Albany, NY -- (SBWIRE) -- 02/06/2019 -- Cognitive enhancers are drugs are taken by individuals in order to increase mental alertness and concentration, boost energy levels, and improve memory. Cognitive enhancers are also known as neuroenhancers, brain boosters, smart drugs, memory boosters, drive drugs, etc. These drugs simultaneously act on different systems in the body, such as, boosting the flow of the blood to the brain, which in turn, improves its capacity to use more oxygen. In addition to improving performance and cognitive processes, these drugs also help in treating sleepiness or narcolepsy and attention disorders.
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Rise in global prevalence of chronic neurological diseases, such as, Alzheimer's disease and mental disorders is expected to drive the growth of the global cognitive enhancer drugs market during the forecast period. According to the World Health Organization (WHO), globally, millions of people are affected with neurological disorders. Around 47.5 million people are affected with dementia, with an estimated 7.7 million new cases occurring every year. The most common cause of dementia is Alzheimer's disease, which contributes to 60%–70% of the new cases in dementia. The number is expected to swell to 74.7 million in 2030 and exceed 131.5 million in 2050. Increase in prevalence of these disorders is expected to drive the growth of the target patient population, which in turn, is likely to boost the demand for cognitive enhancers in the near future. Furthermore, growing awareness levels about the benefits of cognitive enhancers, coupled with rising research and development in the area of cognitive therapies, is anticipated to contribute to the growth of the cognitive enhancer drugs market during the forecast period.
Growing geriatric population is projected to fuel the growth of the cognitive enhancer drugs market in the next few years. According to the United Nations 2015 report, Globally the number of people of 60 years of age and above grew to 901 million in 2015 from 607 million in 2000. Geriatric population is expected to rise by 56% to 1.4 billion by the year 2030, and is anticipated to increase two-fold from 901 million to about 2.1 billion by 2050. Growth in the aging population is likely to contribute to the number of people affected with Alzheimer's disease, thereby propelling the market for cognitive enhancer drugs. However, stringent regulatory policies and side-effects associated with use of cognitive enhancer drugs are anticipated to hinder the growth of the market during the forecast period.
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The global cognitive enhancer drugs market can be segmented based on product type, application, distribution channel, and geography. In terms of product type, the cognitive enhancer drugs market can be divided into Ritalin, Modafinil, Donepezil, and others. By application, the market can be classified into performance improvement, disease treatment, and others. Based on distribution channel, the cognitive enhancer drugs market can be divided into retail pharmacies, hospital pharmacies, and others.
In terms of geography, the global cognitive enhancer drugs market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominates the global market due to large patient pool suffering with conditions, such as, Alzheimer's disease in the region and ongoing research to develop enhanced products for improving the cognitive ability of people. North America is followed by Europe and Asia Pacific in terms of leading the global cognitive enhancer drugs market. In Asia Pacific, growing elderly population, coupled with expanding base of geriatric patients affected with Alzheimer's disease, is likely to fuel the growth of the cognitive enhancer drugs market in the region during the forecast period.
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Prominent players operating in the global cognitive enhancer drugs market include Pfizer Inc., Eisai Co., Ltd. Johnson & Johnson, Novartis AG, and Shire Plc.
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