Major Growth Boosting Factors:
Growing adoption of nutraceuticals for cognitive health is among the primary factors that drive the market growth. To achieve a better quality of life and cognitive health, consumers of all ages have started including more vegetables, fruits, dietary supplements, probiotics, prebiotics, phytotherapeutic substances, and other plant foods in their diets.
Consequently, there has been an increase in the demand for nutraceutical ingredients over the past few years, as they are being used by consumers for various health benefits.
The cognition & memory-enhancing drugs segment accounted for the largest share of the cognition enhancement market in 2020.
On the basis of product & service, the memory enhancement market is segmented into cognition & memory-enhancing drugs, brain-boosting nutraceuticals, and cognitive assessment & training solutions.
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In 2020, the cognition & memory-enhancing drugs segment accounted for the largest segment of the cognition and memory enhancement market. The large share of this segment can primarily be attributed to the increasing R&D by leading pharmaceutical companies in dementia-related diseases such as Alzheimers.
The Asia Pacific region is the fastest-growing region of the cognition enhancement market in 2020.
The memory enhancement market in the Asia Pacific region is projected to register the highest growth during the forecast period. Growing prevalence of neurological disorders in this region is a major factors driving the growth of the Asia Pacific market.
Some of the leading players operating in the cognition enhancement market include Eisai Co., Ltd. (Japan), Johnson & Johnson Services, Inc. (US), Biogen Inc. (US), Eli Lilly and Company (US), Nordic Naturals (US), Natrol, LLC (US), Cambridge Cognition Ltd. (UK), and Cogstate Ltd. (US).
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