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Nootropics Market Analysis, Latest Trends, Top Key Players, Segmentation And Forecast To 2033
Nootropics Market Analysis
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the nootropics industry. This report on nootropics market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The nootropics market size has grown rapidly in recent years. It will grow from $4.6 billion in 2023 to $5.29 billion in 2024 at a compound annual growth rate (CAGR) of 15.0%. The growth in the historic period can be attributed to aging population, regulatory support, increased research and development, e-commerce expansion, rise in esports.
The nootropics market size is expected to see rapid growth in the next few years. It will grow to $9.73 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to increasing stress and cognitive demands, globalization, rising disposable incomes, rising mental health awareness, expansion of emerging markets. Major trends in the forecast period include natural and plant-based nootropics, digital nootropics, transcranial stimulation devices, sustainable and ethical sourcing, industry collaboration.
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Key Market Players:
Accelerated Intelligence Inc., AlternaScript Inc. Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd. are prominent players in the nootropics industry.
Market Drivers:
According to the Nootropics Market Report 2024 by The Business Research Company, The increasing expenditure on health and wellness is expected to propel the growth of the nootropics market going forward. Health and wellness are generally defined as a method that an individual respects to reach mental health and physical wellbeing. Mental and physical health involves diving deep into the health and wellness industry. Nootropics are useful in maintaining an individual's health and wellness, as a result, if the demand for healthcare and wellness is increasing, so will the need for nootropics. For instance, in September 2021, according to the Centers for Medicare & Medicaid Services, a US-based federal agency within the U.S. Department of Health and Human Services, 2021, the expenditure on prescription drugs rose by 7.8% to reach a total of $378.0 billion, which is a faster growth rate than the 3.7% increase recorded in 2020. Also in 2021, the spending on Medicare surged by 8.4% and reached $900.8 billion, making up 21% of the total National Health Expenditures (NHE). Additionally, Medicaid spending increased by 9.2% and reached $734.0 billion, accounting for 17% of the total NHE. Therefore, the increasing expenditure on healthcare and wellness drives the nootropics market.
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Market segments for nootropics include:
1) By Drug Type: Prescription Nootropics, OTC Nootropics
2) By Form: Capsules or Tablets, Powder, Drinks, Other Forms
3) By Distribution Channel: Offline, Online
4) By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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