Nootropics is a substance which enhances cognition and memory and facilitates in learning. It is commonly known as cognitive enhancers which are used by people to increase their mental strength and alertness, memory, focus and energy levels. Many types of nootropics are available. Some nootropics are used for medication purposes which are designed for treating ailments like narcolepsy or too much sleepiness. It is also needed to aid people who have issues in terms of focus or paying attention. Still, people who are fit and healthy, too, use these medicines to increase their cognitive power.
Globally, the market for memory enhancement drug is projected to be priced at US$ 7,912.1 Mn in the year 2022 and is anticipated to show a CAGR of 5.5% in the predicted period from 2023 to 2030.
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Rising incidence of the geriatric population is anticipated to boost the market growth for memory enhancement drug (MED) in the predicted period. For example, as per an article released on Alzheimer’s on March 2021, predicted that 6.2 million Americans of age 65 and above suffers from Alzheimer’s dementia.
Rising incidence of neurological disturbances are anticipated to boost the growth of the market in the predicted period. For example, as per Neurological Alliance Report issued on March 2019, there are a predicted 14.7 million neurological cases, which is almost equal to 1in every 6 people suffers from one or more neurological conditions.
Owing to the compulsions in maintaining quarantine and shortage of labor at the time of COVID-19 pandemic, raw material supply needed for production of pharmaceuticals has been disrupted. Transporting raw materials between different regions was interrupted since the connection among the regional warehouses was not even. Deficiency of raw materials and its components has a negative impact on the supply and distribution network of the market of MED globally. Therefore, the COVID-19 pandemic is anticipated to affect negatively on the supply and distribution network of the market of MED.
As per an article issued on June 2021 by the Exploratory Research in Clinical Social Pharmacy journal, a study was done to assess the effect of COVID-19 on pharmaceutical system and the resource-limited countries’ supply chain in Sub-Saharan countries like Namibia. The study revealed the negative influence on the availability and the accessibility of important drugs, hygiene products and sanitation and antimicrobials. In Namibia, almost all pharmaceuticals and pharmacies witnessed late manufacturing and distribution of drugs, which is credited to reduction in the transportation of pharmaceutical goods between countries, and limited or less in-country capacity in manufacturing drugs.
For example, as issued in a report in November 2020, by the European Pharmaceutical Review Journal, the pandemic, COVID-19 triggered many threats in terms of deficit of drugs and rise in the cost of manufacturing worldwide. Furthermore, it was reported in the same journal that COVID-19 gave rise to many problems like transportation delay of drugs, stockpiling of drugs and many more. Some steps that can be undertaken to ease supply of medicines at the time of pandemic are adopting new technologies of the next generation as in digital network platforms planned to work throughout multiple pharmaceutical companies and safeguard the timely transportation of drugs to the patients worldwide.
The main factor that hamper the development of the market of the memory enhancement drugs worldwide include side effect such as hypertension, sleeplessness and weight loss. Prolonged use of MED causes hypertension, fever, chest pain and etc. For example, on June 2022, as per data issued on Drugs.com, an online pharmaceutical encyclopedia, providing information on drugs for consumers and healthcare professionals, specified that prolonged use of Ritalin, a memory enhancer medicine, can lead to the cause of insomnia, heart attack and hypertension.
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The main companies participating in the market of memory enhancement drugs market worldwide are 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.
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☑ It attempts an analysis of the competing scenario.
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Table of Content
Chapter 1 Industry Overview
1.3 Research Scope
1.4 Market Analysis by Regions
1.5 Memory Enhancement Drugs Market Size Analysis from 2023 to 2030
11.6 COVID-19 Outbreak: Memory Enhancement Drugs Industry Impact
Chapter 2 Global Memory Enhancement Drugs Competition by Types, Applications, and Top Regions and Countries
2.1 Global Memory Enhancement Drugs (Volume and Value) by Type
2.3 Global Memory Enhancement Drugs (Volume and Value) by Regions
Chapter 3 Production Market Analysis
3.1 Global Production Market Analysis
3.2 Regional Production Market Analysis
Chapter 4 Global Memory Enhancement Drugs Sales, Consumption, Export, Import by Regions (2017-2022)
Chapter 5 North America Memory Enhancement Drugs Market Analysis
Chapter 6 East Asia Memory Enhancement Drugs Market Analysis
Chapter 7 Europe Memory Enhancement Drugs Market Analysis
Chapter 8 South Asia Memory Enhancement Drugs Market Analysis
Chapter 9 Southeast Asia Memory Enhancement Drugs Market Analysis
Chapter 10 Middle East Memory Enhancement Drugs Market Analysis
Chapter 11 Africa Memory Enhancement Drugs Market Analysis
Chapter 12 Oceania Memory Enhancement Drugs Market Analysis
Chapter 13 South America Memory Enhancement Drugs Market Analysis
Chapter 14 Company Profiles and Key Figures in Memory Enhancement Drugs Business
Chapter 15 Global Memory Enhancement Drugs Market Forecast (2023-2030)
Chapter 16 Conclusions
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