Global Nootropics Market Is Expected To Reach USD 6,059.4 Mn by 2024| Credence Research

Global Nootropics Market Is Expected To Reach USD 6,059.4 Mn by 2024| Credence Research

According to the latest report published by Credence Research, Inc. “Nootropics Market — Growth, Future Prospects, and Competitive Analysis, 2016–2024,” the global nootropic market was valued at USD 1,346.5 million in 2015 and is expected to reach USD 6,059.4 million by 2024, increasing to CAGR by 17.9 per cent from 2016 to 2024.

Market Insights

Nootropics, also known as cognitive enhancers, are drugs and natural extracts that enhance cognitive functions such as memory, creativity, and motivation in healthy individuals. Nootropics have been available on the market for several decades and have been made from ingredients such as multivitamins and caffeine–substances approved by the FDA as dietary supplements and classified as GRAS (generally considered safe). These products are currently being repackaged, repurposed and sold to academic and professional overachievers to enhance their brain function. Companies operating in this area are primarily successful as lifestyle brands through smart marketing. However, they can only be recognized as healthcare brands after they have developed products that secure regulatory approval, thereby establishing the certified efficacy and safety of their products.

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Among the key applications of nootropics, memory enhancement currently holds the largest revenue share and is expected to continue to lead the segment in the 2016–2024 forecast period. Major factors favoring the demand for memory enhancing nootropics include increasing awareness among students and executives of the promised benefits of nootropics, easy accessibility, and a booming supplement market. Memory-enhancing nootropic drugs enhance learning and memory effects, enhance the ability of learned behaviors to withstand disruption, enhance the effectiveness of brain function and protect the brain from chemical injuries. The Nootropics Memory Enhancement segment was valued at USD 391.6 million in 2015.

Geographically, North America is the largest consumer of nootropics and also the home of the top market players. A large pool of population, a high level of consumer awareness of preventive and cognitive health, the rise of self-directed consumers and the spread of channels are key factors driving the dominance of the North American nootropic market. On the other hand, Asia Pacific is expected to be the fastest-growing regional market for nootropics. While countries like China and India have a long history of natural and herbal cognitive drugs that boost brain function and other body functions, foreign investment in collaboration with local players has shown significant growth in the nootropic market and the overall market for dietary supplements.

Nootropics are a relatively new entrant in the supplements market and are featured by the emergence of several new and niche market entrants. Some of the key players in the global nootropics market are Nootrobox Inc., Cephalon Inc., PureLife Bioscience Co. Ltd., Peak Nootropics, Nootrico, SupNootropic Biological Technology Co. Ltd., AlternaScript LLC, Accelerated Intelligence Inc., Onnit Labs LLC, Powder City LLC, Ceretropics, Nootropic Source, Clarity Nootropics, and several others.

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Market Segmentation

By Application Type

  • Memory Enhancement
  • Mood and Depression
  • Attention and Focus
  • Longevity and Anti-aging
  • Sleep, Recovery and Dream Enhancement
  • Anxiety

By Geography Segment Type

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa, Latin America)

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