NEW YORK, June 13, 2022 /PRNewswire/ — As per the Zion Market Research study,The global cognitive and memory enhancer drugs market was at a value of $6 million in 2021 and is projected to reach over $8.5 million by 2028, at a compound annual growth rate of 5.5% over the forecast period. The report analyzes the cognitive and memory enhancer drugs market’s drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the global cognitive and memory enhancer drugs market.
Key Industry Insights &Findings of the Cognitive and Memory Enhancer Drugs Market Reports:
- As per the analysis shared by our research analyst, the Cognitive and Memory Enhancer Drugs Market is expected to grow annually at a CAGR of around 5.5% (2022-2028).
- Through the primary research, it was established that the Cognitive and Memory Enhancer Drugs Market was valued at approximately USD 6Million in 2021 and is projected to reach roughly USD 8.5 Million by 2028.
- North America leads the global cognitive and memory enhancer drugs market. The reasons for this lead are the increasing number of patients suffering from Alzheimer’s along with the rising older population.
- North America is followed by Europe which is also seen investing heavily in the global market share. Europe is attributed with a relatively higher standard of healthcare making it a leading contributor to the global market.
- Asia Pacific has been showing a growing trend towards contributing to the market given its rising concern for healthcare and it is expected to grow at the highest CAGR during the forecast period.
Zion Market Research published the latest report titled “Cognitive And Memory Enhancer Drugs Market By Drug Type (Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, Adderall, And Others), By Application (Disease Treatment, Academic Performance, Athletic Performance, And Others), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028“into their research database.
Cognitive and Memory Enhancer Drugs Market: Overview
Cognition is the process of mentally acquiring knowledge and understanding through experiences, senses, or thoughts. Cognitive and memory enhancer drugs or external supplements are intended to improve the cognitive capacity of an individual which includes executive functions like creativity, motivation, attention, and memory. These drugs are used for patients who face difficulty in maintaining an optimum level of cognitive functions. Patients who suffer from mental health issues like Alzheimer’s, Schizophrenia, Paranoia, and ADD are treated with these drugs to help them cope with the effects of the disorder.
For desired and optimum results, cognitive & memory enhancer drugs should be prescribed by certified medical practitioners. This is because the drugs have extreme potential and only the right dosage of these supplements can provide the patients with positive outcomes.
The market witnessed a slight decline in the years 2020 and 2021. One of the major reasons was Covid-19 and its impact. Some of the other reasons include the ill effects of mixing multiple types of medicines, given the unpredictable situations that arose due to Covid-19.
However, the market has grown steadily over the last couple of years and is showing signs of growth in the coming future. The global market is one of the most critical markets given the type of sensitivity these drugs and supplements deal with.
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Cognitive and Memory Enhancer Drugs Market: Growth Drivers
- Increase in the geriatric population & neurological diseases is a leading global market growth driver.
Geriatric refers to the population that suffers from declining health because of old age.
A general increase in the number of geriatric patients is one of the potential growth propellers for the global market. As per a report submitted by WHO, around 46 million of the world population suffer from dementia, a disorder related to memory.
The number of elderly people suffering from Alzheimer’s has increased over the years. Along with this, neurological disorders have been on a constant rise. These factors eventually push the global cognitive and memory enhancer drugs market forward.
- Increasing awareness of mental health is a recent but major reason for global market growth.
With discussions over mental health now taking the front row, awareness about the same has been at an all-time high. Along with this comes the need to treat these disorders driving the global market. Positive effects owing to cognitive & memory enhancer drugs are a contributing factor in the growth of the global market.
The cognitive & memory enhancer drugs have proven to be effective in treating multiple disorders. Patients or users have shown improved physical and mental health causing a high acceptance rate amongst the general population and acting as a global market driver.
- Anticipation for upcoming drugs and supplements will boost the global market growth
New developments in R&D and the production of better quality drugs or supplements are predicted to boost the global market growth in the coming years. The newer drugs are anticipated to have lesser side effects while providing better results.
Cognitive and Memory Enhancer Drugs Market: Restraints
- The unethical use of cognitive and memory enhancer drugs restricts the global market growth.
Unethical use means the use of drugs without proper medical consultation. The increase in the number of unethical use reported across the globe is a major restraining factor in global market growth. Contradictions related to ethical and unethical use of cognitive & memory enhancer drugs also contribute to restricting the global market from growing.
- The high cost of R & D prohibits market growth
The investment required for the research and development of newer or better supplements is very high. This restricts the capacity of drug producers from taking one step forward in the global cognitive and memory enhancer drugs market.
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Global Cognitive and Memory Enhancer Drugs Market: Opportunities
- Increase in neurological disorders to fuel growth opportunities in the global market.
A tremendous increase in detection and treatment of neurological disorders combined with an increasing number of geriatric patients is predicted to expand the growth opportunities for the global market.
- Untapped potential of medical drugs and supplements is a great opportunity to be explored.
The current global market situation is only the tip of the iceberg. The underlying potential of the global market is yet to be tapped which requires rigorous scientific research and development. With better investments, the global market has exceptional growth opportunities.
