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Brain Health Supplements Market Value to Hit $5.81 billion by 2023 | Aurobindo Pharma Limited, Natural Factors Nutritional Products Ltd
Brain Health Supplements Market
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The global brain health supplements market accounted for $3.50 billion in 2017 and is projected to manifest $5.81 billion by 2023, growing at a CAGR of 8.8% from 2017 to 2023.
COVID-19 scenario-
1) Due to the global pandemic all over the world, the medical devices manufacturers are majorly focusing on essential medical devices production including ventilators and diagnostics.
2) However, due to the precautionary measures taken by governments in various regions, the supply chain has been hampered. Which may result in shortage of devices in certain locations.
3) Food and Drugs Administration (FDA), on the other hand, shared a COVID-19 guidance with medical device manufacturers to notify the agency about changes that could affect availability of their products.
Growth Drivers and Industry Trends
Global brain health supplements market is divided on the basis of product, application, supplement form, age group, sales channel, and region. The market is segmented into herbal extract, vitamins & minerals, and, natural molecules. The natural molecules segment held the largest share in 2017, contributing more than half of the market. However, the herbal extracts segment is projected to manifest the fastest CAGR of 9.8% CAGR through 2023.
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On the basis of application, the market is divided into memory enhancement, mood & depression, attention & focus, longevity & anti-aging, sleep & recovery, and anxiety. The memory enhancement segment dominated the market in terms of revenue in 2017, contributing more than one-fifth of the total market. However, the attention & focus segment is expected to manifest the fastest CAGR of 10% during the forecast period.
Based on supplement form, the market is segmented into tablets, capsules, and others. The capsules segment held the largest share in 2017, contributing about two-fifths of the market and is expected to continue its dominance throughout the study period. Moreover, the market is expected to register a CAGR of 8.6% during the forecast period.
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Segmentation Analysis of the Industry
On the basis of age group, the market is bifurcated into children, adults, and elderly. The adults segment held the largest share in 2017, contributing more than half of the market share. However, the children segment is projected to portray the fastest CAGR of 9.9% during the forecast period.
Based on sales channel, the market is segmented into supermarkets & hypermarkets, drug stores, online stores, and others. The supermarkets & hypermarkets segment held the largest share in 2017, contributing nearly two-fifths of the market. However, the online stores segment is estimated to register the fastest CAGR of 12.1% during the forecast period.
The market is analyzed across various regions such as North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2017, contributing nearly two-fifths of the market. However, the market in Asia-Pacific is expected to register a CAGR of 10.1% during the forecast period.
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The Major Key Players Are:
• Accelerated Intelligence Inc.
• AlternaScript, LLC
• HVMN Inc.
• Liquid Health, Inc.
• Aurobindo Pharma Limited
• Natural Factors Nutritional Products Ltd.
• Onnit Labs, LLC
• KeyView Labs, Inc.
• Purelife Bioscience Co., Ltd.
• Quincy Bioscience.
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