The global nootropics market size is projected to touch USD 4.94 billion by 2025, according to a new report by Million Insights. It is anticipated to grow at a CAGR of 12.5% through the forecast period of 2019 to 2025.Increasing expenditure on healthcare and wellness is expected to proliferate the demand. Additionally, increasing awareness regarding mental illness amongst millennials in emerging economies like India and China is anticipated to propel the product demand.
Memory enhancement application segment dominated the market in 2018 and is anticipated to continue dominating in the forecast period. Rising consumption of smart drugs amongst students to improvise their memory power and perform well in academics is expected to have a positive impact on the market growth. Some of the memory enhancement drugs are Modafinil, Adrafinil, Noopept, Phosphatidylserineand Phenylalanine. A considerable population belonging to the elderly age group and suffering from mild Alzheimer’s disease are also prescribed with these nootropics drugs. People having dementia also consume these drugs to overcome their impairment in memory and thinking.
Asia Pacific is anticipated to grow at the fastest CAGR of 18.8% over the forecast period. Rapid development of the professional, sports and academic industries is expected to propel the product demand. Increasing number of people suffering from Alzheimer’s disease in emerging countries is anticipated to broaden the demand for nootropics drugs over the coming years.
Key players functioning in the nootropics market include AlternaScript; Accelerated Intelligence Inc.; HVMN; Peak Nootropics; Onnit Labs, Inc.; Teva Pharmaceutical Industries; United Pharmacies; Purelife bioscience Co., Ltd.; Powder City and SupNootropic bio co., Ltd. Continuous innovation of products is one of the key expansion strategies for various companies. Increasing demand for natural ingredients in these products is motivating producers to invest immensely in R&D of natural nootropics and to broaden their product line.
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Further key findings from the report suggest:
• North America dominated the market with above 37% of share in the total revenue in 2018
• Asia Pacific is anticipated to grow at the fastest CAGR of 18.8% over the forecast period owing to burdening lifestyle and unhealthy diet patterns amongst the working population in growing economies is anticipated to propel the demand for nootropics drugs.
• Memory enhancement application segment dominated the market with more than 30% share in 2018 due to increase in consumption of nootropics products amongst students
• Online distribution channel is anticipated to grow at the fastest CAGR of 14.2% over the forecast period
• HVMN; Peak Nootropics; Onnit Labs, Inc.; Teva Pharmaceutical Industries; and United Pharmacies are some of the key players of the industry
Million Insights has segmented the global nootropics market on the basis of application, distribution channel and region:
Nootropics Application Outlook (Revenue, USD Million, 2015 - 2025)
• Memory Enhancement
• Mood & Depression
• Attention & Focus
• Longevity & Anti-aging
• Sleep & Recovery
Nootropics Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Nootropics Regional Outlook (Revenue, USD Million, 2015 - 2025)
• North America
• Asia Pacific
• Central & South America
• Middle East & Africa
• South Africa