Global Memory Enhancement Drugs Market, by Drug Class (Cholinesterase Inhibitors, Smart Drugs and Cognitive Enhancers (Nootropics) and Vitamins and Supplements and others), by Route of Administration (Oral, Topical, Injectable), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy ,Online Pharmacy, Drug Stores), by Application (Disease treatment, Athletic performance, Academic performance and others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa) is estimated to be valued at US$ 7,912.1 Mn in 2022 and is expected to exhibit a CAGR of 5.5% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Key trends in market include increase in number of traumatic brain injuries which is expected to drive the growth of global memory enhancement drugs market over the forecast period. For instance, according to an article published in March 2022, on Centers for Disease Control and Prevention (CDC), stated that in U.S. there were approximately 223,135 Traumatic Brain Injury (TBI) related hospitalizations in 2019 and 64,362 Traumatic Brain Injury (TBI) related deaths in 2020.
Global Memory Enhancement Drugs Market – Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic caused major disruptions to clinical trial execution in the U.S., impacting key stakeholders across the industry. Investigative site capabilities experienced upheaval, driven by staff furloughs, social-distancing protocols, financial losses, and concerns over patient safety. Sponsors, Contract research organization (CROs), and other organizations that support drug development shifted to remote working environments. An April 2020 study on the Impact of COVID-19 on Clinical Trial Sites conducted by Medidata, a life sciences software provider that supports clinical trials with a primary focus on evidence generation, suggests that investigative sites demonstrated flexibility and ingenuity in adopting new approaches in order to cope with challenges presented by the pandemic, with over half of investigative sites transitioning to virtual approaches to interact with patients. More recently, follow-up studies performed in August 2020 have identified persistent impact of COVID-19 pandemic, with over 60% reporting an average or greater level of impact on ongoing trials and initiation of new trials. Respondents specifically highlighted challenges in patient enrollment and recruitment.
Recently, the U.S. Food and Drug Administration (FDA) guidance (March 2020 and updated July 2020) acknowledged that the impact of COVID-19 may require companies conducting clinical trials to consider virtual patient visits or put new processes in place of current protocols. Therefore, there are now more opportunities for using remote healthcare including conducting virtual or decentralized trials, site-less clinical trials, and use of other non-traditional approaches that do not involve in-person visits.
The COVID-19 pandemic has had a significant negative influence on the world economy on many levels, which is also evident in the healthcare sector. Due to the closure of production facilities, severe shortage in raw material supply, and lack of qualified labour, the booming market for health care research and development is predicted to have a sharp fall in sales during the lockdown period. The pandemic's present effects can be inferred from the supply chain and production operations encountering some modest difficulties. However, the market is anticipated to gradually rebound following COVID-19, providing appealing chances for sales across a number of global areas the following year.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Memory Enhancement Drugs Market”- Forecast to 2030, Global Memory Enhancement Drugs Market, by Drug Class (Cholinesterase Inhibitors, Smart Drugs & Cognitive Enhancers and Vitamins and Supplements and others), by Route of Administration (Oral, Topical, Injectable), by Distribution Channel (Hospital Pharmacy, Retail Pharmacy ,Online Pharmacy, Drug Stores), by Application (Disease treatment, Athletic performance, Academic performance and others), and by Region (North America, Latin America, Europe, Asia-Pacific, Middle East & Africa).
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/memory-enhancement-drugs-market-5399
Moreover, increase in the product launch by the key players are expected to drive the global memory enhancement drugs market over the forecast period. For instance, on June 7, 2021, Biogen Inc, which is a biotechnology company, received approval from. U.S. Food and Drug Administration for new drug Aducanumab for the treatment of Alzheimer disease
Key Takeaways of the Global Memory Enhancement Drugs Market:
- Global memory enhancement drugs market is expected to exhibit a CAGR of 5.5% during the forecast period due to benefits offered by memory enhancement drugs like improved memory and alterness. For instance, according to an article published in March 2021, on National Library of Medicine (NIH), states that, in a study conducted in Brazil, 4.2% of 1865 students from various academic fields admitted to using Cognitive Enhancers (CEs) in the previous year (2020). The most common Cognitive Enhancers (CE) was methylphenidate, which was not linked to an Attention deficit hyperactivity disorder (ADHD) diagnosis.
- Based on Route of Administration, Oral Route segment is estimated to hold a dominant position in global memory enhancement drugs market over the forecast period. For instance, according to an article published in February 2021, on Frontier Media, approximately 90% of all pharmacological formulations designed for human use, according to estimates, are taken orally and around 84% of the top-selling pharmaceutical medications are taken orally.
- Among region, North America is estimated to exhibit largest CAGR in the global memory enhancement drugs market over the forecast period, owing to increase in number of Alzheimer patients. For instance, according to an article published in May 2022, on Alzheimer Association, the number of Americans with Alzheimer's disease is rising quickly and approximately Alzheimer's disease affects more than 6 million Americans of all ages.
- Major players operating in the global memory enhancement drugs market include Pfizer Inc., UCB S.A., Takeda Pharmaceutical Company, Shire plc. Sanochemia Pharmazeutika AG, Allergan plc., Novartis AG, Alkem Laboratories Ltd., Paradigm Healthcare, Intas Pharmaceutical Ltd., Taurus Laboratories Pvt. Ltd.
