Memory-enhancing drugs are used for the treatment of diminished or decreased ability of person to memories due to traumatic injury to the central nervous system (CNS) or due to aging. The start of the memory loss or decreased cognition may result into the onset of the Alzheimer’s disease. Due to traumatic injury especially to the brain, brain cells tend to die and in case of aging person, although memory loss is common but it can be treated with memory-enhancing drugs. Although the market presence of regulatory authorities approved drugs for the memory enhancing drugs is limited but significant number of clinical trials are being carried out to study the outcome. Currently available memory enhancing drugs are mainly derived from food such as vitamins, antioxidants, lipids, etc. Some novel memory enhancing drugs are also approved in different parts of the world for the treatment. Use of off-label drugs like Ritalin and Adderall is increasing as memory-enhancing drugs.
Memory-Enhancing Drugs Market: Drivers and Restraints
The increasing prevalence of aging population and subsequently increasing prevalence of age related dementia expected to drive the growth of the memory-enhancing drugs market. The incidence of traumatic injuries are common and injury to CNS is often common resulting in decrease memorizing power of person, this can be treated with memory-enhancing drugs in turn driving the growth of the market.
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If the early symptoms of dementia or memory loss are not treated effectively then chances of developing Alzheimer’s disease increases hence early diagnosis of loss of cognition expected to drive the growth of the memory-enhancing drugs market. The significant number of the clinical trials going on in memory-enhancing drugs market and with marketing approval in few countries for the treatment of decreased ability to memories expected to fuel the growth of memory-enhancing drugs market. Although extended efforts on behalf of manufacturers are taken but reluctance in the general population to seek treatment in age related forgetfulness is very limited which in turn may hamper the potential market growth of memory-enhancing drugs.
Memory-Enhancing Drugs Market: Segmentation
The global memory-enhancing drugs market is segmented based on the by drug class, route of administration, distribution channel and region
By drug class the memory-enhancing drugs market is segmented as:
- Cholinesterase Inhibitors
- Smart Drugs and Cognitive Enhancers (Nootropics)
- Vitamins and Supplements
By route of administration memory-enhancing drugs market is segmented as:
By distribution channel memory-enhancing drugs market is segmented as:
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
- Drug Stores
Memory-Enhancing Drugs Market: Overview
The age related forgetfulness expected to serve as making of initial foothold for revenue generation in memory-enhancing drugs market in developing as well as developed countries. By the drug class, Smart Drugs and Cognitive Enhancers (Nootropics) segment expected to drive the growth of the memory-enhancing drugs market. By route of administration, oral segment expected to be most lucrative attributing to high patient convenience in the memory-enhancing drugs market. By distribution channel, retail pharmacies expected to be largest revenue generating segment due to higher patient footfall in the memory-enhancing drugs market. Manufacturers in the memory-enhancing drugs market are focusing on developing ‘smart drug’ for enhancing memory capacity and to overcome age related forgetfulness.
Memory-Enhancing Drugs Market: Regional Outlook
The global memory-enhancing drugs market is expected to be dominated by the North America due to higher treatment seeking rate in the early symptoms of Alzheimer’s disease as well as age related forgetfulness. Europe is expected to be second most lucrative memory-enhancing drugs market due to high prevalence of aging population. Asia-Pacific is expected to be emerging memory-enhancing drugs market due to increasing awareness about the available treatment options for the age related forgetfulness as well as traumatic injury-induced memory loss. Latin America memory-enhancing drugs market is expected to experience gradual growth due steadily increasing product penetration in the region. Middle East & Africa is expected to be least lucrative memory-enhancing drugs market due to least low treatment seeking rate as well as least product penetration.
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Memory-Enhancing Drugs Market: Key Players
The key market players operating in the memory-enhancing drugs market are: Pfizer Inc., Johnson & Johnson, 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., and others.