Brain health supplements are preferred and used for majorly geriatric and pediatric population for improving concentration, mood, and focus. Brain health supplements are mainly used to improve brain activities and functions in patients suffering from depression and anxiety disorders.
The global brain health supplements market is estimated to be valued at US$ 7,038.0 million in 2020 and is expected to exhibit a CAGR of 8.5% during the forecast period (2020-2027).
Figure 1. Global Brain Health Supplements Market Value (US$ Mn), by Region, 2020
The increasing prevalence of mental health disorders is expected to propel the market growth during the forecast period.
The increasing geriatric population suffering from diseases such as Alzheimer’s, depression, and anxiety among others are expected to drive growth of the brain health supplements market during the forecast period. For instance, according to the Institute of Health Metrics and Evaluation (IHME), and Global Burden of Disease (GBD), in April 2018, around 10.7% (792 million) of the global population is estimated to suffer from a mental health disorder. Among these, depression cases were around 264 million and anxiety cases were around 284 million in 2017. According to the Global Burden of Disease Study 2015, the estimated number of people with anxiety disorders was 264 million, representing a 14.5% increase from people with anxiety disorders in 2005.
|Base Year:||2019||Market Size in 2019:||US$ 7,038.0 Mn|
|Historical Data for:||2016 to 2019||Forecast Period:||2020 to 2027|
|Forecast Period 2020 to 2027 CAGR:||8.5%||2027 Value Projection:||US$ 13,492.6 Mn|
AlternaScript, LLC, Accelerated Intelligence Inc., Liquid Health, Inc., HVMN Inc., Natural Factors Nutritional Products Ltd., KeyView Labs, Inc., Onnit Labs, LLC, Purelife Bioscience Co., Ltd., Quincy Bioscience, Cerebral Success, Amway, Puori, Ocean Health, and Schiff
|Restraints & Challenges:||
The increasing use of brain health supplements is propelling the market growth during the forecast period. For instance, according to the 2019 AARP Brain Health and Dietary Supplement Survey, more than 25% of the U.S. population in the age group of 50 years and above regularly use supplements for their brain health. Also, 26% of the adult population takes at least one supplement for brain health, among these 21% take supplements for maintaining brain health, 20% for improving the brain health, 11% to delay the onset of dementia and around 8% of people take supplements to reverse the effect of dementia.
Figure 2. Global Brain Health Supplements Market Share (%), by Application, 2020
The increasing adoption of strategies such as product launches by key players is expected to drive the market growth during the forecast period.
Market players are focused on adoption of organic growth strategies such as product launches to strengthen their position in the global brain health supplements market. For instance, in July 2017, Mannatech, Incorporated announced the availability of GinMAX tablets (Ginseng Supplement) to its customers in China. GinMAX tablets are used for enhancing the focus, memory and to fight off fatigue naturally.
Brain Health Supplements Market Restraints
Lack of regulations on the manufacture of supplements, and misleading claims regarding the product efficacy are major factors restraining the brain health supplements market growth during the forecast period. Manufacturing companies can launch their products without any regulatory approval, which can lead to misleading or false claiming products and hamper the consumer’s trust on such products.
For instance, in February 2019, the U.S. Food and Drug Administration (FDA) posted 12 warning letters and 5 online advisory letters were issued to companies illegally selling more than 58 dietary supplements products which claim to prevent, treat or cure Alzheimer’s disease and a number of other serious diseases and health conditions.
Global Brain health supplements Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic has caused stress, depression and anxiety among patients, healthcare professionals and the general public. According to the study in Brain, Behavior, and Immunity Journal of the Psychoneuroimmunology Research Society published in May 2020, the prevalence of anxiety was 23.2% and prevalence of depression was 22.8% among the healthcare workers (HCWs) during the COVID-19 outbreak.
Moreover, the high risk of COVID-19 infection among geriatric patients can cause depression, fear and anxiety. This is expected to drive growth of the global brain supplements market during the forecast period.
Major players operating in the global brain health supplements market are AlternaScript, LLC, Accelerated Intelligence Inc., Liquid Health, Inc., HVMN Inc., Natural Factors Nutritional Products Ltd., KeyView Labs, Inc., Onnit Labs, LLC, Purelife Bioscience Co., Ltd., Quincy Bioscience, Cerebral Success, Amway, Puori, Ocean Health, and Schiff.
Brain Health Supplements are used to enhance and improve the brain’s functions such as memory, learning, focus and anxiety. These health supplements are available in both synthetic and natural form which have major application in memory enhancement. The increasing use of brain health supplements has helped in predicting and managing mental disorders such as Alzheimer’s disease mainly in the geriatric population. Professionals, entrepreneurs, sports person are choosing for memory booster’s supplements in order to get an edge over the competition.
The rising incidence of depression, stress and other mental health conditions is a major factor that is expected to boost the brain health supplements market growth during the forecast period. For instance, according to the World Health Organization (WHO), in 2017, around 300 million people were suffering from depression, globally. Moreover, launch of novel products by market players is also driving the global brain health supplements market growth. For instance, in October 2015, Mannatech, Incorporated announced the launch of the Cognitate supplement in Korea. The supplement helps in enhancing neurotransmitters which are actively involved in learning and memory and improve the cognitive ability.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.