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Nootropics and smart drugs, also known as intellectual enhancers, are natural or synthetic medications that boost cognitive functions, particularly learning & memory. Nootropics were accessible in the market since years and were made of ingredients such as multivitamins and caffeine – substances endorsed by U.S.FDA as dietary enhancements and delegated GRAS (generally regarded as safe). According to the World Health Organization, an estimated 300 million people are affected by depression globally, where women are more affected than men. Nootropics are expected to be used as supplements or drugs to treat diseases such as dementia, cognitive disorders that are age-related, Alzheimer's disease, hyperactivity, Parkinson's disease among others leading to the increase in nootropic market demand.
Increased awareness, easy accessibility, and cost-effectiveness of the nootropic products are the factors driving the growth of the global nootropics market. The increasing patient pool under depression and the prevalence of mental disorders are some of the major factors propelling the growth of the global nootropics market.
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However, lack of proper treatment and hesitation to visit neurologist or psychiatrist in emerging countries, and side effects such as headaches, insomnia, and fatigue are factors restraining the growth of the global nootropic market.
Some of the major companies operating in the global nootropics market are Purelife bioscience Co., Ltd., TruBrain, HVMN Inc., Peak Nootropics, AlternaScript HQ, SupNootropic bio co. Ltd, Accelerated Intelligence, Inc., Onnit Labs LLC, Clarity Nootropics, OptiMind, and others.
· Memory enhancement
· Mood & Depression
· Attention & Focus
· Anti-aging & longevity
By Distribution Channel
· Hospital Pharmacies
· Online Pharmacies
· North America (USA and Canada)
· Europe (UK, Germany, France, Italy, Spain, Scandinavia, and Rest of Europe)
· Asia Pacific (Japan, China, India, Australia, Southeast Asia, and Rest of Asia Pacific)
· Latin America (Brazil, Mexico and Rest of Latin America)
· Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Among the segmentation, memory enhancement in the application segment accounts for a larger share in terms of revenue owing to the rapidly evolving education system that involves workload and mental stress. Moreover, the increasing aging population is at higher risk of developing dementia, which in turn is boosting the memory enhancement segment.
Geographically, the global nootropic market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America accounted for the highest share in the global nootropic market in 2017. The increasing number of patients suffering from mental illness, depression, and anxiety due to unhealthy lifestyle and food habits are some of the factors propelling the nootropic market growth in the region. According to the Anxiety and Depression Association of America, anxiety disorders are the most common mental illness in the U.S., affecting 40 million adults in the United States or 18.1% of the population every year. Europe and the Asia Pacific are projected to have a significant CAGR, due to the high demand of the nootropics in the region. Increasing incidence and prevalence of Alzheimer’s disease, Parkinson's disease, and other mental disorders, ncreasing the demand for nootropics in the Asia Pacific and Europe regions.
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