Cognitive and Memory Enhancer Drugs Market Size to Garner $6.59 Billion at 8.6% CAGR Globally by 2025
Pune, Maharashtra, India, February 23 2021 (Wiredrelease) Allied Analytics –:High percentage of aging population that is prone to neurological disorders, increase in neurodegenerative disorders, and surge in awareness regarding benefits of smart drugs including improved physical and mental performance have boosted the growth in the global cognitive and memory enhancer drugs market. However, ethical issues related to the consumption of such drugs hamper the market growth. On the contrary, effective strength of the drugs is expected to create lucrative opportunities for the market players in the near future.
Cognitive and memory enhancers are the drugs or supplements, which help to improve the cognitive functions such as memory, creativity, and others in patients suffering from diseases such as neurological disorders as well as in healthy individuals. The major factors that contribute to the market growth include growth in geriatric population prone to neurological disorders such as Alzheimer. Moreover, rise in adoption of cognitive drugs owing to its benefits such as improved physical and mental performance boosts the market growth. However, the ethical issues related with the use of such drugs restrain the growth of this market.
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The Namenda held the largest share in 2018, contributing about one-fourth of the total market, as it is the first drug approved for Alzheimer’s and dementia by the FDA and helps in slowing down the disease progression. However, the Exelon is estimated to register the fastest CAGR of 10.9% during the forecast period, as it is mainly recommended for patients with lower levels of chemicals such as glutamate that regulates the functioning of the nerve cells in the brain. Moreover, Exelon has fewer side effects as compared to other drugs.
Asia-Pacific to register highest CAGR through 2025
Asia-Pacific region is expected to register the fastest CAGR of 9.6% during the forecast period, owing to rise in geriatric population and high prevalence of cognitive diseases, especially in affluent countries of the region. However, North America dominated the market in terms of revenue in 2017, contributing more than one-third of the market share, owing to rise in patients suffering from Alzheimer’s disease and increase in healthcare expenditure due to long term care for these patients. Moreover, cognitive and memory enhancer drugs have gained popularity among college students to improve memory, focus, and mental energy. The other regions such as Europe and Latin America, Middle East and Africa (LAMEA) are analyzed in the report.
Major market players
The major market players that are analyzed in the report include Pfizer Inc., Allergan, Inc., Shire, Takeda Pharmaceutical Company Limited, Cephalon, Inc. (Teva Pharmaceutical Industries Ltd.), Eisai Co., Ltd., Novartis AG, Johnson & Johnson, AlternaScript LLC, and Ceretropic.
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