Global Brain Health Supplements Market, By Product Type (Herbal Extracts {Ginseng, Ginkgo Biloba, Curcumin, Lions Mane, and Others}, Vitamins & Minerals {Vitamin B, Vitamin C & E, and Others}, and Natural Molecules {Acetyl-L-Carnitine, Alpha GPC, Citicoline, Docosahexaenoic Acid, and Others}), By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety), By Supplement Form (Tablets, Capsules, and Others), By Age Group (Geriatric, Adult, and Pediatric), and By Distribution Channel (Supermarkets & Hypermarkets, Drug Stores, and Online Stores), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 9.0 Bn in 2023 and is expected to exhibit a CAGR of 8.5% during the forecast period (2023-2030), as highlighted in a new report published by Coherent Market Insights.
Geriatric population is increasing rapidly globally. This population group is highly susceptible to different types of age-related diseases such as Parkinson's disease, mental health disorders, and others. For instance, in August 2021, according to the report published by the Technical Group on Population Projections for India and States 2011-2036,- a technical Group, constituted by the National Commission on Population (NCP), there were nearly 138 million elderly persons in India in 2021 (67 million males and 71 million females), and this population was further expected to increase by around 56 million elderly persons in 2031.
Global Brain Health Supplements Market – Impact of Coronavirus (COVID-19) Pandemic
The World Health Organization (WHO) designated the illness caused by the Severe Acute Respiratory Syndrome Coronavirus 2 (SARS-CoV-2) that first appeared in Wuhan (province of Hubei, China), in the last months of 2019, as "coronavirus disease 2019" or COVID-19. This virus spreads quickly, and had a serious negative impact on the economies, social behaviors, and healthcare of every country in the world.
COVID-19 affected the economy in three main ways: by directly affecting production and demand, by creating disruptions in distribution channel, and through its financial impact on firms and financial markets. Due to lockdown, many countries such as Saudi Arabia, UAE, Egypt, and others faced problems regarding transportation of drugs and supplements from one place to another.
Furthermore, the lockdown increased stress and anxiety levels and depression among the population. Brain health supplements emerged as potential options for treating these health issues. Moreover, the COVID-19 pandemic has impacted the supply of raw materials and potent compounds which are used in manufacturing of these supplements which can hamper the market growth in near future.
Global Brain Health Supplements Market : Key Developments
Key players in the market are focusing on adoption of strategies such as mergers and acquisitions, in order to enhance their product portfolio.
For instance, in December 2021, Pfizer Inc.,- a pharmaceutical and biotechnology corporation, and GSK plc- a U.K.-based multinational pharmaceutical and biotechnology company, signed a joint venture agreement to expand into a global consumer healthcare company. This joint venture will expand GSK plc’s consumer health portfolio towards vitamin and dietary supplements category.
Browse 50 Market Data Tables and 44 Figures spread through 183 Pages and in-depth TOC on “Global Brain Health Supplements Market, By Product Type (Herbal Extracts {Ginseng, Ginkgo Biloba, Curcumin, Lions Mane, and Others}, Vitamins & Minerals {Vitamin B, Vitamin C & E, and Others}, and Natural Molecules {Acetyl-L-Carnitine, Alpha GPC, Citicoline, Docosahexaenoic Acid, and Others}), By Application (Memory Enhancement, Mood & Depression, Attention & Focus, Longevity & Anti-aging, Sleep & Recovery, and Anxiety), By Supplement Form (Tablets, Capsules, and Others), By Age Group (Geriatric, Adults, and Pediatrics), and By Distribution Channel (Supermarkets & Hypermarkets, Drug Stores, and Online Stores), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/brain-health-supplements-market-4205
Key Takeaways of the Global Brain Health Supplements Market:
- The global brain health supplements market is expected to exhibit a CAGR of 8.5% during the forecast period. The seminars and workshops are being arranged for the physicians that is expected to increase awareness regarding neonatal care in respiratory disorders, which reduces the amount of oxygen-rich blood that reaches the brain and other tissues in the body. This ultimately increases demand for brain health supplements and offers lucrative growth opportunities for players in the global brain health supplements market. For instance, in April 2021, Unlever,- a U.K-based multinational consumer packaged goods company, signed an agreement to acquire Onnit Labs, Inc.,- a U.S. supplements business, to expand its product offerings.
- Among application type, the memory enhancement segment is dominant due to the increasing prevalence of diseases and disorders like Lewy Body Dmentia in healthcare facilities across the globe. For instance, according to the data published by PubMed, - a free search engine for biological databases and medical reports, in April 2020, according to the American Heart Association, estimates the prevalence ranged from 0.02 to 63.5 per 1000 persons globally each year
- Among region, North America is expected to be the dominant region in the global brain health supplements market, owing to the increasing geriatric population in this region. According to the data published on July 20, 2023, by The U.S. Census Bureau, 55.8 Mn people were over the age of 65 years in the U.S. in 2020.
- Major players operating in the global brain health supplements market include Alternascript, Accelerated Intelligence, Liquid Health, Health Via Modern Nutrition Inc., Natural Factors USA, Onnit Labs, Inc., Purelife bioscience Co., Ltd., Quincy Bioscience – The Makers of Prevagen, Cerebral Success, Amway Corp., Puori, Ocean Health Pte Ltd., Schiff.
