SEATTLE, June 03, 2021, (MEDGADGET) — Global Brain Health Supplement market analysis
Impact of COVID-19 epidemic
Patients, healthcare workers, and the general public have experienced tension, depression, and anxiety as a result of the COVID-19 pandemic. During the COVID-19 epidemic, the prevalence of anxiety was 23.2% and the prevalence of depression was 22.8% as of May 2020, according to a report published in the Brain, Behavior, and Immunity Journal of the Psychoneuroimmunology Research Society.
Furthermore, among geriatric patients, the high risk of COVID-19 infection can lead to depression, fear, and anxiety. During the forecast period, this factor is expected to propel the global brain health supplements market forward.
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For enhancing attention, mood, and concentrate, brain health supplements are favored and used mostly by the geriatric and pediatric populations. Brain health supplements are primarily used to help people with depression and anxiety disorders improve their brain processes and functions.
The global brain health supplements is projected to be valued at US$ 7,038.0 million in 2020, with a CAGR of 8.5% over the forecast period (2020-2027).
Over the forecast period, rising prevalence of mental health disorders is expected to drive growth of the global brain health supplements market.
Growing incidences of geriatric patients affected with diseases such as depression, Alzheimer’s, and anxiety, are expected to fuel growth of the global brain health supplements market over the forecast period. According to the Institute of Health Metrics and Evaluation (IHME) and the Global Burden of Disease (GBD), about 10.7% (792 million) of the global population suffered from a mental health condition in April 2018. In 2017, there were about 264 million cases of depression and 284 million cases of anxiety. According to the Global Burden of Disease Study 2015, the estimated number of people with anxiety disorders was 264 million, representing a 14.5% increase from people with anxiety disorders in 2005.
- According to the type of product:
Herbal Extracts: Ginkgo Biloba, Ginseng, Lions Mane, Curcumin, Others.
Vitamins & Minerals: Vitamin C & E, Vitamin B, Others.
Natural Molecules: Acetyl-L-Carnitine, Docosahexaenoic Acid (DHA), Alpha GPC, Citicoline, Others Consumables & Disposables.
- According to Application:
Tailored Information as per niche requirement:
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Memory Enhancement, Attention & Focus, Mood & Depression, Sleep & Recovery, Longevity & Anti-aging, Anxiety.
- According to Supplement Form: Capsules, Tablets, Others.
- According to Age Group Grouped User: Adults, Geriatric, and Pediatrics.
- According to Distribution Channel: Geriatric, Adults, and Pediatrics.
During the forecast period, the market is expected to expand due to an increase in the use of brain health supplements. According to the 2019 AARP Brain Health and Dietary Supplement Survey, more than a quarter of the U.S. population aged 50 and up uses supplements on a daily basis to improve their brain health. Furthermore, 26% of the adult population takes at least one supplement for brain health, with 21% taking supplements to preserve brain health, 20% taking supplements to enhance brain health, 11% taking supplements to postpone the onset of dementia, and about 8% taking supplements to reverse the effects of dementia.
During the forecast period, key players are expected to follow more strategies such as product releases, which is expected to fuel growth of the global brain health supplements market.
To improve their presence in the global brain health supplements market, market players are focusing on organic growth strategies such as product launches. Mannatech, Inc., had announced in July 2017 that GinMAX tablets (Ginseng Supplement) were now available to its customers in China. GinMAX tablets are used to naturally boost concentration, memory, and battle fatigue.
Lack of regulations on supplement manufacturing and false statements about product effectiveness are two major factors restricting the growth of the brain health supplements market during the forecast period. Manufacturing companies can launch products without regulatory approval, which can lead to products containing deceptive or false claims, lowering consumer confidence in them.
The U.S. Food and Drug Administration (FDA) released 12 warning letters and 5 online advisory letters to companies illegally marketing more than 58 dietary supplement products that claim to prevent, treat, or cure Alzheimer’s disease and a variety of other serious diseases and health conditions in February 2019.
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Key companies contributing in the global brain health supplements market include Onnit Labs, LLC, Cerebral Success, Liquid Health, Inc., Schiff, Amway, HVMN Inc., AlternaScript, LLC, Accelerated Intelligence Inc., KeyView Labs, Inc., Puori, Ocean Health, Quincy Bioscience, Natural Factors Nutritional Products Ltd., and Purelife Bioscience Co., Ltd.
- Global Brain Health Supplements Market, By Product Type:
- Herbal Extracts
- Ginkgo Biloba
- Lions Mane
- Vitamins & Minerals
- Vitamin B
- Vitamin C & E
- Natural Molecules
- Alpha GPC
- Docosahexaenoic Acid (DHA)
- Herbal Extracts
- Global Brain Health Supplements Market, By Application:
- Memory Enhancement
- Mood & Depression
- Attention & Focus
- Longevity & Anti-aging
- Sleep & Recovery
- Global Brain Health Supplements Market, By Supplement Form:
- Global Brain Health Supplements Market, By Age Group:
- Global Brain Health Supplements Market, By Distribution Channel:
- Supermarkets & Hypermarkets
- Drug Stores
- Online Stores
- Global Brain Health Supplements Market, By Region:
- North America
- Latin America
- Asia Pacific
- Middle East
- Company Profiles
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