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
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.
|Base Year:||2021||Market Size in 2022:||US$ 7,912.1 Mn|
|Historical Data for:||2017-2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.5%||2030 Value Projection:||US$ 12,172.1 Mn|
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.
|Restraints & Challenges:||
Figure 2. Global Memory Enhancement Drugs Market Share (%) in Terms of Value, By Region, 2022
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 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.
Drugs that improve memory are used to treat people who have memory loss as a result of age or traumatic injury to the central nervous system (CNS). Alzheimer's disease may begin as a result of the onset of memory loss or a decline in cognition. Brain cells frequently die as a result of trauma, particularly to the brain, and although memory loss is normal as people age, it is treatable with medications that improve memory.
Despite the low market presence of regulatory authorities-approved memory-enhancing medications, several clinical trials are being conducted to examine the results. The majority of currently available medications that improve memory come from diet, such as vitamins, antioxidants, lipids, etc. Different countries of the world have also approved new medications that improve memory for medical use. Ritalin and Adderall are two examples of off-label medications that are being used as memory boosters. The goal of cognitive and memory enhancement medications and external supplements is to increase a person's cognitive capacity, which includes executive functions like motivation, creativity, and memory. These medications are prescribed to patients who have trouble sustaining their cognitive functions at their peak levels. These medications are used to treat patients with mental health conditions such Alzheimer's, schizophrenia, paranoia, and attention deficit disorder (ADD) in order to assist them cope with the ailment's symptoms.
Key players operating in the market are focused on increasing number of clinical trials for memory enhancement drugs. For instance, according to an article published in January 2020, on Journal of Biomed Science, researchers are currently testing a number of potential treatments with various targets, including anti-amyloid and anti-tau, neurotransmitter modification, anti-neuroinflammation and neuroprotection, cognitive enhancement, and treatments to relieve behavioral and psychological symptoms.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.