Nootropic Market – Utilized to Improve Cognition,Concentration and Basic Functioning of Human Brain
Nootropics, also referred as cognitive enhancers and smart drugs are supplements, drugs and other substances utilized to improve cognition, concentration and basic functioning of human brain. These enhancers are made up of natural extracts which are beneficial for executive functions, particularly creativity, memory and motivation, in healthy individuals. The enhancers also include multivitamins, caffeine and other substances under Generally Regarded as Safe (GRAS) category prescribed by Food and Drug Administration (FDA) and therefore, nootropics are considered as essentially dietary supplements. Although, nootropics have been around since 1970s, and started gaining traction when popularized by biohackers as a brain-fog and stress level reducing marvel.
Nootropics are specifically engineered to help consumer’s mind and body to perform optimally. Nootropics help in improving the mood and boosting an individual’s energy levels, increases focus and feelings of mental clarity. Furthermore, nootropics also promotes restful and deep sleep, improved cellular health, anti-aging benefits and also helps in feeling better for the entire day. The benefits offered by smart drugs for enhancing brain function is further projected to witness growth over the forecast period.
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Nootropics also claim promising benefits which include motivation, focus and memory boosting and has been supported by research. Nootropic is repackaged and sold to overachievers at the academic and professional level aiming to enhance their brain function. Increasing population of depression and emotional and mood disorder globally is expected to positively lead to the acceptance and developments of the smart drug in the industry. Furthermore, increasing number of self-directed consumers, strong desire to enhance the brain function among the adult population, and the high penetration of promotional activities carried by the industry players are also influencing the market demand positively.
The company’s manufacturing nootropics are promoting the smart drug as a lifestyle brand via smart marketing and are also aiming to promote it as a healthcare brand after getting FDA approval. Various research and development labs and study groups are working towards this end. Few of the nootropic products widely used in the market includes
Nootropic market is segregated based on the applications which include memory enhancement, mood and depression, attention and focus, anti-aging and longevity, recovery, sleep and dream enhancement and anxiety. The memory enhancement product is expected to hold the largest revenue share over the forecast period owing to the benefits associated such as enhanced learning, memory effect and protection of the brain from chemical injuries. The marketing strategies for nootropic have developed a customer base in students, executives as well as in the older generation, owing to their promised benefits. Easy accessibility and the booming market for supplements has also increased the market demand.
Increase in awareness of consumers for a better cognitive and preventive health, enhanced number of self-directed consumers and channel proliferation is also anticipated to spur the growth over the forecast period. Although, lack of product knowledge and awareness as supplements may hinder the market growth over the forecast period.
Geographically, North America regional market is considered to be the major consumer of the smart drug and is also characterized by domicile of topmost industry players. High awareness in consumer population for cognitive and preventive health is expected to drive the regional market. Asia Pacific region is projected to be the fastest progressing regional market for nootropics. Countries such as India and China, with a history of natural and herbal based cognitive drugs, the foreign investment in collaboration with local players have substantially determined market growth and opportunities.
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The collaboration has allowed the local players to utilize the knowledge of a local drug and manufacture a nootropic product benefitting the companies in establishing a customer base in dietary supplement market in countries where natural/herbal drugs are considered effective. For instance, India and China, Ayurveda and Traditional Chinese Medication respectively offers various effective drugs for cognitive betterment.
Major key player in the nootropics market include Nootrobox Inc., Cephalon Inc., PureLife Bioscience Co. Ltd., Peak Nootropics, Nootrico, SupNootropic Biological Technology Co. Ltd., AlternaScript LLC, Accelerated Intelligence Inc., Onnit Labs LLC, Powder City LLC, Ceretropics, Nootropic Source, and Clarity Nootropics.
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