Press release
Nootropics Market Set for Rapid Expansion, Projected to Hit $9.73 Billion by 2033 at a CAGR of 16.5%
Nootropics Market
Insights into Nootropics Market: Global Trends and Analysis
Nootropics Industry - Key Market Dynamics and Trends
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.
Market Overview -
Nootropics refer to memory-enhancing substances that have a stimulation effect. The nootropics help boost brain performance. The nootropics include caffeine, creatine, vitamins, and minerals, which are used to increase memory, strength, or other cognitive functions. They may affect memory, thinking, or other mental functions, but they do not treat the diseases.
Download Free Sample of Report -
https://www.thebusinessresearchcompany.com/sample.aspx?id=6130&type=smp
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
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.
Browse Full Report @
https://www.thebusinessresearchcompany.com/report/nootropics-global-market-report
Key Segments -
The nootropics market covered in this report is segmented -
1) By Drug Type: Prescription Nootropics, OTC Nootropics
2) By Form: Capsules or Tablets, Powder, Drinks, Other Forms
3) By Distribution Channel: Offline, Online
4) By Application: Memory Enhancement, Mood and Depression, Attention and Focus, Longevity and Anti-aging, Sleep and Recovery, Anxiety
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
Want To Know More About The Business Research Company?
The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialise in various industries including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model - World's Most Comprehensive Database
The Business Research Company's flagship product, Global Market Model (www.thebusinessresearchcompany.com/global-market-model) is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps
This release was published on openPR.
Permanent link to this press release:
Copy
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Nootropics Market Set for Rapid Expansion, Projected to Hit $9.73 Billion by 2033 at a CAGR of 16.5% here
News-ID: 3496402 • Views: …
More Releases from The Business research company
Water-Based Printing Inks Market on the Rise: Examining Market Size, Growth Outl …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
Water-Based Printing Inks Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $12.79 billion In 2028…
Urology Medical Lasers Market to Witness Significant Growth: Key Metrics, Segmen …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
Urology Medical Lasers Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $1.3 billion In 2028…
Surgical Sealants and Adhesives Market Set for Rapid Expansion: Detailed Analysi …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
Surgical Sealants And Adhesives Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $4.14 billion In…
Smart Buildings Market Revolution: Unveiling Market Share, Growth Drivers, and F …
The Business Research Company has recently revised its global market reports, now incorporating the most current data for 2024 along with projections extending up to 2033.
Smart Buildings (Nonresidential Buildings) Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $112.47 billion In…
More Releases for Nootropics
Nootropics Market Expected to Reach USD 33.85 Billion By 2030
The global nootropics market size is expected to reach USD 33.85 billion by 2030, according to a new study by Polaris Market Research.
The revenue growth of the global industry is anticipated to be driven by critical factors such as increasing consumer inclination towards smart drugs, a rise in the cases of Alzheimer's and depression, consumer awareness, a rise in consumer spending on supplements, and increasing R&D activities to develop more…
Nootropics Market Size, Historical Growth Analysis 2022 To 2028
Precision Business Insights published a research report on "Nootropics Market By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery and Anxiety), By Distribution Channel (Offline and Online) - Global/Region/Country Forecast to 2028"
Nootropics, often known as brain boosters or smart pills, are medications that improve cognitive abilities such as creativity, memory, executive function, and motivation. Due to a combination of circumstances, the nootropics sector…
Nootropics Market Size, Emerging Trends, Forecasts, and Analysis 2021-2026
Stratview Research announces the launch of a new research report on Nootropics Market by Drug Type (Prescription Nootropics [Modafinil, Adderall, Methylphenidate, Memantine], OTC Nootropics [Ginkgo Biloba, Panax Ginseng, Rhodiola Rosea, Nicotine, Others]), By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, Anxiety), By Distribution Channel (Offline, Online) and Region.
This report provides critical insights on the market dynamics and enables strategic decision making for…
Nootropics Market In-Depth Analysis including key players - Onnit Labs Inc., Acc …
Nootropics Market size was valued at USD 2.42 Billion in 2021 and is projected to reach USD 6.29 Billion by 2028, growing at a CAGR of +12% from 2021 to 2028.
Market Research Inc has newly added a research report on Nootropics Market to its massive database. The report is aggregated on the basis of different dynamic aspects of the market study. Also, this most recent analytical report sorts the global…
Nootropics Market Latest trending report is booming globally by Top Leading Play …
The current report on the Nootropics Market provides a comprehensive assessment of the business vertical and offers a comprehensive overview of the industry along with its key segments. The study includes an accurate estimate of the current industry scenario along with the market size, market volume, and revenue garnered by the industry. The report delivers radical data about the competitive landscape of the Nootropics industry and a thorough bifurcation of…
Global Nootropics Market 2020-2026 Latest Innovations & Application Analysis wit …
Global Nootropics market, offers deep insights about the Nootropics Market covering all the crucial aspects of the market. Moreover, the report provides historical information with future forecast over the forecast period. There are different marketing strategies that every marketer looks up to in order to ace the competition in the Global market. Some of the primary marketing strategies that is needed for every business to be successful are Passion, Focus,…
