Global Brain Health Supplements Market - 2022-2029

Global Brain Health Supplements Market - 2022-2029

Market Overview

Brain Health Supplements Market size was valued at US$ 8,029.6 million in 2021 and is estimated to reach US$ 18,504.3 million by 2029, growing at a CAGR of 8.7% during the forecast period (2022-2029).

Brain health supplements are the drugs that enhance cognition and memory and facilitate learning. These supplements improve concentration and boost memory power. They are often used to increase attention spans, help individuals focus, and as studying aids. Brain health supplements are gaining acceptance in the market due to aggressive promotion and enhanced sales channels to increase their accessibility to the consumers.

Market Dynamics

The global brain health supplements market is growing due to the increasing awareness of the advantages of brain health supplements among college students, and scientists and the transition of nature of work towards knowledge-based industries.

Growing use of supplements by patients with mental illness and increasing awareness of the advantages of brain health supplements drives the growth of thoracolumbar spine devices market

Brain health supplements are the drugs that enhance cognition and memory and facilitate learning. These supplements improve concentration and boost memory power. They are often used to increase attention spans, help individuals focus, and as studying aids. Brain health supplements are gaining acceptance in the market due to aggressive promotion and enhanced sales channels to increase their accessibility to the consumers.

These are becoming increasingly popular to give the mind an extra boost. According to one Telegraph report, up to 25% of students at leading UK universities have taken the prescription smart drug modafinil, and California tech start-up employees are trying everything from Adderall to LSD to push their brains into a higher gear.

Increasing awareness of the advantages of brain health supplements among college students, and scientists and the transition of nature of work towards knowledge-based industries, and the growing use of supplements by patients with mental illness are driving the growth of the brain health supplements market. For instance, according to the Centers for Disease Control and Prevention report, an estimated 16 million Americans are suffering from some form of mental illness.

Among young people, about 21% take dietary supplements to maintain and 20% take them to improve brain health in the USA. Additionally, due to growing awareness of dementia and old age mental illness, 11% of Americans take supplements to reverse or delay it, which is expected to grow gradually due to government initiatives on increasing awareness in various parts of the world. Other than that, brain health supplements are becoming more popular among sportspersons and people who are focused on overall health due to scientific evidence of healthy brain and body decision-making such as reaction speed, strong visual attention, cognitive flexibility for the body movement, etc. Increasing research and development activities in terms of various dietary ingredients and their degree of effect have helped the brain health supplements vendors to produce new supplements with the improved effect, which drives the market growth in terms of innovation.

Additionally, an increasing number of published research papers on brain health supplements creates trust among customers to use these products, which drives the revenue of this market. According to industry insiders, in the future, the growth of the cognitive health market will make consumers demand more research to prove the claims of manufacturers, which will create more trust in these products resulting in more expansion opportunities for the brain health supplements market. The new norm of social distancing and lockdown in the midst of the Covid-19 pandemic in 2020 has resulted in an increase in consumer’s stress level and strain on overall brain health, which had led to a rise in demands for ingredients of brain supplements that boost the mood and manage stress. Because of this, many new players are entering the market recently to acquire the market share in the future.

High cost and unawareness about presence of these products is likely to hamper the growth of the market

High cost linked with these products, hesitation in buying these supplements because of myths associated with these products such as side effects cause by the products. Unawareness about the presence of product in market. These all are some factors that can restraint the growth of market.

Industry Analysis

The global brain health supplements market provides in-depth analysis of the market based on various industry factors such as porter’s five forces, regulatory analysis, supply chain analysis and pricing analysis.

Segment Analysis

The product type segment is expected to hold the largest market share in global brain health supplements market

The global brain health supplement market is segmented by product type like herbal extracts and vitamin & minerals, by supplement form as tablets and capsules, by application such as memory enhancement, anti-ageing, anxiety and depression, by age group as adults and elders and distribution channel. From them product type segment holds the largest share in global brain health supplement market.

Herbal extracts are being used widely due to its advantages as well as it being natural product. Ginkgo biloba is a popular supplement and one of the top-selling herbal medicines. Ginkgo biloba extract is collected from the dried green leaves of the plant and is available as liquid extracts, capsules, and tablets. People use it for a variety of reasons.

The therapeutic properties of the ginkgo plant are said to include treatment for blood disorders and memory problems, enhancement of cardiovascular function, and to improve eye health. It contains high levels of flavonoids and terpenoids, antioxidants that provide protection against oxidative cell damage from harmful free radicals.

The vitamins & minerals market is estimated to account for a largest share of the brain health supplements ingredients market. Vitamins and minerals are essential substances that bodies need to develop and function normally. Vitamin E is an antioxidant and is believed to help with brain health by reducing oxidative stress. It is the only supplement that has been found to have any possible benefit.

Geographical Analysis

North America region holds the largest market share in the global brain health supplement market

North America accounted for the largest share of the global brain health supplements ingredients market due to awareness about the use of brain health supplements. The increasing brain health issues, such as depression and dementia, boost the demand for the products. Depression, stress, and anxiety are common mental illnesses among adolescents and millennials in the region. According to the Alzheimer's Association, as of 2020, around 5.8 million people in the U.S. had Alzheimer's. The growing number of the aging population has been driving the demand for memory enhancement supplements as memory loss is a widespread illness among the older population. Market players are focused on the adoption of organic growth strategies such as product launches to strengthen their position in the brain health supplements ingredients market.

Europe has the second-largest share in the brain health supplements ingredients market owing to the presence of major market players in this region, which are introducing quality products for capturing maximum market share. Additionally, the government support for research & development and the availability of funds for research is boosting the health supplements market.

World Health Organization (WHO) has recommended mental health action plan to promote mental health and prevent mental disorders in Europe. In addition, according to the key facts published by WHO, an estimated 300 million people are affected by depression, and 60 million people are affected by bipolar disorder. Thus, the surge in the mental disorders in the region has increased the consumption of brain health supplements which is further driving the growth of the market.

Competitive Landscape

The thoracolumbar spine devices market is highly competitive with the presence of a large number of players including Purelife AlternaScript, LLC, ACCELERATED INTELLIGENCE INC., Liquid Health, Inc., HVMN Inc., Natural Factors Nutritional Products Ltd.., KEYVIEW LABS, INC., Onnit Labs, LLC, Purelife Bioscience Co., Ltd., Quincy Bioscience, among others.

These key market players are adopting various strategies such as mergers and acquisitions, product approvals, and agreements to increase product reach and strengthen their product portfolios, in order to enter or expand their business offerings and competitiveness in the global brain health supplements market. For instance, in June 2020, Elysium Health, in partnership with the University of Oxford, U.K., announced the launch of Matter, a brain health supplement which is based on the Oxford’s VITACOG study which contains vitamin B, omega 3 lysine complex, and bilberry extract for cognitive health and memory loss treatment.

Some Companies are undergoing collaborations and acquisitions to develop new products. For instance, in Mar 2019 DSM, science-based company works in health, nutrition and sustainable living collaborated with SLS Nutraceuticals. The collaboration will provide variety of unique supplementation solutions that will help the person living in stressful lifestyle to maintain their cognitive performance.

Key Companies to Watch

AlternaScript:

Overview: AlternaScript is an American company that develops various health care preventive products and solutions. It was founded in 2013 and is headquartered in United States.

Product Portfolio:

Opyimind: It helps in promoting focused attention and it also improves retention of new things. The vitamins present in the supplements helps in increasing the cognitive function and increases sharpness and focus as well as increasing the energy levels for better performance.

The global brain health supplements market report would provide an access to an approx. 45+market data table, 40+figures and 180pages.