Nootropic Products Market: Overview
The term Nootropic is derived from Greek word noos and tropein which means mind and towards respectively. In general Nootropic products are natural and synthetic compounds that can enhance memory, alertness, attention and other cognitive abilities. Nootropic products are alternatively coined as cognitive enhancers and brain boosters for their ability to produce positive effects on brain performances. Nootropic products are gaining a lot of acceptance in recent years as mood enhancers due to growing prevalence of depression and mental fatigue among youths across the globe.
Nootropic Products Market: Trends and Developments
Nootropic products are a newly emerging category of supplements called as smart drugs aimed at enhancing brain functions and performances. Many students and researches are not only experimenting on the efficacy of the drugs and its probable side effects but are also using some of the approved products such as Modafinil which by 2013 is unfortunately the only available product by prescription. However, there are varieties of other products which can be obtained as supplements without any prescription. These include CDPCholine, Piracetam and either pyritinol or sulbutiamine just to begin with.
Some of the other commonly and widely used nootropic products in 2014 encompass Noopept, Pramiracetam, Modafinil, Adrafinil, Aniracetam and Phenylpiracetam among others. Noopept is one of the long considered supplements primarily used to gain number of effective benefits related to synaptic plasticity. Other benefits of Noopept include improved reflexes, mood enhancer, improved logical thinking and controlled anxiety level. This supplement works by stimulating NDMA and APMA receptor sites within the brain that improve the activity of neurotransmitters such as Dopamine, Serotonin and Glutamate among others.
Modafinil on the other hand by now the strongest nootropic and must be used with caution. Though it was originally developed for clinical trials for narcolepsy and other sleep defects but has gain acceptance in sleep apnea treatment and professionals such as doctors, nurses and call center employees to gain mental alertness and active neural responses and as mentioned above it is a prescription only drug and cannot be availed over the counter in many parts of the world.
For people in regions such as the United States where Modafinil cannot be availed directly, Adrafinil is the strongest alternative as it is converted into Modafinil in liver and is legal to purchase. It is generally advised to use Adrafinil either on a cycle or occasional basis to avoid tolerance build-up. A survey by the University of Cambridge paper, found that 10 per cent of students take Modafinil or other similar drugs to improve their ability to concentrate during exams.
Nootropic Products Market: Drivers and Trends
Some of the prominent drivers for these medicines or supplements in forthcoming years include intensive research with various natural as well as synthetic Nootropic products for curing diseases such as Alzheimer’s, dementia, attention deficit hyperactivity disorder, Parkinson’s diseases and even age-related cognitive disorders. With increasing population of depression, mood and emotional disorders across globe will positively enhance the acceptance and upliftment of nootropic products in near future.
The lack of proper treatment and hesitation to visit neurologist or psychiatrist in emerging and other developing nations are major concern and restraints to this market. Lack of awareness and product knowledge as supplements is affecting the present market by a significantly. Collaboration with government organizations and other corporate and nonprofit agencies for creating awareness and treatment centers for diseases or other memory related and mental alertness issues will create a lucrative opportunities for existing and new nootropic products market.
Some of the key players in the global Nootropic products market include Cephalon, Inc., United Pharmacies (UK), Purelife Bioscience Co., Ltd among others.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.