Most of the college students, professionals, and entrepreneurs are using smart drugs to maximize their mental capabilities. For instance, Piracetam improves memory in seniors experiencing age-related mental decline or dementia. These benefits of smart drugs are expected to propel the market growth for cognitive and memory enhancer drugs.
According to a new report published by Allied Market Research, titled, "Cognitive and Memory Enhancer Drugs Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global cognitive and memory enhancer drugs market was valued at $3,680 million in 2016, and is projected to reach $6,598 million by 2023, growing at a CAGR of 8.6% from 2017 to 2023. Namenda held more than one-fourth share of the total market in 2016.
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Cognitive and memory enhancers are the drugs or supplements, which help to improve the cognitive functions such as memory, creativity, and others in patients suffering from diseases such as neurological disorders as well as in healthy individuals. The major factors that contribute to the market growth include growth in geriatric population prone to neurological disorders such as Alzheimer.
Moreover, rise in adoption of cognitive drugs owing to its benefits such as improved physical and mental performance boosts the market growth. However, the ethical issues related with the use of such drugs restrain the growth of this market.
Namenda generated the maximum revenue in the global cognitive and memory enhancer drugs market in 2016, and is expected to dominate the market till 2023. Exelon segment is expected to register the highest CAGR of 10.9% during the forecast period, owing to increase in awareness among people towards improved physical performance.
Disease treatment application segment is expected to dominate the market in the future, owing to increase in the number of patients suffering from neurological diseases such as Alzheimer's. On the other hand, academic performance segment is estimated to exhibit a CAGR of 10.2% during the forecast period
Key Findings of the Cognitive And Memory Enhancer Drugs Market :
- Razadyne contributed for more than one-sixth share of the global cognitive and memory enhancer drugs market in 2016.
- Provigil is projected to grow at a significant CAGR of 10.4% during the analysis period.
- Athletic performance is expected to grow at a significant CAGR of 9.8% from 2017 to 2023.
- Germany and France were the major shareholders in 2016, together accounting for more than one-third share of the European cognitive and memory enhancer drugs market.
- Japan was the major shareholder in 2016, accounting for more than one-third share of the Asia-Pacific market.
The Asia-Pacific market is projected to grow at the highest CAGR of 9.6% during the forecast period, owing to improvement in healthcare infrastructure and rise in expenditures in the emerging markets (such as India and China) to cater to the unmet medical needs.
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The major companies profiled in the report are Pfizer Inc., Eisai Co., Ltd., Allergan, Inc., Novartis AG, Shire, Johnson & Johnson, Takeda Pharmaceutical Company Limited, AlternaScript LLC, Cephalon, Inc. (Teva Pharmaceutical Industries Ltd.), and Ceretropic.
Category: Market Research Publishers and RetailersCompany about: Allied Market Research is a global market research and business consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market dom ...