growth. Europe is projected to emerge as
one of the promising regions in near future on account of growing geriatric
population and increasing number of product launches.
The market
in Middle East and Africa is expected to expand owing to increasing number of
health-conscious consumers. Presence of new entrants in dietary supplements and
nootropics business is also expected to supplement regional growth in the years
to come.
Some of the
leading companies operating in the nootropics market are Cephalon, Inc.;
Accelerated Intelligence, Inc.; Purelife Bioscience Co., Ltd.; AlternaScript
LLC.; and Nootrobox Inc.
Browse Related Category Market Reports @ https://www.hexaresearch.com/research-category/pharmaceuticals-industry
No comments:
Post a Comment