Burlingame, March 02, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the global memory enhancement drugs market is estimated to be valued at US$ 7,912.1 million in 2022 and is expected to exhibit a CAGR of 5.5% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Memory Enhancement Drugs Market:
Key trends in market include increase in government initiatives for development of memory enhancement drugs is expected to drive the global memory enhancement drugs market growth over the forecast period. For instance, the World Health Organization (WHO) published "Towards a dementia-inclusive society: WHO toolkit for dementia-friendly initiatives" in July 2021 to assist nations in launching, scaling up, and assessing dementia-friendly programs to promote the development of societies in which people with dementia and their caregivers can actively participate.
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Memory Enhancement Drugs Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2021 | Market Size in 2022: | US$ 7,912.1 Mn | |
| Historical Data for: | 2017-2020 | Forecast Period: | 2022 to 2030 | |
| Forecast Period 2022 to 2030 CAGR: | 5.5% | 2030 Value Projection: | US$ 12,172.1 Mn | |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: | Pfizer Inc., UCB S.A., Takeda Pharmaceutical Company, Shire plc., Sanochemia Pharmazeutika AG, Allergan plc., Novartis AG, Alkem Laboratories Ltd., Paradigm Healthcare, Intas Pharmaceutical Ltd., Taurus Laboratories Pvt. Ltd. | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Key Market Takeaways:
Global memory enhancement drugs market is expected to exhibit a CAGR of 5.5 % during the forecast period due to increasing number of geriatric population. For instance, according to an article published in August 2019,on Centers For Disease Control and Prevention (CDC), estimates that 5.8 million Americans have Alzheimer's disease and related dementias, including 5.6 million people over the age of 65 and roughly 200,000 people under 65 who have younger-onset Alzheimer's.
Among Application, disease treatment segment is estimated to hold a dominant position in the global memory enhancement drugs market over the forecast period, owing to increase in number of neurodegenerative disorders. For instance, according to an article published in June 2021, on the World Health Organization (WHO) estimates that Parkinson Disease (PD) caused globally 329,000 deaths in 2019, a rise of over 100% since 2000, and 5.8 million disability-adjusted life years, an increase of 81% since 2000.
On the basis of Distribution Channel, Retail Pharmacy is estimated to hold a dominant position in the global memory enhancement drugs market over the forecast period due to increased patient traffic in the market for medications that improve memory. For instance, in 2020, in the U.S., physicians’ offices prescribed around 860 million drugs and hospital emergency departments provided or prescribed over 336 million drugs.
Competitive Landscape:
Key players operating in global memory enhancement drugs market include Pfizer Inc., UCB S.A., Takeda Pharmaceutical Company, Shire plc. Sanochemia Pharmazeutika AG, Allergan plc., Novartis AG, Alkem Laboratories Ltd., Paradigm Healthcare, Intas Pharmaceutical Ltd., Taurus Laboratories Pvt. Ltd.
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Market Segmentation:
- Global Memory Enhancement Drugs Market, By Drug Class:
- Cholinesterase Inhibitors
- Smart Drugs and Cognitive Enhancers (Nootropics)
- Vitamins and Supplements
- Others
- Global Memory Enhancement Drugs Market, By Route of Administration :
- Oral
- Injectable
- Topical
- Global Memory Enhancement Drugs Market, By Application:
- Disease treatment
- Athletic performance
- Academic performance
- Others
- Global Memory Enhancement Drugs Market, By Distribution Channel :
- Hospital Pharmacy
- Retail Pharmacy
- Online Pharmacy
- Global Memory Enhancement Drugs Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Country
- South Africa
- Central Africa
- North Africa
- By Country
- North America
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