Cognitive and Memory Enhancer Drugs Market 2021: Explore Key Factors that Will Boost the Global Market by 2030

PORTLAND, OR, UNITED STATES, October 22, 2021 /EINPresswire.com/ -- Most of the college students, professionals, and entrepreneurs are using smart drugs to maximize their mental capabilities. For instance, Piracetam improves memory in seniors experiencing age-related mental decline or dementia. These benefits of smart drugs are expected to propel the market growth for cognitive and memory enhancer drugs

High percentage of aging population that is prone to neurological disorders, increase in neurodegenerative disorders, and surge in awareness regarding benefits of smart drugs including improved physical and mental performance have boosted the growth in the global cognitive and memory enhancer drugs market. However, ethical issues related to the consumption of such drugs hamper the market growth. On the contrary, effective strength of the drugs is expected to create lucrative opportunities for the market players in the near future.

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Cognitive enhancers are drugs and supplements, which are majorly used to treat patients suffering from Alzheimer's disease, schizophrenia, stroke, attention deficit hyperactivity disorder, or aging. The major factors that drive the growth of the global cognitive and memory enhancer drugs market include surge in geriatric population and rise in prevalence of neurological & memory-related disorders. Furthermore, the benefits offered by cognitive drugs such as improved memory and reasoning propel the market growth. However, ethical issues related to the use of these drugs restrict the market growth.

Namenda governs the industry

The Namenda held the largest share in 2017, contributing about one-fourth of the total market, as it is the first drug approved for Alzheimer's and dementia by the FDA and helps in slowing down the disease progression. However, the Exelon is estimated to register the fastest CAGR of 10.9% during the forecast period, as it is mainly recommended for patients with lower levels of chemicals such as glutamate that regulates the functioning of the nerve cells in the brain. Moreover, Exelon has fewer side effects as compared to other drugs. The report also analyzes products such as Aricept, Razadyne, Provigil, Ritalin, Adderall, and such others.

Academic performance segment to manifest fastest growth by 2023

The academic performance segment is projected to register the fastest CAGR of 10.2% during the forecast period, owing to benefits provided by these drugs to students in terms of improvement of concentration, memory, and performance. However, the disease treatment held the largest share in 2017, contributing nearly three-fourths of the total market revenue, owing to increase in prevalence of Asthma, Parkinson's, and Alzheimer's disease. The study also explores athletic performance and other such applications.

Asia-Pacific to register highest CAGR through 2023

Asia-Pacific region is expected to register the fastest CAGR of 9.6% during the forecast period, owing to rise in geriatric population and high prevalence of cognitive diseases, especially in affluent countries of the region. However, North America dominated the market in terms of revenue in 2017, contributing more than one-third of the market share, owing to rise in patients suffering from Alzheimer's disease and increase in healthcare expenditure due to long term care for these patients. Moreover, cognitive and memory enhancer drugs have gained popularity among college students to improve memory, focus, and mental energy. The other regions such as Europe and Latin America, Middle East and Africa (LAMEA) are analyzed in the report.

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Major market players

The major market players that are analyzed in the report include Pfizer Inc., Allergan, Inc., Shire, Takeda Pharmaceutical Company Limited, Cephalon, Inc. (Teva Pharmaceutical Industries Ltd.), Eisai Co., Ltd., Novartis AG, Johnson & Johnson, AlternaScript LLC, and Ceretropic.

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