MEMORY ENHANCEMENT DRUGS MARKET ANALYSIS

Nootropics, commonly referred to as cognitive enhancers, are medications that some people use in an effort to enhance their memory, mental alertness, focus, and energy levels. There are numerous varieties of nootropics. Some of these are pharmaceuticals that are intended to treat diseases like narcolepsy or excessive sleepiness as well as to help people with attention issues focus and pay attention better. However, some healthy individuals utilize these medications in an effort to enhance their cognitive function.

Global memory enhancement drugs market is estimated to be valued at US$ 7,912.1 million in 2022 and is expected to exhibit a CAGR of 5.5%during the forecast period (2022-2030).

Figure 1. Global Memory Enhancement Drugs Market Share (%) in Terms of Value, By Route of Administration

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Global Memory Enhancement Drugs Market- Drivers

Increasing prevalence of aging population is expected to drive the global memory enhancement drugs market growth over the forecast period. For instance, According to an article published on March 2021, on Alzheimer’s Association, estimated that 6.2 million Americans age 65 and older are living with Alzheimer's dementia.

Increasing prevalence of neurological disorders are expected to drive the market growth during the forecast period. For instance, according to Neurological Alliance Report published on March 2019, there are an estimated 14.7 million neurological cases, equating to at least 1 in 6 people living with one or more neurological conditions.

Figure 2. Global Memory Enhancement Drugs Market Share (%) in Terms of Value, By Region, 2022

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Global Memory Enhancement Drugs Market– Impact of Coronavirus (COVID-19) Pandemic

The supply of raw materials required for production of pharmaceuticals has been severely disrupted due to the forced quarantine and lack of labor during the COVID-19 pandemic. As the link between regional warehouses is not smooth, transportation of raw materials between regions cannot be carried out successfully. This shortage of raw materials and components has negatively affected the supply chain of the global memory enhancement drugs market. Thus, the COVID-19 pandemic is expected to have a negative impact on supply chain of memory enhancement drugs market.

According to an article published by the Exploratory Research in Clinical and Social Pharmacy journal in June 2021, a study was carried out to evaluate the impact of COVID-19 on pharmaceutical systems and supply chain in resource-limited countries in Sub-Saharan countries such as Namibia. This study revealed negative impact on availability and access of essential drugs, sanitation and hygiene products, and antimicrobials. Most pharmaceutical companies and pharmacies in Namibia experienced delayed manufacturing and distribution of drugs, which is attributed to reduced inter-country transportation of pharmaceutical goods and limited in-country capacity to manufacture drugs.

For instance, according to a review article published by the European Pharmaceutical Review Journal in November 2020, COVID-19 pandemic has caused major challenges with respect to drug shortages and increased manufacturing costs across the globe. Moreover, the same source stated that COVID-19 pandemic has also led to problems such as stockpiling drugs, transportation delay, and others. Some measures that can be taken to ease the supply of pharmaceuticals during the pandemic include next generation technologies such as digital network platforms designed to work across multiple pharmaceutical enterprises and ensure the timely delivery of drugs to patients across the globe.

Global Memory Enhancement Drugs Market - Restraint

The major factor that hinder the growth of global memory enhancement drugs market includes side effects like sleeplessness, hypertension and weight loss. Long term use of memory enhancement drugs can cause adverse effects like hypertension, chest pain, fever and etc. For instance, according to data published on June 2022, on Drugs.com, which is an online pharmaceutical encyclopedia that provides drug information for consumers and healthcare professionals, stated that long term of Ritalin, which is a memory enhancer drug can cause heart attack, insomnia, and hypertension.

Key Players

Key players operating in global memory enhancement drugs market include 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.