The nootropics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Nootropics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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.
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Scope Of Nootropics Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Nootropics Market Overview
Market Drivers –
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.
The nootropics market covered in this report is segmented –
1) By Drug Type: Prescription Nootropics, OTC Nootropics
2) By Form: Capsules or Tablets, Powder, Drinks, Other Forms
3) By Distribution Channel: Offline, Online
4) By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
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Regional Insights –
North America was the largest region in the nootropics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the nootropics market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the nootropics market include Accelerated Intelligence Inc., AlternaScript Inc. Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost Wolfson Holdco Limited Performance Lab Group Ltd., TruBrain, PepsiCo, Superior Supplement Manufacturing, Equinox Nutraceuticals, Natural Stacks Inc., Gaia Herbs Farms., Kimera Koffee LLC., Onnit Labs LLC ., Reckitt Benckiser Group plc., OUTLIERS INC., Teva Pharmaceutical Industries Ltd., United Pharmacies o, Clarity Nootropics, OptiMind, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Mylan N.V., UCB S.A., HVMN Inc., BioAdaptives Inc., Powder City
Table of Contents
1. Executive Summary
2. Nootropics Market Report Structure
3. Nootropics Market Trends And Strategies
4. Nootropics Market – Macro Economic Scenario
5. Nootropics Market Size And Growth
…..
27. Nootropics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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