(MENAFN- GetNews) According to a new report by Grand View Research, Inc. the global nootropics market size was valued at USD 2.17 billion in 2018 and is expected to expand at a CAGR of 12.5% during the forecast period. Rising demand for brain booster and smart drugs is anticipated to drive the growth. A large number of students and professionals consume these smart drugs to improve focus and memory.
The global nootropics market size is expected to reach USD 4.94 billion by 2025, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 12.5% during the forecast period. Rising expenditure on wellness and healthcare is anticipated to fuel the growth. In addition, rising awareness regarding mental health among millennials in developing countries including China and India is expected to boost the demand for nootropics.
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The memory enhancement application segment led the nootropics market in 2018 and it is expected to continue leading over the forecast period. Increasing consumption of smart drugs to gain a competitive advantage in academic performance is expected to positively influence the growth. Adrafinil, Noopept, Modafinil, Phosphatidylserine, and Phenylalanine Nootropics help improve memory. A significant part of the elderly population with mild Alzheimer's disease is also prescribed with these medications. In 2018, around 46 million people were suffering from Alzheimer's disease and dementia across the world. Finland, U.S., Canada, Iceland, and Sweden have the highest population of dementia patients. This factor is anticipated to drive the demand for nootropics.
Further key findings from the report suggest:
North America held the largest market share of more than 37% in terms of revenue in 2018
Asia Pacific is expected expand at the fastest CAGR of 18.8% from 2019 to 2025. Hectic lifestyle and fluctuating diet patterns among working population in developing countries is expected to promote the demand for of nootropics drugs
Memory enhancement application held the largest market share of over 30% in 2018, owing to increased consumption of these products among students
Online distribution channel is expected register the fastest CAGR of 14.2% from 2019 to 2025
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Asia Pacific is expected to register the fastest CAGR in the upcoming years. Rapid growth of the academic, professional, and sports industries is anticipated to fuel the regional product demand. Rising prevalence of Alzheimer's disease in the developing countries is expected to widen the scope of demand for nootropics in the forthcoming years.
Key competitors operating in the nootropics 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. Product innovation is one of the major business expansion strategies adopted by the market players. Growing demand for natural products is encouraging the manufacturers to invest more in R & D of natural nootropics and to expand their product portfolio.
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Grand View Research has segmented the global nootropics market on the basis of application, distribution channel, and region:
Nootropics Application Outlook (Revenue, USD Million, 2015 - 2025)
Mood & Depression
Attention & Focus
Longevity & Anti-aging
Sleep & Recovery
Nootropics Distribution Channel Outlook (Revenue, USD Million, 2015 - 2025)
Nootropics Region Outlook (Revenue, USD Million, 2015 - 2025)
Central & South America
Middle East & Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research Guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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