Nootropics Market Analysis – What Factors will drive the Market in Upcoming Years
According to the latest report published by Credence Research, Inc. “Nootropics Market – Growth, Future Prospects and Competitive Analysis, 2016-2024,” the global nootropics market was valued at USD 1,346.5 Mn in 2015, and is expected to reach USD 6,059.4 Mn by 2024, expanding at a CAGR of 17.9% from 2016 to 2024.
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This report gives a comprehensive survey of the Nootropics market in the US and its state as of 2018. It gives a complete analysis of the industry, its dynamics, and structure.
The purpose of this research study titled ‘Nootropics Market – Growth, Future Prospects, and Competitive Analysis, 2016 – 2024’ is to provide investors, developers, company executives and industry participants with in-depth analysis to allow them to take strategic initiatives and decisions related to the prospects in the global nootropics products market. This report presents and analyzes the major trends prevalent in the global nootropics market and the market size and forecast.
Based on application types:
this report studies the global nootropics market into memory enhancement, mood and depression, attention and focus, longevity and anti-aging, sleep, recovery and dream enhancement, and anxiety applications. Market size and forecast for each mentioned segment for the period 2014-2024 is presented in the report along with respective CAGRs for the forecast duration 2016-2024.
The global nootropics market is studied for the following applications:
- Memory Enhancement
- Mood and Depression
- Attention and Focus
- Longevity and Anti-aging
- Sleep, Recovery and Dream Enhancement
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Nootropics, also known as cognitive enhancers are drugs and natural extracts that improve cognitive functions such as memory, creativity, motivation in healthy individuals. Nootropics have been available in the market for several decades and were made of ingredients such as multivitamins and caffeine – substances that the FDA has approved as dietary supplements and classified as GRAS (generally regarded as safe). At present, these products are being repackaged, repurposed and sold to academic and professional overachievers to augment their brain function. Companies operating in this space primarily succeed as lifestyle brands through smart marketing. However they can only be recognized as healthcare brands only after they develop products that secure regulatory approval thus establishing certified efficacy and safety to their products.
Among the key applications of nootropics, memory enhancement currently holds the largest revenue share and it is anticipated that the segment will maintain its lead through the forecast period 2016-2024. Major factors favoring the demand for memory enhancing nootropics include growing awareness among students and executives about the promised benefits of nootropics, easy accessibility, and the booming market for supplements. The memory enhancing nootropic drugs enhance learning and memory effect, enhance the ability of learned behaviors to resist disruption, enhance the efficiency of your brain functions and protect the brain from chemical injuries. Memory enhancement segment for nootropics was valued at USD 391.6 Mn in 2015.
North America is the largest consumer of nootropics and is also characterized by domicile of topmost market players. Large population pool, high awareness in consumer population for preventive and cognitive health, rise of the self-directed consumer, and channel proliferation are the key factors driving the dominance of North America nootropics market. On the other hand, Asia Pacific is anticipated to be the fastest progressing regional market for nootropics. While in countries like China and India having a great history of natural and herbal based cognitive drugs that boosts the brain functions and other body functions, the foreign investment in collaboration with the local players have determined substantial growth in the nootropics market and the overall dietary supplements market.
The detailed regional classification of the global nootropics market is as follows:
- North America (U.S. & Canada)
- Europe (U.K., Germany and Rest of Europe)
- Asia-Pacific (Japan, China and Rest of Asia-Pacific)
- Latin America
- Middle East and Africa
This report also includes qualitative assessment factors such as market dynamics (drivers, challenges and opportunities) to have a good understanding of the current and anticipated market trends. Competition assessment tools such as market attractiveness assessment and competitive landscape analysis by key players are also presented in the study. This report also includes profiling of top 30 nootropics commercially available in the global market. Furthermore, this report concludes with profiling of key market players currently enjoying prominent position in the market. Some of the key players profiled in this report are 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, Ceretropic, Nootropic Source, and Clarity Nootropics.
[The report is originally published on Credence Research Inc.]
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