Hohance Chemistry | Looshine (Shanghai) Pharmaceutical Technology Co., Ltd
Global Nootropics Market Report to Grow at a CAGR of 17.9% by 2024
2018-6-28 10:40:41 1155
The global nootropics market was valued at USD 1,346.5 Mn in 2015, and is expected to reach USD 6,059.4 Mn by 2024, expanding at a CAGR of 17.9% from 2016 to 2024.
Companies operating in this space primarily succeed as lifestyle brands through smart marketing. However they can only be recognized as healthcare brands only after they develop products that secure regulatory approval thus establishing certified efficacy and safety to their products.
Among the key applications of nootropics, memory enhancement currently holds the largest revenue share and it is anticipated that the segment will maintain its lead through the forecast period 2016-2024. Major factors favoring the demand for memory enhancing nootropics include growing awareness among students and executives about the promised benefits of nootropics, easy accessibility, and the booming market for supplements. The memory enhancing nootropic drugs enhance learning and memory effect, enhance the ability of learned behaviors to resist disruption, enhance the efficiency of your brain functions and protect the brain from chemical injuries. Memory enhancement segment for nootropics was valued at USD 391.6 Mn in 2015