July 23, 2018
WELLESLEY, Mass., July 23, 2018–Concerns over neurodegeneration and exciting new research and development advancements are helping drive growth in the cognition and memory-enhancing drugs market, according to a report by BCC Research. Once used mainly by those suffering from memory loss, cognition drugs are now seeing increased use by students and athletes.
The industry is expected to see a compound annual growth rate (CAGR) of 8.7% through 2022, when it is expected to reach $4.2 billion, according to the report Cognition and Memory Enhancement Drugs: Technologies and Global Markets.
Major players in the market include Pfizer Novartis, Shire Pharmaceuticals, Allergan, Cognitive Therapeutics and Nootrobox.
“Increasing use of cognition drugs is the major factor that drives the global cognition and memory-enhancing drugs market,” said BCC Research analyst and report author Sangeeta Rai. “Cognition drugs play a crucial role in the treatment of cognitively impaired patients. Neurodegeneration is the major concern faced by people in various regions of the world, and it is also the major factor responsible causing severe diseases in such patients. The intensification and rise in research and development is expected to drive growth of the cognition and memory-enhancing drugs market.”
Market Challenged by Government Regulations, Long Drug Development Timelines
The approval of cognition drugs has been slowed by governments, which are stringent in their approval of new products in an effort to avoid drug abuse. Because of this, the overall number of cognition drugs being developed is depressed. The manufacture of these drugs is also time-consuming, the report adds, with new drug development timelines spanning five to six years before commercial introduction. The amount of time drugs spend in the research and development phase is also increasing cost and slowing product launches.
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Cognition and Memory Enhancement Drugs: Technologies and Global Markets( PHM184A )
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