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Nootropics market Report 2024 – Market Size, Trends, And Forecast 2024-2033
The Business Research Company's Nootropics Global Market Report 2024 – Market Size, Trends, And Forecast 2024-2033
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LONDON, GREATER LONDON, UK, September 11, 2024 /EINPresswire / -- The global nootropics market is poised for significant growth, expanding from $4.6 billion in 2023 to $5.29 billion in 2024, at a compound annual growth rate (CAGR) of 15.0%. This growth is fueled by an aging population, regulatory support, increased research and development, the expansion of e-commerce, and the rising popularity of esports. The market is expected to continue its upward trajectory, reaching $9.73 billion by 2028, with a higher CAGR of 16.5% during the forecast period. Key factors contributing to this growth include increasing stress and cognitive demands, globalization, rising disposable incomes, heightened mental health awareness, and the expansion of emerging markets.
Elevated Health and Wellness Spending Boosts Nootropics Market Growth
The rising expenditure on health and wellness is a major driver of the nootropics market. As individuals increasingly prioritize mental health and physical well-being, the demand for nootropics, which support cognitive function, is expected to rise. For example, in 2021, the Centers for Medicare & Medicaid Services reported that prescription drug spending in the U.S. grew by 7.8% to $378.0 billion. The overall increase in healthcare spending, including significant growth in Medicare and Medicaid expenditures, underscores the expanding market for wellness products, including nootropics.
Explore comprehensive insights into the global nootropics market with a detailed sample report:
Key Players and Market Trends
The nootropics market features prominent companies such as Accelerated Intelligence Inc., AlternaScript Inc., and Health Via Modern Nutrition Inc. These companies, along with others like TruBrain, PepsiCo, and Onnit Labs LLC, are actively innovating to meet growing consumer demand. A notable trend in the market is the increasing adoption of vegan nootropics. For instance, in July 2022, BioAdaptives Inc. launched MindMemory, a plant-based supplement designed to enhance memory and focus, reflecting the market's shift toward natural and ethical products.
Segments:
. By Drug Type: Prescription Nootropics, OTC Nootropics
. By Form: Capsules or Tablets, Powder, Drinks, Other Forms
. By Distribution Channel: Offline, Online
. By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
Geographical Insights: North America Leading the Market
North America was the largest region in the nootropics market in 2023, driven by high consumer awareness and spending power. However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, supported by rising disposable incomes and increasing mental health awareness.
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Nootropics Global Market Report 2024 from The Business Research Company covers the following information:
.Market size data for the forecast period: Historical and Future
.Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
.Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Nootropics Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on nootropics market size, nootropics market drivers and trends, nootropics market major players, nootropics competitors' revenues, nootropics market positioning, and nootropics market growth across geographies. The nootropics market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.