The global Memory Enhancement Drugs Market is estimated to be valued at US$ 8.6 Bn in 2023 and is expected to exhibit a CAGR of 5.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Memory enhancement drugs are used to improve cognition, memory, motivation, focus and other executive functions in healthy individuals. These drugs are also used to alleviate symptoms of various neurological and psychiatric conditions like Alzheimer’s disease, attention deficit hyperactivity disorder, schizophrenia, etc. Some commonly used memory enhancement drugs include donepezil, rivastigmine, galantamine, and memantine. With growing aging population worldwide who are at high risk of cognitive decline and dementia, the demand for memory enhancement drugs is increasing substantially.
Market key trends:
One of the key trends in the memory enhancement drugs market is the ongoing clinical research evaluating the efficacy of various compounds for potential treatment of memory and cognitive disorders. For instance, academic institutions and pharmaceutical companies are conducting numerous Phase II and Phase III clinical trials to test the efficacy of compounds like ibudilast, davunetide, epigenetic modulators, etc in treating Alzheimer’s disease and other forms of dementia. Positive clinical data validating the efficacy of these investigational drugs can substantially boost their commercial success. Additionally, with increasing number of people seeking to enhance their cognitive abilities, the demand for over-the-counter supplements containing memory-boosting nutrients is also growing steadily.
Threat of new entrants: The threat of new entrants is low due to high capital requirements and patent protections.
Bargaining power of buyers: The bargaining power of buyers is high as there are many substitutes available in the market.
Bargaining power of suppliers: The bargaining power of suppliers is moderate due to the availability of many suppliers in the market.
Threat of new substitutes: The threat of new substitutes is high as research is continuously being done to develop new and better memory enhancement drugs.
Competitive rivalry: The competitive rivalry is high in the memory enhancement drugs market.
The global Memory Enhancement Drugs market is expected to witness high growth, exhibiting CAGR of 5.6% over the forecast period, due to increasing demand for drugs to improve symptoms of various neurological disorders like Alzheimer’s disease and dementia.
North America is expected to dominate the global memory enhancement drugs market during the forecast period. This is attributed to the presence of major players, rising geriatric population, increasing research activities, along with advanced healthcare infrastructure, growing awareness regarding memory-related disorders. Asia Pacific is expected to exhibit the fastest growth over the forecast period owing to large population base, increasing healthcare expenditure, rising economical conditions.
Key players operating in the memory enhancement drugs market are 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.