Global Nootropics Market to Grow at a CAGR of 14.6% During 2024-2032, Aided by the Growing Incidences of Anxiety and Depression

North America holds a significant market share as the pharmaceutical sector is a major contributor to the US GDP. With the presence of leading market players, in 2021 the biopharma sector contributed 1.53% of all US GDP, and manufacturing accounted for 9.94%.

In the U.S., the largest increase in mental health diagnoses is seen in those between the ages of 35 and 44, which went from 31% in 2019 to 45% in 2023. Non-prescription nootropic products are categorised by the U.S. Food and Drug Administration as Generally Regarded as Safe (GRAS) products.

With 1 in 5 people in the US suffering from a mental disease, mental health is becoming more widely recognised as a component of overall health. As a result, the growing incidences of stress and anxiety issues and the rising popularity of brain health improvement drugs to satisfy consumer demand aid the nootropics market expansion.

Increasing product launches by key players like Pfizer Inc. (NYSE: PFE) and Givaudan are aiding the market. In October 2023, Givaudan Active Beauty (Givaudan SA) (SWX: GIVN) launched a new line of nootropic drugs that include six natural and traceable extracts, including gotu kola, guarana, ginger, green tea, ginkgo and green coffee.

These raw materials are well-known for their uses as dietary supplements and cosmetics. Supplements that increase cognitive function, such as memory, creativity, and motivation. Nootropics are not just food supplements; they have remarkable benefits for the cosmetics business as well. In order to ensure a better appearance, a growing number of consumers are searching for natural solutions that enable them to satisfy the needs of their skin. According to Givaudan's analysis, 93% of customers think that natural ingredients are at least as effective as artificial ones.

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Market Analysis by Type, Indications, Dosage Form, Route of Administration, End User, Distribution Channel, and Region:

• The market, on the basis of type, can be divided into over the counter and prescription.

• On the basis of indications, the market can be divided into productivity and study, socialising, exercise and health, and wellbeing, among others.

• Based on dosage form, the market can be divided into tablets, capsules, and injections, among others.

• The various routes of administration for nootropics include oral and parenteral, among others.

• The market, on the basis of end user, can be divided into hospitals, speciality clinics, and homecare, among others.

• The several distribution channels for nootropics include hospital pharmacy, retail pharmacy, and online pharmacy, among others.

• The major regional markets for nootropics include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global incidence of anxiety and depression increased by a massive 25% after the COVID-19 pandemic. As a result, the demand for nootropic drugs is growing.

• Diseases such as Alzheimer's disease, Parkinson's disease, and the cognitive symptoms of schizophrenia are treated with nootropics. Approximately 24 million people worldwide suffer from schizophrenia. The growing prevalence of such diseases drives the nootropic drug market growth.

• Consumer demand to boost brain health performance and the tendency of parents to use medications to artificially boost their children's intelligence further contribute to nootropic drug development.

• The rise in research and development activities in the field of smart drugs positively influences the nootropics market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global nootropics market for the periods (2017-2023) and (2024-2032).

• The report also offers the historical (2017-2023) and forecast (2024-2032) markets for the types, indications, dosage forms, routes of administration, end users, distribution channels, and major regions of nootropics.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global nootropics market are Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Mylan N.V., Teva Pharmaceutical Industries Ltd., Sanofi, AstraZeneca, Johnson & Johnson Private Limited, Cephalon A/S, Reckitt Benckiser Group PLC, Onnit Labs, Inc., Mental Mojo, LLC, Noocube, Opti-Nutra Ltd., and TruBrain. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

Key Highlights of the Report

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