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Increase in Alzheimer's Disease is Projected to Drive Market Growth Nootropic Products Market
HYDERABAD , TELANGANA , INDIA, November 24, 2022/einpresswire.com / -- IndustryARC, in its latest report, predicts that the nootropic products market size is estimated to reach $5.9 billion by 2027, growing at a CAGR of 11.8% during the forecast period 2022-2027. Nootropics are natural or synthetic substances that act as cognitive enhancers for the user. They can be used in various applications such boost motivation, increasing creativity, and reducing anxiety. The rise in the global geriatric population is anticipated to drive the demand for nootropic products during the forecast period. However, low awareness levels in developing regions are challenging the growth of the nootropic products industry. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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Key Takeaways:
This IndustryARC report on the Nootropic Products Market highlights the following areas -
1. Geographically, the North American Nootropic Products market accounted for the largest share in 2021 owing to high disposable income and rising awareness levels of the product's benefits among the population.
2. An increase in the demand for memory enhancement products among college students and working professionals are driving the market during the forecast period. However, side effects associated with the prolonged use of nootropic products are anticipated to challenge growth.
3. Detailed analysis on the Strength, Weaknesses, and Opportunities of the prominent players operating in the market will be provided in the Nootropic Products Market Report.
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Segmental Analysis:
Nootropic Products Market Segment Analysis-By Application: The Memory Enhancement segment is anticipated to have the largest share of the market in 2021 and is poised to dominate the Nootropic Products market during the forecast period 2022-2027. The growth of the segment is attributed to the rise in the consumption of memory enhancement drugs and supplements by students to improve academic performance.
Nootropic Products Market Segment Analysis-By Distribution Channel: The Offline Channel segment accounted for the largest share of the market in 2021. Offline Channel can be further segmented into Hypermarkets and Supermarkets, Pharmaceutical stores, and Others. The growth of this segment can be attributed to a large number of offline stores in developed countries and the increasing penetration of supermarkets and pharmaceutical outlets in major developing regions.
Nootropic Products Market Segment Analysis-By Geography: The North American segment is projected to dominate the Nootropic Products market during the forecast period 2022-2027 with a market share of 34% owing to the presence of highly developed healthcare infrastructure, rising geriatric population, high disposable income, and increase in population suffering from conditions such as ADHD and Depression.the increase in the adoption of herbal nootropic drugs in the Asia Pacific is another major factor driving the growth.
Competitive Landscape:
The top 5 players in the Nootropic Products industry are -
1. Onnit
2. Purelife Bioscience Co
3.Peak Nootropics
4. AlternaScript LLC
5. Accelerated Intelligence
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