Nootropics, also known as smart drugs, memory enhancers, are drugs, supplements, nutritional or functional supplements that provide one or more aspects of mental function. Nootropics offer many benefits for cognitive skills and brain health. Nootropics have been used to treat the cognitive symptoms of Huntington’s disease, Alzheimer’s disease, schizophrenia, Parkinson’s, and dementia. The growing demand for versatile drugs that act as antidepressants, energy stimulators and anxiety-resistant is likely to boost R&D in the nootropic drug market. The growing demand from the sports industry for the ability to improve brain capacity is projected to create growth opportunities for key players. Growing demand for smart drugs for cognition led by students could be the key driver of the global nootropics market.
In addition, in January, 2021, a new wellness startup, Heights, received $2 Million in a seed funding round. It aims to use the funds new product development linked to probiotic; named ‘psychobiotics’ for mental health and cognition. The company mainly deals in nootropics category to emphasize on memory, motivation, cognitive, and creativity in working individuals. It also plans to introduce a new category describe as ‘braincare’ and use plant-based supplements to nourish brain development.
The global nootropic market is segmented based on the application, distribution channels, and regions. By application, the global nootropic market is bifurcated into longevity and anti-aging, memory enhancement, anxiety, dream enhancement, mood and depression, attention and focus, sleep, and recovery. The global market is also differentiated by its distributional channels into online and offline.
The Asia-Pacific region of the nootropic market is likely to continue to be the fastest growing region in the coming years, thanks to the increased appreciation and consumption of medicines that improve memory, in addition to the increased investment by biotechnology companies and pharmaceutical companies, with a probability of increasing industry demand. North America had the largest share of the market. It dominance may be owing to the greater investment in R&D activities due to the high incidence of mental disorders in the region. In addition, the development of new innovative products, such as energy drinks, and the presence of key players in the region will further increase market growth.
The leading players supporting the growth of the global nootropics market globally, include such as SupNootropic Biological Technology Co., Ltd., Accelerated Intelligence, Inc., AlternaScript LLC, Nootrobox, Inc., Peak Nootropics, Clarity Nootropics, Powder City LLC, United Pharmacies, Purelife Bioscience Co., Ltd, Cephalon, Inc., and Onnit Labs LLC, among others.