21 March 2019
The global nootropics market is anticipated to expand with a rapid pace in the years to come on account of modernization and technological advancements. Increasing consumer spending on healthcare and wellness products, and rising awareness regarding benefits of the product can drive the market. Additionally, easy accessibility and cost-effectiveness of the product are expected to boost the sale of the product. Growing trend of cognitive enhancement among healthy people for professional advantage, academic success, personal improvement, athletic performance, and to sustain brain activities during old age is projected to boost the product demand in the years to come.
Growing trend of supplements is anticipated to support market growth in the coming years. High adoption of social media platform to promote the products can have a positive impact on market growth. Increasing adoption of nootropics among students is a key driving factor in the market. The product can enhance the efficiency of brain functions and protect the brain from chemical injuries. Memory enhancing nootropic medications improve learning and memory effect and develop the capability of learned behaviors to resist distraction. Furthermore, continuously growing competition in education and career is increasing the product demand among working professionals. Numerous people are preferring supplements and smart drugs to enhance concentration and grasping power, thereby boosting market growth. Moreover, these products are used in the treatment of several cognitive and age-related disorders, such as hyperactivity, Alzheimer’s disease, and Parkinson’s disease. Various individuals across the world are undergoing depression, and other emotional and mood disorders. Thus, increasing demand for mood enhancers is also projected to stimulate market growth in the years to come.
However, low awareness regarding the product among consumers, lack of organized treatment, and hesitation to visit neurologist or psychiatrist, especially in emerging countries can hamper market growth.
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Nootropics find their application in memory enhancement, attention and focus, sleep, anti-aging and longevity, anxiety, recovery, mood and depression, and dream enhancement. Memory enhancement holds a prominent share in terms of revenue. This could be attributed to continuously evolving education system and working environment, which involves workload, and mental and physical pressure. Mood and depression, and attention and focus are likely to emerge as prominent applications in near future due to growth of aging population, which is more vulnerable to dementia.
North America is one of the leading consumers of nootropics on account of high consciousness among consumers regarding preventive and cognitive health. Factors, such as presence of established players, large population pool, increasing number of self-directed consumers, and proliferation of distribution channel, are likely to support regional growth in the years to come. Furthermore, ongoing research activities by government and private organizations regarding cognitive enhancers and brain supplements are expected to create several opportunities for the regional market.
Asia Pacific is anticipated to witness the fastest growth in the coming years. Emerging countries, such as India and China, have a history of natural and herbal cognitive medicines, which improve the brain functions. Increasing foreign investment in partnership with regional players is anticipated to have a positive impact on regional market growth. Europe is projected to emerge as one of the promising regions in near future on account of growing geriatric population and increasing number of product launches.
The market in Middle East and Africa is expected to expand owing to increasing number of health-conscious consumers. Presence of new entrants in dietary supplements and nootropics business is also expected to supplement regional growth in the years to come.
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