Data Bridge Market Research analyses that the nootropics market was valued at USD 10.90 billion in 2021 and is expected to reach USD 30.75 billion by 2029, registering a CAGR of 13.85% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.
Market Exploration and Proportions
In recent years, the nootropics market is anticipated to grow rapidly during the forecast period. Nootropics help the brain focus, which is very useful for athletes. As a result, businesses have targeted these customers carefully. For instance, Koios, a nootropic beverage company based in Colorado, promotes its products by hiring elite athletes for advertisements and supporting well-known e-sports teams. Citicoline, Choline bitartrate, Alpha-GPC, Caffeine, and N-Acetyl-L-Tyrosine are examples of naturally produced nootropics that aid in focus enhancement. To meet the overwhelming demand from consumers, goods makers have started releasing new products.
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Nootropics are supplements, smart medications, psychological enhancers, pharmaceuticals, or other substances that can help people with good health improve their cognitive function, specifically executive functions, motivation, creativity, and memory. These are available in both prescription as well as non-prescription forms. Prescription nootropics are drugs that are used to treat conditions such as Alzheimer's disease, attention deficit hyperactivity disorder (ADHD), and narcolepsy. Non-prescription medicines are used to improve concentration and brain performance rather than to treat ailments.
Nootropics Market Dynamics
Rise in the prevalence of COVID-19
The rising prevalence of COVID-19 across the globe is a major factor driving the nootropics market's growth rate. The COVID-19 pandemic contributed significantly to the increase in demand for nootropics, as consumers' preferences for brain-health enhancing supplements, drinks, and bars to improve their cognitive health evolved. Furthermore, because to the COVID-19 pandemic, various entrepreneurs and retailers gained from online nootropics sales.
Increase in the number of research and development activities
Moreover, the market's growth is fueled by an increase in the number of research and development activities. This will provide beneficial opportunities for the nootropics market growth. Along with this, rising drug approvals and launches will further propel the market’s growth rate.
Nootropics Market Share Study and Competitive Landscape
The Nootropics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to nootropics market.
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Some of the major companies operating in the nootropics market are:
Pfizer Inc. (US)
GlaxoSmithKline plc (UK)
Novartis AG (Switzerland)
Mylan N.V. (US)
Teva Pharmaceutical Industries Ltd. (Israel)
Johnson & Johnson Private Limited (US)
Cephalon A/S (Denmark)
Reckitt Benckiser Group PLC (UK)
Onnit Labs, Inc. (US)
Mental Mojo, LLC (US)
Opti-Nutra Ltd (UK)
Zhou Nutrition (Utah)
MAJOR TOC OF THE REPORT
Chapter One: Introduction
Chapter Two: Market Segmentation
Chapter Three: Market Overview
Chapter Four: Executive Summary
Chapter Five: Premium Insights
Chapter Six: Global Nootropics Market by Product & Procedure type
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