29-Jun-2022 | Zion Market Research
The global cognitive and memory enhancer drugs market was at a value of $6 million in 2021 and is projected to reach over $8.5 million by 20302028, at a compound annual growth rate of 5.5% over the forecast period.
Cognitive enhancers alternatively also known as nootropics are medicinal drugs taken for the purpose of increasing mental alertness, improving memory, and concentration along with generating higher energy levels. There are multiple types of cognitive drugs where some are pharmaceutical products manufactured for the purpose of treating medical conditions like narcolepsy, fatigue, and attention deficit disorder, along with some non-medical use of these drugs that involve improvement of cognitive performance.
Currently, there are 5 drugs approved by the FDA which are being used in the global cognitive and memory enhancer drug market. They are Memantine (Namenda), Rivastigmine (Exelon), Donepezil (Aricept), Namzaric, and Galantamine (Razadyne).
Although there is no conclusive evidence on how cognitive and memory enhancer drugs work, the general idea is that they affect different body organs at the same time. For example, in some cases, they assist in increasing blood flow to the brain whereas some drugs aid the rise in the body's adrenaline level while some work on the number of neurotransmitters like dopamine present in the body.
The global market growth witnessed a slight decline during Covid-19 because of a shift in the focus of healthcare infrastructure towards Covid-19 patients and the non-Covid-19 healthcare section took a backseat for some time while the virus was being contained.
The global cognitive and memory enhancer drugs market is expected to grow because of the rising geriatric population across the globe. The elderly population is one of the largest consumers of cognition-improving drugs given the mental deterioration they suffer through. There is also an increase in the number of reported cases of neurodegenerative diseases. Since memory enhancer drugs are extensively used in the treatment of such diseases, the global market is projected to grow with an increase in patients suffering from mental disorders like Parkinson’s, Alzheimer's, etc. The regular and prescribed use of these drugs has proven to be effective in many cases and the benefits offered by them along with exhaustive R&D on understanding the working of such drugs coupled with the ongoing development of newer drugs is expected to aid the global market growth during the projection period.
The unethical use of cognitive and memory enhancer drugs restricts the global market growth whereas the increase in neurological disorders is expected to fuel growth opportunities in the global market along with some challenges because of the high cost of production of drugs & supplements.
The global cognitive and memory enhancer drugs market is segmented based on drug type, application, and region.
Based on drug types, the global market is segmented into Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, and Adderall amongst others. Aricept had the largest market share in the past and is expected to lead the market share during the forecast period. This is owed to its relatively higher use in treating neurological disorders.
Based on applications, the market is segmented into disease treatment, academic performance, and athletic performance. Disease treatment continues to witness maximum use of cognitive and memory enhancer drugs because of their effectiveness in treating Alzheimer's and Parkinson's disease.
North America is anticipated to lead the global cognitive and memory enhancer drugs market growth because of the advanced healthcare infrastructure of regions like the USA and Canada along with rising awareness amongst the general population about mental health and a higher rate of acceptance for the treatment of mental disorders. The region also has a large-scale presence of multiple manufacturers and providers of cognitive and memory enhancer drugs which are expected to aid the regional growth.
Europe and Asia-Pacific are projected to register higher CAGR in the coming years because of rising population, presence of multiple treatment facilities, and growing medical tourism.
Latin America and Africa are showing balanced signs of growth owing to the presence of lower disposable income of consumer groups and the absence of necessary medical facilities.
Some of the biggest market leaders depending on their contributions to the global cognitive and memory enhancer drugs market are Johnson and Johnson Services, Teva Pharmaceutical Industries Ltd, AbbVie, Lundbeck, Eisai Co Ltd, Lilly, Sanofi, Takeda Pharmaceutical Company Ltd, Novartis AG, Pfizer, Biogen, Torrent Pharmaceutical, Inc.
Browse the full “Cognitive And Memory Enhancer Drugs Market By Drug Type (Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, Adderall, And Others), By Application (Disease Treatment, Academic Performance, Athletic Performance, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/cognitive-and-memory-enhancer-drugs-market
The global cognitive and memory enhancer drugs market is segmented as follows:
By Drug type
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