The global Memory Enhancement Drugs Market is estimated to be valued at US$ 8.6 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Memory enhancement drugs help in improving memory and cognitive functions in healthy individuals. They are used to combat memory loss, aging and lack of concentration.
Market key trends:
One of the major trends in the memory enhancement drugs market is the shift towards nootropic supplements. Many companies are focusing on developing natural supplements derived from plant and herbal extracts for enhancing memory and other cognitive functions. For instance, ginseng extracts are often used in memory supplements owing to presence of ginsenosides known to support memory, focus and brain health. Further, supplements containing ingredients like Bacopa monnieri, Ginkgo biloba etc. are gaining popularity as they are perceived to be safer alternatives to prescription drugs.
Market key trends:
The market has been witnessing rising adoption of nootropic supplements (also known as smart drugs) which are designed to improve cognitive functions such as creativity, motivation, memory and concentration. Many students and professionals are increasingly consuming nootropics as study/work aids. Further, with growing prevalence of neurological conditions like Alzheimer’s and dementia, the demand for drugs that can enhance memory and treat such conditions has been on the rise. This has been a key driver of growth in the memory enhancement drugs market over the past few years.
SWOT Analysis
Strength: Growing prevalence of neurological diseases like Alzheimer’s disease has fueled the demand for effective memory drugs.
Weakness: Potential side effects associated with memory enhancement drugs such as headache, nausea, anxiety, and liver toxicity.
Opportunity: Increasing adoption of natural/herbal memory boosters offers new opportunities for market players.
Threats: Stringent regulations for approval of new compounds and high costs associated with drug development are key challenges.
Key Takeaways
The global Memory Enhancement Drugs market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing adoption of nootropic supplements as study/work aids.
Regionally, North America is expected to dominate the market during the forecast period. This is attributed to rising prevalence of cognitive diseases, strong healthcare infrastructure, and high awareness.
Key players operating in the Memory Enhancement Drugs market are Pfizer Inc., UCB S.A., Takeda Pharmaceutical Company, Shire plc., Sanochemia Pharmazeutika AG, Allergan plc., Novartis AG, Alkem Laboratories Ltd., Paradigm Healthcare, Intas Pharmaceutical Ltd., Taurus Laboratories Pvt. Ltd.