Nootropics Market Outlook 2024: Exclusive Report By The Business Research Company | Accelerated Intelligence Inc., AlternaScript Inc. Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost Wolfs

The Business Research Company has updated its global market reports, featuring the latest data for 2024 and projections up to 2581

The Business Research Company offers in-depth market insights through Nootropics Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.

Market Size And Growth Forecast:
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, inndustry collaboration.

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Market Segmentation:
The main types of drugs in nootropics are prescription nootropics and OTC nootropics. The prescription nootropics help to provide stimulant effects, counteracting the symptoms of medical conditions such as attention deficit hyperactivity disorder (ADHD), Alzheimer's disease, or narcolepsy. The various forms include capsules or tablets, powder, drinks, and others, and are distributed through several channels, such as online and offline. The nootropics are used in memory enhancement, mood and depression treatment, attention and focus, longevity and anti-aging, sleep and recovery, and anxiety treatment.

Major Driver - Elevated Health And Wellness Spending Boosts Nootropics Market Growth
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.

Competitive Landscape:
Major companies operating in the nootropics market include Accelerated Intelligence Inc., AlternaScript Inc. Health Via Modern Nutrition Inc., Mental Mojo LLC., Peak Nootropics, PureLife Bioscience Co. Ltd., Blue Brain Boost Wolfson Holdco Limited Performance Lab Group Ltd., TruBrain, PepsiCo, Superior Supplement Manufacturing, Equinox Nutraceuticals, Natural Stacks Inc., Gaia Herbs Farms., Kimera Koffee LLC., Onnit Labs LLC ., Reckitt Benckiser Group plc., OUTLIERS INC., Teva Pharmaceutical Industries Ltd., United Pharmacies o, Clarity Nootropics, OptiMind, Pfizer Inc., GlaxoSmithKline plc, Novartis AG, Mylan N.V., UCB S.A., HVMN Inc., BioAdaptives Inc., Powder City

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Top Trend - Growing Preference For Vegan Nootropics Spurs Product Innovation In Global Market
The adoption of vegan nootropics is gaining popularity in the global nootropics market. Major companies operating in the nootropics market are going to new organic product innovations to meet consumer demand and sustain their position in the market. For instance, in July 2022, BioAdaptives Inc., a US-based manufacturer of natural plant and algae-based supplements, launched MindMemory, which is an advanced nootropic intended to enhance memory, mental focus, and concentration. The new product has a gradual and smooth effect and unlike coffee, it does not produce sudden rush of adrenaline.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Nootropics Market Characteristics
3. Nootropics Market Trends And Strategies
4. Nootropics Market - Macro Economic Scenario
5. Nootropics Market Size And Growth
…..
27. Nootropics Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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