Cognitive and Memory Enhancer Drug Market Expected to Reach $8,689.74 Million by 2030 | CAGR of 5.5%

According to a new report published by Allied Market Research, titled, “Cognitive and Memory Enhancer Drug Market by Product and Application: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global cognitive and memory enhancer drug 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 enhancers are drugs or supplements that improve the cognitive functions such as memory and creativity among 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, which is highly prone to neurological disorders such as Alzheimer’s. According to WHO, more than 46 million individuals live with dementia, which acts as an important factor influencing the growth of this market. In addition, many benefits offered by cognitive drugs such as improved memory and reasoning propel the market growth. Moreover, rise in adoption of cognitive drugs, owing to their benefits such as improved physical and mental performance, boosts the market growth. However, ethical issues related with the use of such drugs restrain the growth of this market.

COVID-19 Impact

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

The global cognitive and memory enhancer drug 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 drug market in 2020, and North America is expected to retain its dominance throughout the forecast period

By product, Aricept generated the maximum revenue in the global cognitive and memory enhancer drugs market in 2020, and is expected to dominate the market till 2030. The Provigil segment is expected to register the highest CAGR of 7.1 % during the forecast period, owing to increase in awareness among people toward improved physical performance.

By application, the disease treatment segment is expected to dominate the market in the future, owing to increase in the number of patients suffering from neurological diseases such as Alzheimer's. On the other hand, the education performance segment is estimated to exhibit a CAGR of 5.6% during the forecast period.

Key Findings Of The Cognitive And Memory Enhancer Drugs Market:

• Aricept contributed for more than one-sixth share of the global cognitive and memory enhancer drugs market in 2016.
• Provigil is projected to grow at a significant CAGR of 7.1% from 2017 to 2023.
• Education segment is expected to grow at a significant CAGR of 5.6%.
• North America were the major shareholders in 2020, collectively accounting for more than one-third share of the global cognitive and memory enhancer drugs market.

Region wise, North America garnered the largest revenue share in 2020, primarily due to 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.

The Asia-Pacific cognitive and memory enhancer drug market is projected to grow at the highest CAGR of 6.8% during the forecast period, owing to improvement in healthcare infrastructure and rise in expenditures in the emerging markets (such as India and China) to cater to the unmet medical needs.

The major companies profiled in the report are Pfizer Inc., Biogen., Allergan, Inc., Novartis AG, Torrent Pharmaceutical Inc, Johnson & Johnson, Takeda Pharmaceutical Company Limited, AlternaScript LLC, Cephalon, Inc. (Teva Pharmaceutical Industries Ltd.), and Ceretropic.