According to the current analysis of Reports and Data, the global nootropics market was valued at USD 2,551.8 Million in 2020 and is expected to reach USD 6,690.6 Million by the year 2028, at a CAGR of 12.7%. Nootropics are compounds that enhance the cognitive performance of an individual. These substance, also known as smart drugs, are a class of ingredients which can boost the memory, enhance creativity levels, decision making capabilities and improve brain performance. Nootropics medication are of two types, prescription and nonprescription. Prescription medication gives stimulant effects, counteracting the symptoms of medical conditions such as attention deficit hyperactivity disorder (ADHD), Alzheimer's disease, or narcolepsy while nonprescription medications are used to boost mental performance due to their cholinergic mechanisms.
The market for these substances is anticipated to get augmented by factors such as the increasing demand for brain boosters owing to the competitive work environment across various domains, rising demand from the sports industry for brain and improved decision making, and the growing awareness regarding mental illnesses. However, the side effects associated with regular consumption of these pills, lack of awareness among consumers regarding these products, addiction to the drug and hesitation among people to visit psychiatrists or neurologists in emerging countries would impede the growth of this market.
With the increasing number of nootropic consumers, more recently, the drug modafinil (brand name: Provigil) has become the brain-booster of choice. Modafinil is intended to improve wakefulness in people with narcolepsy, obstructive sleep apnea, or work condition change according to the FDA. But when people take it without these factors, it has been related to changes in alertness, strength, decision-making and concentration. Other leading pharmaceutical companies in this domain are focused on bringing new products in the market with multiple functions. For instance, Neurohacker Collective, the human optimization company, launched the first liquid nootropic, Qualia Nootropic Energy Shot, claimed to improve brain energy levels.
North America holds the highest market share in this industry with the highest number of nootropics consumers in the region. A large percentage of adult population in this region consumes multi-vitamin tablets for improving functional abilities. Moreover, the U.S. Food and Drug Administration has classified the nonprescription product as Generally Regarded as Safe (GRAS).
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The report provides a panoramic view of the market and insights that will help formulate better business decisions. In addition to that, the study helps well-established companies and players gain a deeper understanding of the market and make informed decisions. The report also discusses in detail about the key factors influencing the market growth.
Key companies operating in the market include:
Accelerated Intelligence Inc., AlternaScript; HVMN, Onnit Labs, Inc., Peak Nootropics, Teva Pharmaceutical Industries, Purelife bioscience Co., Ltd., United Pharmacies, SupNootropic bio co., Ltd., and Powder City
The report covers an extensive analysis of the key market players in the market along with their business overview, expansion plans, and strategies. The report also focuses on recent strategic alliances in the market including mergers and acquisitions, joint ventures, partnerships, agreements, corporate and government deals, product launches, and brand promotions, among others.
The report aims to provide a better understanding of the market dynamics and the workings of the industry on a global level. To gain a deeper understanding of the industry, the global Nootropics market is further segmented on the basis of key geographical regions such as North America, Latin America, Europe, Asia-Pacific, and the Middle East Africa. The report also offers a country-wise analysis to provide crucial insights into market size, market growth, market revenue growth, and economic growth in each region.
On basis of product types and application offered by the Nootropics industry, the market is segmented into:
Drug Type Outlook (Revenue in Million USD; 2020–2028)
- Prescription Nootropics
- Modafinil (Provigil)
- Methylphenidate (Ritalin)
- Memantine (Axura)
- OTC Nootropics
- Ginkgo Biloba
- Panax Ginseng
- Rhodiola Rosea
- Creatine monohydrate
- Bacopa monnieri
- Omega-3 fatty acids
Application Outlook (Revenue in Million USD; 2020–2028)
- Memory Enhancement
- Mood Depression
- Attention Focus
- Longevity Anti-aging
- Sleep Recovery
Distribution Channel Outlook (Revenue in Million USD; 2020–2028)
The regional analysis covers:
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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Benefits of Nootropics Market Report:
- Panoramic overview of the opportunities and risks in the Nootropics sector
- Study of recent innovations and developments in the industry
- Comprehensive study of the growth pattern of the Nootropics industry
- In-depth assessment of the competitive landscape of the key players of the Nootropics industry
- Analysis of the Nootropics market drivers, constraints, and opportunities
- Assessment of technological developments and latest trends of the industry
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