Nootropics Market

Nootropics Market Size (2023 to 2028)

The global market for nootropics is projected to be worth USD 23.84 billion by 2028 from USD 11.75 billion in 2023, growing at a CAGR of 15.2% between the forecast period of 2023 to 2028.

Nootropics are drugs used or consumed as supplements to enhance brain activity and memory. They are used to boost one's cognitive assessment abilities. Although there is no proof that nootropics work efficiently as supplements or brain enhancers, there is a definitive analysis that nootropics are used in treating neurological disorders such as attention deficit hyperactivity disorder (ADHD), Alzheimer's, Narcolepsy, and others. Therefore, nootropics are commonly used to help people concentrate and focus on their work more. These neurological drugs also are said to have the ability to act as brain relaxants and relieve symptoms of stress and anxiety. This function is of utmost need in modern life as it helps detox the brain. 

While prescription nootropics include drugs like modafinil, Adderall, Methylphenidate, memantine, and others, non-prescription nootropics include products like creatine and caffeine. 

Impact of COVID-19 on the nootropics market:

There have been terrible moments because of the Covid-19 outbreak over the world. All businesses suffered losses due to the severe lockdowns and quarantines because of the limited production and supply of commodities. As a result, access to even the most necessities of daily life became increasingly difficult. In addition, the pandemic severely affected the healthcare industry, and hospitals shifted their attention to treating covid sufferers. As a result, additional healthcare department tasks were routinely postponed.

The global nootropics market had a positive impact from the global pandemic.

With covid-19 affecting every other household, tensions were at an all-time high. Populations started emphasizing health supplements to improve immunity and enhance mental cognition. More people began feeling anxious and experiencing stress during the pandemic due to lockdowns and financial losses. Depression and neurological disorders gripped people more than ever before, propelling the need for the worldwide nootropics market. Thus, the pandemic was highly favorable for the global nootropics market.

MARKET DRIVERS:

The demand for cognitive brain enhancers boosts the nootropics market growth.

The nootropics market is anticipated to see growth because of the overwhelming demand for nootropics to enhance brain functionality. From sports persona to academic achievers and even the commoner living their everyday life is now opting for some nootropic for enhanced brain activity. Nootropics are taken as daily supplements just as one would with vitamins to boost qualities like focus, memory, creativity, cognition, and others; many professionals and achievers, along with those who have neurological disorders and are on prescription nootropics, need these drugs to survive. Therefore, it is an inevitable part of their lives.

Furthermore, recent inventions of natural nootropics like caffeine, ginseng, pine bark, and others, which help accelerate brain function with minimal side effects and are not chemically bound, push the market towards growth. In addition, the increasing R&D activities surrounding the nootropics and the investments, acquisitions, and mergers from several key market players are boosting the development of the market. 

Nootropics are drugs that are readily available in your local prescription drug store and are not very difficult to obtain. As a result, they are not associated with many stringent rules and companies in production favor FDA approvals. The pandemic has also benefitted the nootropics market, and the industry had many start-ups develop during the pandemic resulting in a surge in demand. 

MARKET RESTRAINTS:

The lack of proper evidence that nootropics significantly non-prescription have any effect on increasing brain function, along with the side effects associated with the continuous use of nootropics which could lead to addiction, are restraining the growth of the nootropics market.

This research report on the global nootropics market has been segmented and sub-segmented into the following categories.

Nootropics Market - By Form:

• Tablet
• Capsule
• Powder
• Liquid

Nootropics Market - By Application:

• Memory Enhancement
• Mood And Depression
• Attention And Focus
• Anti-Aging and Longevity
• Sleep
• Others

Based on the application, the memory enhancement segment dominated other segments in the global nootropics market in 2022. This segment's dominance is due to its high demand from the people. Memory retention is an essential skill for a student in any field of study. Therefore, as most youths try to achieve good education and grades for s bright future, memory enhancement is a popular end-use. Moreover, among the elderly population with age, it is easier to forget things, and therefore the memory enhancement ability is helpful for them to retain memory.

Nootropics Market - By Distribution Channel:

• Hospital pharmacies
• Online pharmacies
• Others

The online pharmacies segment is anticipated to register the fastest CAGR in the global nootropics market during the forecast period. This segment's dominance is due to the increasingly shifting trends toward advanced technologies, smartphones, and at-home remote services. In addition, more people are now opting for the convenience of online services, especially after the adverse effects of the pandemic. Therefore, the online segment being more accessible and easier to use, has a significant share in the global nootropics market.

Nootropics Market – By Region:

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa

Geographically, the North American nootropics market accounted for the highest share in 2022 and is forecasted to play the leading role in the worldwide market during the forecast period. With the expanding presence of significant market participants in the region, increased consumer awareness, and Americans who spend more money on medications and supplements; Non-prescription nootropics products have been labeled as "Generally Regarded as Safe" (GRAS) by the U.S. Food and Drug Administration along with cutting-edge technology, rising healthcare costs, an increase in research and development spending, and an increase in the prevalence of neurological disorders such as anxiety, depression, and ADHD in the region is pushing the market to grow.

The Asia-Pacific nootropics market is also expected to grow significantly during the forecast period due to the increased student use of memory-enhancing drugs, high rates of mental illnesses like Alzheimer's and Parkinson's disease, soaring awareness of cognitive health supplements, and rising wellness awareness in nations like China and India along with the foreign investments, leading to international players working with regional players. Additionally, growing investments in biotechnology firms in the region would propel market expansion.

KEY MARKET PLAYERS:

TruBrain, NooCube, Kimera Koffee, Peak Nootropics, Mind Lab Pro, Onnit Labs, Reckitt Benckiser Group Plc., Zhou Nutrition, Mental Mojo, LLC, and Neu drinks are some of the noteworthy players in the global nootropics market profiled in this report.

RECENT MARKET DEVELOPMENTS:

• In May 2022, the launch of Solaray SharpMind, a line of cutting-edge nootropics expertly crafted with scientifically supported nutrients, adaptogens, and fermented organic mushrooms to support mental and emotional well-being, has been announced by Solaray, one of the original vitamin, mineral, and herbal supplement brands founded in 1973.
• Solaray has introduced a new sharp mind nootropics line, which is supported to enhance mental and emotional well-being. The drug is supposed to have been released in response to the growing rates of depression worldwide due to the COVID-19 situation. However, as quarantine has adversely affected people's emotional states, the drug is introduced as a stress and anxiety reliever.
• KOIOS is releasing functional nootropic beverages in more than 600 CVS locations. The company aims to make drinks of nootropics more popular by removing them from the no.1 pharmacy chain worldwide. The project has been underway for quite some time now, and the company is excited to be able to release the product finally.
• Nootropics and nutricosmetics are now expanding their reach into the beauty industry and working on products that in the future promise to give the best results in beauty. After showing significant effects on mental health and cognition, nootropics aim to be at best in the beauty market. 
• In August 2022, in a recent investigation, a team led by well-known industry critic Dr. Pieter Cohen, MD, discovered that medicine used in China was being offered in dietary supplements in the US, often at levels that seemed to be higher than those used in clinical practice.