- Increase in medical facilities holds a large number of growth opportunities for the global market.
With the increasing number of medical facilities that provide cognitive and memory enhancer drugs, more patients will have access to the care they need. The easy accessibility to the necessary supplements can create a growth path for the global market.
Global Cognitive and Memory Enhancer Drugs Market: Challenges
- Managing the unethical practices is a major concern in the global market
One of the major challenges the global market has to overcome is the management of unethical practices and ethical contradictions that take place globally. Stricter rules to stop the unethical use of drugs are needed to overcome the challenge. Along with this more efforts need to be put in the direction of ethical practices.
- The high cost of production of drugs & supplements can hamper the growth of the global market
Medicinal drugs are expensive in many countries and require huge investment for production. This poses a challenge to the global reach of cognitive and memory enhancer drugs. Tracking the expense and keeping it under control is a challenging factor in the global market.
Global Cognitive and Memory Enhancer Drugs Market: Segmentation
- The global cognitive and memory enhancer drugs market is segmented based on drug type, application, and region.
Based on drug type, the global market is segmented into Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, and Adderall amongst others. Aricept had the largest market share in the past and is expected to lead the market share during the forecast period. This is owed to its relatively higher use in treating neurological disorders.
Based on application, the market is segmented into disease treatment, academic performance, and athletic performance. Disease treatment continues to witness maximum use of cognitive and memory enhancer drugs because of their effectiveness in treating Alzheimer’s and Parkinson’s disease.
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List of Key Players inCognitive and Memory Enhancer Drugs Market:
- Johnson and Johnson Services
- Teva Pharmaceutical Industries Ltd
- Eisai Co Ltd
- Takeda Pharmaceutical Company Ltd
- Novartis AG
- Torrent Pharmaceutical Inc.
Key questions answered in this report:
- What are the growth rate forecast and market size for Cognitive and Memory Enhancer Drugs Market?
- What are the key driving factors propelling the Cognitive and Memory Enhancer Drugs Market forward?
- What are the most important companies in the Cognitive and Memory Enhancer Drugs Market Industry?
- What segments does the Cognitive and Memory Enhancer Drugs Market cover?
- How can I receive a free copy of the Cognitive and Memory Enhancer Drugs Market sample report and company profiles?
Market size value in 2021
USD 6 Million
Revenue forecast in 2028
USD 8.5 Million
CAGR of almost 10.12% 2022-2028
2016 – 2021
2022 – 2028
By Product Type, By Application, and By End Use
Value (USD Million), and Volume (Units)
Revenue in USD million/billion and CAGR from 2022 to 2028
North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, and Rest of World
U.S., Canada, Mexico, U.K., Germany, France, Italy, Spain, China, India, Japan, South Korea, Brazil, Argentina, GCC Countries, and South Africa, among others
Johnson and Johnson Services, Teva Pharmaceutical Industries Ltd, AbbVie, Lundbeck, Eisai Co Ltd, Lilly, Sanofi, Takeda Pharmaceutical Company Ltd, Novartis AG, Pfizer, Biogen, Torrent Pharmaceutical, Inc.
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, market attractiveness analysis by segments and region, company market share analysis, and COVID-19 impact analysis.
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- In September 2021, a Bristol-led study recognized certain drug targets in the neural circuits that encipher memories, making a path for noteworthy developments in treating a wide array of brain disorders.
- In April 2022, a first-in-class oral compound aiming NMDA (N-methyl-D-aspartate) receptors turned out to be useful in a mid-stage clinical trial for Alzheimer’s disease, creating the base for a complete efficacy and safety study. A PAM (positive allosteric modulator) of NMDA receptor activity, SAGE-718, enhanced mean scores on 5 standard memory tests in twenty-six Alzheimer’s patients suffering from mild cognitive deficits.
- The global market is likely to be led by North America during the forecast period.
North America leads the global cognitive and memory enhancer drugs market. The reasons for this lead are the increasing number of patients suffering from Alzheimer’s along with the rising older population. The increased investment in novel products is also a leading cause for North America to become a global market leader.
North America is followed by Europe which is also seen investing heavily in the global market share. Europe is attributed with a relatively higher standard of healthcare making it a leading contributor to the global market.
From the emerging markets, Asia Pacific has been showing a growing trend towards contributing to the market given its rising concern for healthcare and it is expected to grow at the highest CAGR during the forecast period. This is owed to the increase in patients needing cognitive and memory enhancer drugs.
Latin America & Middle East have been showing a moderate contribution to the global market.
Global Cognitive and Memory Enhancer Drugs Market is segmented as follows:
Cognitive and Memory Enhancer Drugs Market:ByDrug Type Outlook(2022-2028)
Cognitive and Memory Enhancer Drugs Market: By ApplicationOutlook (2022-2028)
- Disease treatment
- Academic performance
- Athletic performance
Cognitive and Memory Enhancer Drugs Market:By Region Outlook(2022-2028)
- The UK
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Rest of Latin America
Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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