The Nootropics Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Nootropics Global Market Report 2024, The nootropics market size has grown rapidly in recent years. It will grow from $4.6 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to aging population, regulatory support, increased research and development, e-commerce expansion, rise in esports.
The nootropics market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing stress and cognitive demands, globalization, rising disposable incomes, rising mental health awareness, expansion of emerging markets. Major trends in the forecast period include natural and plant-based nootropics, digital nootropics, transcranial stimulation devices, sustainable and ethical sourcing, inndustry collaboration.
The increasing expenditure on health and wellness is expected to propel the growth of the nootropics market going forward. Health and wellness are generally defined as a method that an individual respects to reach mental health and physical wellbeing. Mental and physical health involves diving deep into the health and wellness industry. Nootropics are useful in maintaining an individual’s health and wellness, as a result, if the demand for healthcare and wellness is increasing, so will the need for nootropics. For instance, in September 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency within the U.S. Department of Health and Human Services, 2021, the expenditure on prescription drugs rose by 7.8% to reach a total of $378.0 billion, which is a faster growth rate than the 3.7% increase recorded in 2020. Also in 2021, the spending on Medicare surged by 8.4% and reached $900.8 billion, making up 21% of the total National Health Expenditures (NHE). Additionally, Medicaid spending increased by 9.2% and reached $734.0 billion, accounting for 17% of the total NHE. Therefore, the increasing expenditure on healthcare and wellness drives the nootropics market.
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The nootropics market covered in this report is segmented –
1) Nootropics Market By Drug Type: Prescription Nootropics, OTC Nootropics
2) Nootropics Market By Form: Capsules or Tablets, Powder, Drinks, Other Forms
3) Nootropics Market By Distribution Channel: Offline, Online
4) Nootropics Market By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
Top Major Players
Health Via Modern Nutrition Inc.
The adoption of vegan nootropics is gaining popularity in the global nootropics market. Major companies operating in the nootropics market are going to new organic product innovations to meet consumer demand and sustain their position in the market. For instance, in July 2022, BioAdaptives Inc., a US-based manufacturer of natural plant and algae-based supplements, launched MindMemory, which is an advanced nootropic intended to enhance memory, mental focus, and concentration. The new product has a gradual and smooth effect and unlike coffee, it does not produce sudden rush of adrenaline.
The nootropics market report table of contents includes:
1. Executive Summary
2. Nootropics Market Characteristics
3. Nootropics Market Trends And Strategies
4. Nootropics Market – Macro Economic Scenario
5. Global Nootropics Market Size and Growth
……
31. Global Nootropics Market Competitive Benchmarking
32. Global Nootropics Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Nootropics Market
34. Nootropics Market Future Outlook and Potential Analysis
35. Appendix
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