Cognitive and Memory Enhancer Drugs Market Growth Analysis | 2022-2028

Market Insights

The Cognitive and Memory Enhancer Drugs Market was estimated at US$ 5.23 billion in 2021 and is expected to grow at a CAGR of 5.3% during 2022-2028 to reach US$ ~7.9 billion in 2028.

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What are Cognitive and memory enhancer drugs?

Cognitive and memory enhancer drugs, also known as nootropics, are drugs, supplements, and other substances that are marketed as cognitive and memory enhancers and claim to boost healthy people's executive functions, attention, memory, creativity, or motivation. These medications comprise a variety of various types of substances that can enhance mental performance and are capable of memory enhancement or preservation, learning potentiation, or the prevention of dementia or cognitive decline. Nootropics typically operate by influencing neurotransmitter activity, blood flow, or neuronal connectivity within the brain. They aim to enhance memory retention, mental clarity, focus, and overall cognitive performance. While some individuals use them to boost productivity or academic performance, others turn to nootropics for managing age-related cognitive decline or cognitive disorders. It's essential to use them cautiously and consult a healthcare professional when considering their use due to potential side effects and individual variability.

Market Dynamics

The rise in the number of elderly people, the advantages of smart medications, and the prevalence of neurodegenerative diseases have all contributed to the market's expansion. However, a number of moral concerns with these medications limit market expansion. On the other hand, the medications' effective strength would create fresh prospects in the future.

Some of the key elements that will help to boost the market's growth prospects for cognitive and memory enhancer pharmaceuticals in the upcoming years are the possible medications and clinical trials that are now being conducted. Cognitive medicines are linked to a number of advantages, such as enhanced memory and thinking. Additionally, many R & D initiatives for product creation are being conducted at an expanded rate all over the world. During the projected period, it has been predicted that these variables would provide new growth opportunities in the global market. On the contrary, the use of medications that improve cognition and memory can lead to some problems. These problems are also predicted to limit the market expansion potential for cognitive and memory-improving medications.

Several investments/guidelines in the industry have been directed in recent years, which would boost the overall market. Some of them are:

• Many individuals with mild cognitive impairment and their families choose to first speak with a primary care physician. In many situations, these clinicians could be short on diagnostic abilities, time, and knowledge of the nearby clinical trials for Alzheimer's disease. As a result, applications like machine learning and predictive analytics increase the number of participants in clinical trials for AI. The tools help in determining which patients have prodromal AD and who will all later acquire Alzheimer's. A machine learning predictive model that can recognize prodromal Alzheimer's disease patients in the general population is the subject of research efforts worldwide. Such cutting-edge studies may enable primary care providers to identify Alzheimer's disease at an early stage. Additionally, it can help with prompt referrals to areas with expertise in biomarker diagnosis. Machine learning is gradually becoming acknowledged as one of the most effective ways to derive trustworthy predictors and automatically categorize various AD symptoms. All of the aforementioned actions present profitable chances for market expansion.

Segments Analysis

By Product Type

The market is further segmented into product, the market is categorized into Aricept, Razadyne, Namenda, Exelon, Provigil, Ritalin, Adderall, and others. The Aricept segment holds the largest market share. According to the Alzheimer's Association, the number of Americans living with the illness is anticipated to roughly quadruple to 13 million by 2050, prompting a race to slow its spread. Without a cure, the number could rise to 139 million by 2050, according to Alzheimer's Disease International.

By Application Type

The cognitive and memory enhancer drugs market has been divided into disease treatment, education, sports, and others. The disease treatment segment is expected to hold the major share owing to the rise in the number of Alzheimer’s patients.

Regional Analysis

The cognitive and memory enhancer drugs market is broken down geographically into areas like North America, Europe, Asia-Pacific, and the Rest of the World (RoW). In 2021, North America is anticipated to be the cognitive and memory enhancer drugs market's largest region. The growing prevalence of Alzheimer's disease in the area is blamed for this market dominance. Other factors supporting regional growth include the increased share of older populations, the introduction of novel products, and rising spending in R&D activities for product development.

In the market for cognitive and memory enhancer pharmaceuticals over the course of the forecast period, the Asia Pacific is expected to develop at a substantial rate due to the rising frequency of neurological disorders as well as the availability of a larger patient pool.

Key Players

The following are the major players in the cognitive and memory enhancer drugs market:

• AbbVie
• Alterna Script LLC
• Biogen, Inc.
• Johnson & Johnson
• Novartis International AG
• Pfizer Inc.
• Takeda Pharmaceutical Company Ltd.
• Teva Pharmaceutical Industries Ltd.
• Torrent Pharmaceuticals

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

Recent Developments

The market for medications that improve cognition and memory is only slightly fragmented. The existence of both domestic and foreign firms defines the market. These market players are expected to focus on a variety of expansion tactics in order to increase their market share globally, enter emerging markets, and build brand recognition. These players also prioritise improving their offerings in order to do so for a notable boost in earnings and to attract a wider clientele. In addition to this, other growth-stimulating elements in the global market in the near future include the introduction of novel goods, mergers and acquisitions, agreements or partnerships, and the expansion of firm networks

For instance-

• In a sizable trial of individuals with the early stages of the disease, an investigational Alzheimer's treatment developed by Eisai Co Ltd and Biogen delayed cognitive and functional deterioration in September 2022. Lecanemab met the primary objective of the research and slowed the progression of the illness by 27% when compared to a placebo, which may provide patients and their families who are in need of an effective treatment hope.
• New co-development and licence agreements to conduct research, create, and market novel dopamine receptor modulators for the potential treatment of neuropsychiatric illnesses were announced in March 2022 by AbbVie and Gedeon Richter Plc. The partnership includes a number of new chemical entities that Richter has chosen for development and is based on the findings of preclinical research he conducted. For 15 years, AbbVie and Richter have worked together on Central Nervous System (CNS) initiatives, including commercially successful items like cariprazine (VRAYLAR/REAGILA).
• AbbVie purchased Syndesi Therapeutics in March 2022. Syndesis was a clinical neuroscience firm that was working on creating medications that may be used to treat a variety of cognitive impairments. On research from the pharmaceutical company UCB in Belgium, Syndesi was developed. Abbvie acquired Syndesi Therapeutics for a USD 130 million upfront payment. Shareholders in the biotech company might receive up to USD 870 million more from milestone payments
• ADUHELMTM (aducanumab-away), the first and only Alzheimer's disease medication to address a distinguishing pathology of the illness by lowering amyloid beta plaques in the brain, received accelerated approval from the U.S. Food and Drug Administration (FDA) in June 2021. Additionally, a number of programmes were announced by Biogen and Eisai Inc., a U.S. subsidiary of Eisai Co., Ltd., to facilitate access for all eligible patients, including historically underserved communities. These programmes seek to aid patients and their families in comprehending the illness, navigating the diagnosis process, obtaining culturally competent care, and managing the cost of treatment.