Cognitive and Memory Enhancer Drugs Market Statistics 2030:
The global Cognitive and Memory Enhancer Drugs Market size was valued at $5,079.86 million in 2020, and is projected to reach $8,689.74 million by 2030, registering a CAGR of 5.5% from 2021 to 2030.
Cognitive and memory enhancer drugs are the supplements or simply drugs that stimulate cognitive functional improvement. These are majorly used to treat patients suffering from schizophrenia, stroke, Alzheimer’s disease, attention deficit hyperactivity disorder (ADHD) or geriatric patients. The major driving factors that drive the growth of Cognitive and Memory Enhancer Drug Market includes surg in geriatric population and rise in prevalence of memory-related disorders and neurological disorders. According to WHO, more than 46 million individuals live with dementia, which acts as an important factor influencing the growth of this market. Furthermore, ongoing clinical trials and potential drugs in pipeline are some of the other factors strengthening the growth of this market.
In addition, many benefits offered by cognitive drugs such as improved memory and reasoning propel the market growth. However, ethical issues related to the use of these drugs restrict the market growth. The global Market is segmented into product, application, and region. Depending on product, the market is categorized into Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, Adderall, and others. The applications covered in the study include disease treatment, education, sports, and others. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America accounted for the largest market share in the Cognitive and Memory Enhancer Drugs Market in 2020, and North America is expected to retain its dominance throughout the forecast period.
Impact of COVID-19 Pandemic on Cognitive and Memory Enhancer Drugs Market (Pre & Post Analysis)
Coronavirus (COVID-19) was discovered in December 2019 in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted among humans. Following its discovery in Wuhan, the disease rapidly spread to other parts of the globe. Moreover, this virus causes various symptoms in patients, which range from common to serious symptoms. For instance, common symptoms include fever, dry cough, and fatigue. However, serious symptoms include difficulty in breathing or shortness of breath, chest pain or pressure, and loss of speech or movement. Furthermore, the virus has high potential of lethality in geriatric population. On March 11, 2020, the World Health Organization made declared it as pandemic.
In addition, only a few vaccines have received emergency approvals for COVID-19 prevention. Thus, social distancing is observed as the most important measure to limit the spread of this disease. Furthermore, to maintain social distancing, various countries across the globe have adopted nationwide lockdowns. The overall impact of COVID-19 is negative on the global cognitive and memory enhancer drugs market, owing to decline in the number of visits to hospitals and clinics for the treatment of neurodegenerative, and these drugs are mainly used in the treatment of neurodegenerative disorders, which led to decline in demand of cognitive & enhancer drugs market. However, with the ongoing vaccinations and decreasing cases of COVID-19, the studied market is expected to regain its full potential over the forecast period. in the future.
Product Segment Review
Depending on product, the Aricept segment was the highest contributor to the cognitive and memory enhancer drug market in 2020, and this trend is expected to continue during the forecast period. This is attributed to rise in geriatric population and increase in adoption of Aricept for the treatment of neurological disorders.
By Product Type
Aricept segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Application Segment Review
By application, the disease treatment dominated the cognitive and memory enhancer drugs market in 2020, owing to increase in prevalence of neurodegenerative disorder such as Parkinson disease and Alzheimer’s disease. On the other hand, the education performance segment is estimated to exhibit a CAGR of 5.6% during the forecast period.
Disease Treatment segment holds a dominant position in 2020 and would continue to maintain the lead over the forecast period.
Region Segment Review
Region wise, North America garnered the largest revenue share in 2020, primarily due to the high burden of Alzheimer’s disease coupled with increase in aging population, huge investment in research & development activities, and launch of new products in the region.
North America holds a dominant position in 2020 and continue to maintain lead in the forecast year
However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period, owing to increase in prevalence of neurological disorders and presence of large patient pool are the key factors anticipating the growth of cognitive and memory enhancer drug market.
The key players operating in the global Cognitive and Memory Enhancer Drugs Market include AbbVie, Alterna Script LLC, Ceretropic, Biogen, Inc., Johnson & Johnson, Novartis International AG, Pfizer Inc., Takeda Pharmaceutical Company Ltd., Torrent Pharmaceuticals, and Teva Pharmaceutical Industries Ltd. (Cephalon Inc.).
Key Benefits For Stakeholders
- The study provides an in-depth analysis of the Cognitive and Memory Enhancer Drugs Market, and the current trends &future estimations to elucidate imminent investment pockets.
- It presents a quantitative analysis of the cognitive and memory enhancer drugs market from 2021 to 2030 to enable stakeholders to capitalize on the prevailing market opportunities.
- Extensive analysis of the cognitive and memory enhancer drug market based on procedures and services assists to understand the trends in the industry.
- Key players and their strategies are thoroughly analyzed to understand the competitive outlook of the market.
Cognitive and Memory Enhancer Drugs Market Report Highlights
By Key Market Players
According to the perspective of CXOs of leading companies, the adoption of cognitive and memory enhancer drugs is expected to increase in the near future, owing to high prevalence rate of neurological disorders such as Alzheimer’s, surge in geriatric population, and benefits of these drugs such as improved physical and mental performance. These drugs are used by athletics and students to boost their physical performance and enhance other functions such as reasoning skills. However, ethical issues related with the use of these drugs would restrain the market growth. For instance, most of these arguments have a religious root, but the apparent reasoning behind the opposition of such drugs is that these are unnatural. Asia-Pacific and LAMEA are expected to offer lucrative opportunities to market players throughout the forecast period. North America is expected to dominate the global market in the near future, followed by Europe.