Increasing demand for mind boosters is driving the growth in Global Nootropics Market in the forecast period, 2022-2026.
The rising instance of such mental illnesses is further enunciating the growth of the global nootropics market in the upcoming five years. Rapidly increasing research and drug development for the effects like enhancing cognitive thinking, managing executive functions, enhancing psychological parameters is further substantiating the growth of the global nootropics market in the next five years. Moreover, rapidly surging demands from the student population as an enhancer for concentrations and focus for their studies, to improve their curricular activities, etc. is also supporting the growth of the global nootropics market in the future five years of forecast until 2026.
Nootropics are the drugs, supplements and related components that are expected to work efficiently in increasing and enhancing brain activities like cognitive thinking, executive functioning of the brain, higher memory retention, and creating senses of healthy motivation for the individuals. Patients suffering from mood swings, depression, lack of attention and focus, and sleep disorders are often prescribed nootropics for their recovery. The substance is often associated with the term “smart drugs” for their functions and effects they produce over the consumer.
In April 2019, Reckitt Benckiser, global producer of popular consumer health, hygiene and home products, launched Neuriva, a dietary supplement and holistic approach to support brain health. In September 2018, Koios Beverage Corp. announced the launch of two additional products its existing line of beverages. The first product is a beverage infused with cannabidiol (CBD), a cannabinoid derived from hemp plants, along with Koios' proprietary nootropic stack.
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The global nootropics market is segmented by type, product type, distribution channel, application channel, regional distribution, and competitional analysis. Based on product type, the market is again divided between natural and synthetic nootropics drugs. Natural nootropics drugs are anticipated to hold the largest revenue shares and dominate the market segment on the backbone of rising inclination of the consumers toward herbal and plant-based nootropics.
Natural nootropics like caffeine, matcha tea, green tea, beets, peanuts, eggs, liver, Brahmi, arctic root, turmeric, ginseng, pine bark, etc. have grown popular in the recent years and their demands is rising among the consumers owing to their growing popularity. Moreover, rising vegan population is also influencing the growth of the natural nootropics and thereby substantiating the growth of the global nootropics market in the next five years.
Based on type, the market is further differentiated between prescription and over the counter nootropics drugs. Prescription nootropics drugs are anticipated to hold the largest revenue shares of the market and assert its dominance over the market segment in the upcoming five years on the account of rapidly increasing cases of depression, mood swings, anxiety, and stress. The patients suffering from such mental health issues can control their symptoms and these drugs help them to facilitate their thoughts. Also, concerned legalities and ethical issues have made it essential for the prescription to be produced to purchase the nootropics drugs thereby supporting the growth of the global nootropics market in the next five years.
Holding the major shares of the global nootropics market are Accelerated Intelligence Inc., AlternaScript LLC, Onnit Labs, Inc., Peak Nootropics LLC, Teva Pharmaceutical Industries Ltd., Purelife bioscience Co., Ltd, SupNootropic bio co., Ltd, Cephalon, Inc., United Pharmacies (UK) Ltd., Nootrobox Inc. (HVMN), among others. Market players are actively involved in the research and technological development in the product developments. The advanced technology has made it possible for the industry to provide excellent services through nootropics drugs. Further advancement would aid the market value and brand establishment in the future five years. New market players may focus on the research and development to provide options that satisfies the consumer demand as well as benefits the market players in building their brand value. Other competitive strategies include mergers & acquisitions and new product developments.
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“Asia Pacific is anticipated to hold the largest revenue generating region in the future five years. The trend of using nootropics for the enhancement of focus and concentration among the student’s population is rapidly increasing and aiding the growth of the global nootropics market in the upcoming five years. Moreover, higher awareness about effects of nootropics among the population for preventive and cognitive health along with the self-directed consumers is substantiating the growth of the market in future five years. New market players are advised to focus on research and drug development along with the affirmations from FDA and other legal bodies for the sales of the nootropics drugs and thus substantiate their position in the market,” said Mr. Karan Chechi, Research Director with TechSci Research, a research based Global management consulting firm.
“Global Nootropics Market By Type (Prescription v/s Over the Counter) By Product Type (Natural v/s Synthetic) By Distribution Channel (Online v/s Offline) By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, Anxiety, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future growth potential of global nootropics and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global nootropics market.
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