PORTLAND, Oregon, January 29, 2019 /PRNewswire/ --
Increased geriatric population, rise in patients suffering from neurodegenerative disorders, and surge in awareness about the use of smart drugs are expected to propel the growth in the global cognitive and memory enhancer drugs market
Allied Market Research recently published a report, titled, "Cognitive and Memory Enhancer Drugs Market by Product (Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, and Adderall) and Application (Disease Treatment, Academic Performance, and Athletic Performance): Global Opportunity Analysis and Industry Forecast, 2017-2023". The research offers a comprehensive analysis of the industry dynamics, top investment pockets, key strategic moves, major market segments, and competitive landscape. According to the report, the global cognitive and memory enhancer drugs market accounted for $4.02 billion in 2017, and is expected to reach $6.59 billion by 2023, registering a CAGR of 8.6% from 2017 to 2023.
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.
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Namenda governs the industry
The Namenda held the largest share in 2017, 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. The report also analyzes products such as Aricept, Razadyne, Provigil, Ritalin, Adderall, and such others.
Academic performance segment to manifest fastest growth by 2023
The academic performance segment is projected to register the fastest CAGR of 10.2% during the forecast period, owing to benefits provided by these drugs to students in terms of improvement of concentration, memory, and performance. However, the disease treatment held the largest share in 2017, contributing nearly three-fourths of the total market revenue, owing to increase in prevalence of Asthma, Parkinson's, and Alzheimer's disease. The study also explores athletic performance and other such applications.
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Asia-Pacific to register highest CAGR through 2023
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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SOURCE Allied Market Research