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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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.
Geographically, 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.
Nootropics is a relatively new entrant in the supplements market and is featured by emergence of several new and niche market entrants. Some of the key players in the global nootropics market 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, Ceretropics, Nootropic Source, Clarity Nootropics and several others.
The global nootropics market is studied for the following applications:
Nootropics, or smart drugs comprise compounds that enhance brain function. These drugs are becoming increasingly popular in the developed world to give the mind an extra boost. Several nootropics claim promising benefits such as focus, motivation and boosting memory and there is research in place to support their specific claims. Yet, a majority of effective nootropics are not intended for use without prescription to treat a specific condition; moreover, recreational use of nootropics is highly debated among physicians and researchers. Among the application types, nootropics find the widest application in memory enhancement. Students, entrepreneurs, investment bankers, scientists, artists, and Silicon Valley incumbents are increasingly opting for memory enhancers to sharpen their minds in order to gain competitive edge. Memory enhancing nootropics augment learning capacity and information retention, resist disruption, increase brain functions and protect the brain form chemical harms. At present memory enhancing nootropics hold the largest market share due to growing awareness with respect to the promised benefits to students and working population.
Geographically, the global nootropics market is cumulative to North America, Europe, Asia-Pacific, Middle East and Africa and Latin America.
In the base 2015, North America was observed as the largest market for nootropic drugs. The rising population, increased consumer awareness for preventive and cognitive healthcare, the rise of the self-directed consumer, and channel proliferation are the factors that drive the nootropics market in North America. Europe accounted for the second largest market for nootropic drugs. The market is driven by the substantial increase in the demand for cognitive healthcare products among the youths in the region. Asia Pacific is anticipated to the fastest growing nootropic market. The major reason being the population in the region supported by the favorable regulatory scenario in the region. Moreover, growth of emerging markets, interest in innovative delivery formats, consumer awareness regarding the benefits of nootropic drugs and new product availability are the major drivers for the market.
The detailed regional classification of the global nootropics market is as follows:
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