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Nootropics Market Size
The 2018 market size for nootropics was $217 million. This amount is 46% higher than its market size in 2017.
US NOOTROPICS MARKET SIZE
- The North American market which is dominated by the US has one of the largest shares of the nootropics industry.
- The global nootropics industry had a market value that was greater than $1.3 billion in 2015 and this is expected to be about $6 billion in 2024.
- The 2018 market size of nootropics was estimated to be $217 million in the US.
- There was a 46-percent increase in the sales of nootropic pharmaceutical agents in 2018 as compared to that of the preceding year.
RESEARCH STRATEGY:
We started the research by looking at industry reports and databases which included IBIS World, Markets & Markets, and Esomar in order to determine the current market size for nootropics in the US. Through these measures, we were only able to find information on the global market size for nootropics. These sources stated that North America holds a dominant share of the market, but no quantitative data was provided.
Our next strategy was to search the directories of pharmaceutical companies like Pharmatips, Pharmapproach, and Ezilon since their websites might have sections that discuss the US market size for nootropics. However, we only found general information related to pharmaceutical companies.
We then expanded our search by looking at news and media articles from sources such as CNN, the Telegraph, the Wall Street Journal, Financial Times, and Forbes. We searched these publications because they might discuss the nootropics market due to its increasing annual growth in the global market. We observed that the Telegraph and the Wall Street Journal mention the amount realized from the sales of nootropics in 2018. We then determined that the total sales of nootropics ($217 million) is also the market size. The original Wall Street Journal article discussing the total sales of nootropics in 2018 is paywalled. However, the Wall Street Journal's Twitter page published a tweet summarizing the findings of the article, noting that nootropics sales reached $217 million in 2018.