Cognition and Memory Enhancement Market at a CAGR of 5.3% from 2022 to 2030
According to the Market Statsville Group (MSG) , the?global Cognition and Memory Enhancement Market?size is expected to grow from?USD 5,348.9 million in 2021?to?USD 8,513.8 million by 2030, at a?CAGR of 5.3%?from 2022 to 2030. Cognitive?and memory enhancers are supplements or medications that promote cognitive functional improvement. These are most commonly used to treat patients with schizophrenia, stroke, Alzheimer's disease, attention deficit hyperactivity disorder (ADHD), or geriatric patients. The increasing geriatric population and the number of neurological and memory-related problems are the main reasons for expanding the cognitive and memory enhancement market. According to WHO, more than 46 million people have dementia, which is a significant factor influencing the growth of this market. Furthermore, ongoing clinical trials and potential drugs in the pipeline are some of the other factors driving this market's growth.
The market is primarily driven by the rising prevalence of neurological disorders and an increase in healthcare professionals' awareness of neurodegenerative disorders. Furthermore, the rising demand for improved brain health and mental fitness represents a significant opportunity for market expansion.
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COVID-19 Impact on the Global Cognition and Memory Enhancement Market
COVID-19 has a negative impact on the global cognitive and memory enhancement market, owing to a decline in the number of visits to hospitals and clinics for the treatment of neurodegenerative disorders, and these drugs are primarily used in the treatment of neurodegenerative disorders, resulting in a decline in demand for cognitive and enhancer drugs. However, with ongoing vaccinations and decreasing COVID-19 cases, the studied market is expected to regain its full potential in the future.
Global Cognition and Memory Enhancement Market Dynamics
Drivers:?Neurological disorders are becoming more prevalent
According to WHO data, approximately 50 million people worldwide are affected by dementia as of September 2019, with nearly 10 million new cases registered yearly. Dementia is one of the leading causes of disability and dependency among the world's elderly. With the growing geriatric population, the number of people with dementia is expected to rise to 82 million by 2030. The increasing prevalence of these neurological disorders has made it critical to monitor brain and neurological functions, which is a major market driver.
Restraints:?Time constraints restrict the development of clinically validated brain-training solutions
Companies are focusing on improving brain fitness by expanding the number of neuroplasticity-enhancing solutions and applications. However, before companies can launch their brain-training solutions, they must first obtain clinical approval. It takes time to develop a clinically validated brain fitness solution. The time required to develop these solutions is extensive, as professionals focus on developing training solutions that contain complex algorithms to provide appropriate brain exercises.
These games should be able to test the human's homeostasis, a mechanism that aids the brain in maintaining the body's status quo. With the increasing prevalence of Alzheimer's disease, attention deficit hyperactivity disorder (ADHD), and other cognitive dysfunctions, there is a greater need for effective solutions that use cutting-edge technology. However, the time required to develop such solutions is limiting the market's growth.
Opportunities:?Increasing demand for better brain and mental fitness
Because cognitive impairments are difficult to detect in the early stages and there is no effective treatment, the focus is currently on developing solutions to detect cognitive impairments in the early stages. The solutions should be able to distinguish between cognitively healthy people and those who are experiencing mild cognitive changes. Recently, most annual wellness visit programs incorporated cognitive assessment tests and offered visitors the opportunity to have their cognitive ability checked regularly. It also aided in the early detection of cognitive impairments among visitors. All of the cognitive assessment and training market developments point to an increase in demand for cognitive assessments and training solutions during the forecast period.
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Scope of the Global Cognition and Memory Enhancement Market
The study categorizes the cognition and memory enhancement market based on the product & service regional and global levels.
By?Product & Service Outlook?(Sales, USD Million, 2017-2030)
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By Region Outlook?(Sales, USD Million, 2017-2030)
The?cognition and memory-enhancing drugs?segment is projected to account for the largest market share by product & services
Based on products & services, the global cognition and memory enhancement market is divided into?cognition & memory-enhancing drugs, brain-boosting nutraceuticals, and cognitive assessment & training solutions. The cognition and memory-enhancing drugs segment was the largest in 2021. In recent years, surging consumer interest in foods, beverages, and supplements that promote brain health, mood, memory, energy, and sleep. This demand is fueled by the growing wellness movement and consumers' desire for more natural alternatives to taking pills.
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North America?is projected to account for the largest market share, by Region
North America held the largest cognition and memory enhancement market share in 2021. Increased provisions for cognitive enhancement training solutions attributable to established market players drive regional market growth. Additionally, throughout the forecast period, the regional market will be driven by the high burden of Alzheimer's disease combined with an aging population, significant investment in research and development, and the introduction of new products in the region.
Key Market Players in the Global Cognition and Memory Enhancement Market
The global cognition and memory enhancement market is highly competitive, with key industry players adopting strategies such as product development, partnerships, acquisitions, agreements, and expansion to strengthen their market positions. Most market companies focus on expanding operations across regions, augmenting their capabilities, and building strong partner relations.
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Major players in the global cognition and memory enhancement market are:
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