Surge in the geriatric population, benefits of smart drugs, and high incidence of neurodegeneration disorders have boosted the growth of the global cognitive and memory enhancer drugs market. The market across North America dominated in terms of revenue in 2020, accounting for around two-fifths of the market. The Covid-19 pandemic had a negative impact on the market, due to reduced number of visits to hospitals and clinics for the treatment of neurodegenerative diseases.
/EIN News/ — Portland, OR, June 02, 2022 (GLOBE NEWSWIRE) — As per the report published by Allied Market Research, the global cognitive and memory enhancer drugs market was pegged at $5.07 billion by 2020, and is expected to reach $8.68 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
Surge in geriatric population, benefits of smart drugs, and high incidence of neurodegeneration disorders have boosted the growth of the global cognitive and memory enhancer drugs market. However, various ethical issues regarding these drugs hinder the market growth. On the contrary, effective strength of the drugs would open new opportunities in the future.
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- The Covid-19 pandemic had a negative impact on the market, due to reduced number of visits to hospitals and clinics for the treatment of neurodegenerative diseases.
- However, increase in ongoing vaccination and decreasing cases of Covid-19 will help the market get back on track soon.
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The report segments the global cognitive and memory enhancer drugs market on the basis of application, product, and region.
Based on application, the disease treatment segment is expected to register the highest CAGR of 6.0% during the forecast period. Furthermore, the segment held the lion’s share in 2020, accounting for nearly three-fifths of the market. The report includes an analysis of other segment such as education industry, sports, and others.
On the basis of product, the Provigil segment would manifest the highest CAGR of 7.1% during the forecast period. However, the Aricept segment held the largest share in 2020, contributing to nearly one-fourth of the total market share.
The global cognitive and memory enhancer drugs market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in terms of revenue in 2020, accounting for around two-fifths of the market. However, the market across Asia-Pacific is anticipated to portray the highest CAGR of 6.8% during the forecast period.
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The global cognitive and memory enhancer drugs market includes an in-depth analysis of the prime market players such as AbbVie, Ceretropic, Biogen, Inc., Alterna Script LLC, Novartis International AG, Pfizer Inc., Johnson & Johnson, Torrent Pharmaceuticals, Takeda Pharmaceutical Company Ltd., and Teva Pharmaceutical Industries Ltd. (Cephalon Inc.).
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