The global Memory Enhancement Drugs Market is estimated to be valued at US$ 8.6 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2028 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Memory enhancement drugs help improve memory, concentration, and other cognitive functions. These prescription drugs are used treat conditions like Alzheimer’s disease, depression, and attention deficit hyperactivity disorder (ADHD). Some popular classes of memory drugs include acetylcholinesterase inhibitors and NMDA receptor antagonists.
Market key trends:
One of the major trends in the memory enhancement drugs market is the increasing adoption of nootropics. Nootropics, also known as smart drugs, are substances that improve cognitive functions such as memory, creativity, motivation, and concentration. Especially, young professionals in their 20s and 30s are increasingly consuming over-the-counter nootropics known as neuroenhancers to boost their memory, attention, and problem-solving abilities. The global neuroenhancer market is projected to grow at a CAGR of 6.5% during the forecast period. Growing culture of performance enhancement and demand for functional brain health are some of the key factors driving the demand for nootropics.
Segment Analysis
The global memory enhancement drugs market is segmented on the basis of product type, indication, and distribution channel. Based on product type, the market is bifurcated into prescription drugs and OTC drugs. The prescription drugs segment currently dominates the market owing to the high prescription rates of memory enhancement medications for indications such as Alzheimer's disease and other forms of dementia.
Key Takeaways
The global memory enhancement drugs market size is expected to witness high growth, exhibiting a CAGR of 5.6% over the forecast period, due to the increasing prevalence of neurological disorders such as Alzheimer's disease and dementia.
Regional Analysis
North America currently dominates the memory enhancement drugs market accounting for over 40% of the global market share in 2023. The region is expected to continue dominating over the forecast period due to advanced healthcare infrastructure and increasing adoption of innovative drugs and therapies for memory enhancement.
Key Players
Key players operating in the memory enhancement drugs market 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. Pfizer Inc. currently leads the market with its market-leading drugs such as Xeljanz and Aricept indicated for improving memory and cognition.
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