Zion Market Research has published a new report titled “Cognitive and Memory Enhancer Drugs Market by Drug Type (Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, Adderall, and others) and Application (Disease Treatment, Academic Performance, Athletic Performance and Others): Global Industry Perspective, Comprehensive Analysis and Forecast, 2018 –2024”. According to the report, global cognitive and memory enhancer drugs market was valued at approximately USD 3.98 billion in 2017 and is expected to reach around USD 6.98 billion by 2024, growing at a CAGR of 8.7 % between 2018 and 2024.
Smart drugs and cognitive enhancers are drug substances that improve cognitive function, memory, and creativity in healthy individuals. Cognitive and memory enhancer drugs have majorly gained popularity in today’s competitive society and are used to boost memory, focus, creativity, and motivation. Cognitive and memory enhancers are widely used to treat patients suffering from mental disorders such as depression and psychosis along with neurological diseases such as Alzheimer’s disease, schizophrenia, etc.
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Major factors that contribute to the cognitive and memory enhancer drugs market growth include the prevalence of neurological disorders and geriatric population. Currently, more than 46 million people live with dementia globally. This number is expected to increase to 131.5 million by 2040-50. Moreover, large-scale adoption of cognitive and memory enhancer drugs, owing to their benefits such as improved physical and mental performance is boosting the market growth. However, high capital requirements for drug production and ethical & legal safety contradictions regarding cognitive drugs are restraining the growth of global cognitive and memory enhancer drugs systems market. On the other hand, opportunities from the untapped market and ongoing clinical trials, potential drugs under pipeline are expected to foster the global cognitive and memory enhancer drugs market growth in the forecast period.
By the drug type, the global cognitive and memory enhancer drugs market is divided into Aricept, Namenda, Provigil, Ritalin, Razadyne, Adderall, Exelon, and others. The Namenda segment was the leading segment and accounted for the largest share in 2017 following its use in the treatment of moderate to severe Alzheimer’s disease. Exelon segment was the fastest growing segment and is expected to grow at highest CAGR the forecast period.
On the basis of the application segment, the global cognitive and memory enhancer drugs market is divided into disease treatment, athletic performance, academic performance, and others. Disease treatment was the leading application segment accounting for the largest revenue share in 2017. The outsized share of disease treatment segment is primarily accredited to the high acceptance of drugs in the treatment of neurodegenerative disorders. The academic performance segment is expected to grow at the highest CAGR during the forecast period.
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Based on the geography, the global cognitive and memory enhancer drugs market is divided into five regions, North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The global cognitive and memory enhancer drugs market was dominated by North America and it held a maximum share of total revenue generated in 2017. Europe was the second largest market followed by the Asia Pacific. The Asia Pacific is an emerging market with several opportunities for cognitive and memory enhancer drugs and is likely to present positive growth in the forecast period. The Middle East and Africa and Latin America are expected to experience moderate growth in the cognitive and memory enhancer drugs market in the years to come.
Some of the key players in the cognitive and memory enhancer drugs market include Pfizer Inc., Eisai Co., Ltd., Allergan, Inc., Novartis AG, Shire, Johnson & Johnson, Takeda Pharmaceutical Company Limited, AlternaScript LLC, Cephalon, Inc. (Teva Pharmaceutical Industries Ltd.), and Ceretropic.
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This report segments the global cognitive and memory enhancer drugs market as follows:
Global Cognitive and Memory Enhancer Drugs Market: Drug Segment Analysis
Global Cognitive and Memory Enhancer Drugs Market: Application Segment Analysis
- Disease Treatment
- Academic Performance
- Athletic Performance
Global Cognitive and Memory Enhancer Drugs Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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