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The Memory Enhancement Drugs Market is estimated to be valued at US$ 8.6 Bn or Billion in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Memory enhancement drugs aim to improve cognitive functions such as concentration, focus, memory retention, and information processing capabilities. Some commonly used memory enhancement drugs include donepezil, galantamine, rivastigmine, and memantine. These drugs work by inhibiting the breakdown of acetylcholine – a chemical messenger that transmits signals between nerve cells in the brain. With rising academic and professional pressures, there is significant demand for memory enhancing formulations that can help fast track the learning process and bolster retention rates.
Market Dynamics:
Two major drivers for the memory enhancement drugs market are as follows –
Growing Geriatric Population – Age is one of the biggest risk factors for memory loss and cognitive decline. With people living longer than before, neurodegenerative diseases like Alzheimer’s and dementia are on the rise. This expanding senior demographic relies on memory enhancing medications to manage worsening symptoms.
Increasing Career Pressures – In today’s fast-paced work environment, knowledge retention has become critical for career growth and professional success. Many individuals use memory enhancing drugs off-label to learn new skills faster, study more efficiently, and perform better in high-stakes exams. The non-medical cognitive enhancement trend is fueled by the thirst to gain a competitive edge in the job market.
Segment Analysis
The global memory enhancement drugs market is dominated by the cognitive disorders segment. Memory enhancement drugs used for treating cognitive disorders such as Alzheimer’s disease, dementia, lack of concentration and attention hold the largest market share due to growing geriatric population and increasing prevalence of neurological disorders. According to WHO, around 50 million people worldwide are living with dementia and there are nearly 10 million new cases every year.
PEST Analysis
Political: Growing government initiatives to spread awareness about age-related neurological illnesses and availability of drugs is boosting the market growth. Various regulations have been implemented to monitor the production and sales of prescription drugs.
Economic: Rising per capita healthcare expenditure along with growing disposable income especially in developing nations is fueling the demand for memory enhancement drugs. High treatment cost of cognitive disorders further drives the market.
Social: Changing social outlook towards brain health and rising adoption of pharmaceutical drugs for improving memory and concentration is propelling the market growth. Growing number of patients suffering from dementia and Alzheimer’s also contributes significantly.
Technological: Ongoing R&D for developing advanced drugs with minimal side-effects and focused on neuroplasticity is positively impacting the market. Moreover, new drug delivery methods like transdermal patches are gaining prominence.
Key Takeaways
The global memory enhancement drugs market size was valued at US$ 8.6 Bn in 2023 and is expected to reach US$ 16.2 Bn by 2030, expanding at a CAGR of 5.6% during the forecast period. Growing geriatric population susceptible to neurodegenerative ailments along with increasing per capita healthcare spending is driving the market. Regionally, North America dominates the market and holds more than 40% share owing to high prevalence of cognitive disorders, availability of advanced treatment options and strong healthcare infrastructure. Asia Pacific market is anticipated to exhibit fastest growth, expanding at a CAGR of over 7% during 2023-2030 led by booming economies of India and China and large patient pool suffering from memory loss and dementia.
Key players operating in the memory enhancement drugs market are Pfizer Inc., UCB S.A., Takeda Pharmaceutical Company, Shire plc., Sanochemia Pharmazeutika AG, Allergan plc., Novartis AG, Alkem Laboratories Ltd., Paradigm Healthcare, Intas Pharmaceutical Ltd., and Taurus Laboratories Pvt. Ltd. Major players are involved in new product launches and acquisitions to strengthen their market presence. For instance, Takeda Pharmaceuticals acquired Shire plc. in 2019 to enhance its position in neuroscience business globally.
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc.
