Impact Analysis of Covid-19
The complete version of the REPORT will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
In the world economic growth, the Brain Health Supplements industry has also suffered a certain impact, but still maintained a relatively optimistic growth, the past four years, Brain Health Supplements market size to maintain the average annual growth rate of XXX from XXX million $ in 2014 to XXX million $ in 2019, SMI analysts believe that in the next few years, Brain Health Supplements market size will be further expanded, we expect that by 2024, The market size of the Brain Health Supplements will reach XXX million $.
Impact of COVID-19 epidemic
Patients, healthcare workers, and the general public have experienced tension, depression, and anxiety as a result of the COVID-19 pandemic. During the COVID-19 epidemic, the prevalence of anxiety was 23.2% and the prevalence of depression was 22.8% as of May 2020, according to a report published in the Brain, Behavior, and Immunity Journal of the Psychoneuroimmunology Research Society.
Furthermore, among geriatric patients, the high risk of COVID-19 infection can lead to depression, fear, and anxiety. During the forecast period, this factor is expected to propel the global brain health supplements market forward.
Overview
For enhancing attention, mood, and concentrate, brain health supplements are favored and used mostly by the geriatric and pediatric populations. Brain health supplements are primarily used to help people with depression and anxiety disorders improve their brain processes and functions.
The global brain health supplements is projected to be valued at US$ 7,038.0 million in 2020, with a CAGR of 8.5% over the forecast period (2020-2027).
Drivers
Over the forecast period, rising prevalence of mental health disorders is expected to drive growth of the global brain health supplements market.
Growing incidences of geriatric patients affected with diseases such as depression, Alzheimer's, and anxiety, are expected to fuel growth of the global brain health supplements market over the forecast period. According to the Institute of Health Metrics and Evaluation (IHME) and the Global Burden of Disease (GBD), about 10.7% (792 million) of the global population suffered from a mental health condition in April 2018. In 2017, there were about 264 million cases of depression and 284 million cases of anxiety. According to the Global Burden of Disease Study 2015, the estimated number of people with anxiety disorders was 264 million, representing a 14.5% increase from people with anxiety disorders in 2005.
Market Taxonomy
- According to the type of product:
Herbal Extracts: Ginkgo Biloba, Ginseng, Lions Mane, Curcumin, Others.
Vitamins & Minerals: Vitamin C & E, Vitamin B, Others.
Natural Molecules: Acetyl-L-Carnitine, Docosahexaenoic Acid (DHA), Alpha GPC, Citicoline, Others Consumables & Disposables.
- According to Application:
Memory Enhancement, Attention & Focus, Mood & Depression, Sleep & Recovery, Longevity & Anti-aging, Anxiety.
- According to Supplement Form: Capsules, Tablets, Others.
- According to Age Group Grouped User: Adults, Geriatric, and Pediatrics.
- According to Distribution Channel: Geriatric, Adults, and Pediatrics.
During the forecast period, the market is expected to expand due to an increase in the use of brain health supplements. According to the 2019 AARP Brain Health and Dietary Supplement Survey, more than a quarter of the U.S. population aged 50 and up uses supplements on a daily basis to improve their brain health. Furthermore, 26% of the adult population takes at least one supplement for brain health, with 21% taking supplements to preserve brain health, 20% taking supplements to enhance brain health, 11% taking supplements to postpone the onset of dementia, and about 8% taking supplements to reverse the effects of dementia.
During the forecast period, key players are expected to follow more strategies such as product releases, which is expected to fuel growth of the global brain health supplements market.
To improve their presence in the global brain health supplements market, market players are focusing on organic growth strategies such as product launches. Mannatech, Inc., had announced in July 2017 that GinMAX tablets (Ginseng Supplement) were now available to its customers in China. GinMAX tablets are used to naturally boost concentration, memory, and battle fatigue.
Restraints
Lack of regulations on supplement manufacturing and false statements about product effectiveness are two major factors restricting the growth of the brain health supplements market during the forecast period. Manufacturing companies can launch products without regulatory approval, which can lead to products containing deceptive or false claims, lowering consumer confidence in them.
The U.S. Food and Drug Administration (FDA) released 12 warning letters and 5 online advisory letters to companies illegally marketing more than 58 dietary supplement products that claim to prevent, treat, or cure Alzheimer's disease and a variety of other serious diseases and health conditions in February 2019.
Key Players
Key companies contributing in the global brain health supplements market include Onnit Labs, LLC, Cerebral Success, Liquid Health, Inc., Schiff, Amway, HVMN Inc., AlternaScript, LLC, Accelerated Intelligence Inc., KeyView Labs, Inc., Puori, Ocean Health, Quincy Bioscience, Natural Factors Nutritional Products Ltd., and Purelife Bioscience Co., Ltd.
This Report covers the manufacturers' data, including: shipment, price, revenue, gross profit, interview record, business distribution etc., these data help the consumer know about the competitors better. This report also covers all the regions and countries of the world, which shows a regional development status, including market size, volume and value, as well as price data.
Besides, the report also covers segment data, including: type segment, industry segment, channel segment etc. cover different segment market size, both volume and value. Also cover different industries clients information, which is very important for the manufacturers. If you need more information, please contact SMI
Section 1: Definition
Section (2 3): Manufacturer Detail
Accelerated Intelligence
AlternaScript
HVMN
Liquid Health
Aurobindo Pharma
Natural Factors Nutritional Products
Onnit Labs
KeyView Labs
Purelife Bioscience
Quincy Bioscience
Section 4: Region Segmentation
North America Country (United States, Canada)
South America
Asia Country (China, Japan, India, Korea)
Europe Country (Germany, UK, France, Italy)
Other Country (Middle East, Africa, GCC)
Section (5 6 7):
Product Type Segmentation
Herbal Extract
Vitamins & Minerals
Natural Molecules
Industry Segmentation
Memory Enhancement
Mood & Depression
Attention & Focus
Longevity & Anti-aging
Sleep & Recovery
Channel (Direct Sales, Distributor) Segmentation
Section 8: Trend (2019-2024)
Section 9: Product Type Detail
Section 10: Downstream Consumer
Section 11: Cost Structure
Section 12: Conclusion
