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 report “Nootropics Market Share, Size, Trends, Industry Analysis Report, By Form (Capsules/Tablets, Powder, Drinks, Others); By Distribution Channel (Offline, Online), By Regions; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
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 effective nootropics.
Nowadays, most people are trying to improve overall body and brain functioning with the help of various smart drugs. Nootropics are being consumed by sports stars and athletes so as improve their performance. Consumption of these improves the overall brain and body operations. This trend is anticipated to impact the growth of the industry positively.
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According to the World Health Organization (WHO), depression is a widespread ailment that affects 3.8 percent of the world's population, with 5.0 percent of adults and 5.7 percent of people over 60 years old suffering from depression. Approximately 280 million people worldwide suffer from depression. Moreover, per the report published by the Alzheimer's Association in 2022, the number of people aged 65 and over with Alzheimer's disease is expected to reach 12.7 million by 2050.
Alzheimer's disease or dementia kills one out of every three seniors. Nootropics are an essential medicine for Alzheimer's and depression as it improves the brain's overall function. Hence, the demand is anticipated to surge, and these factors are expected to propel industry growth. Also, the rise in the consumption by various athletes and sports players to improve their mental ability is attracting the young population, which is expected to boost the revenue growth of the industry.
Nootropics Market Report Highlights
Polaris market research has segmented the nootropics market report based on form, distribution channel and region:
Nootropics, Form Outlook (Revenue - USD Billion, 2018 - 2030)
Nootropics, Distribution Channel Outlook (Revenue - USD Billion, 2018 - 2030)
Nootropics, Regional Outlook (Revenue - USD Billion, 2018 - 2030)