NEW YORK, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Data Bridge Market Research Published Latest Psychedelic Drugs Market Study by in-depth analysis of the current scenario, the Market size, demand, growth pattern, trends, and forecast. This market research report classifies the market by companies, geographical region, type, component, application, and end-use industry. Under the competitive analysis section, major key players existing in the market are mentioned along with various details such as company profiles, their market share analysis, and the different strategies which make them thrive in the market. This market study report on the world market encompasses the evaluation of distinct parameters that uplift the growth of the global industry. When tracking market trends, researchers and analysts have made a careful effort. The Psychedelic Drugs Market research document is specifically designed with a set of proven guidelines and methodologies.
The global psychedelic drugs market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.3% in the forecast period of 2022 to 2029 and is expected to reach USD 6,401.95 million by 2029 from USD 2,386.72 million in 2021.
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Psychedelic drugs involve various types of chemical substances including lysergic acid diethylamide (LSD) and chemical extracted from plants. These drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences.
Psychedelic drugs involve various types of chemical substances including lysergic acid diethylamide (LSD) and chemical extracted from plants. These drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences.
The psychedelic drugs can be categorized into empathogens and dissociative drugs (such as phenylcyclohexyl piperidine (PCP)) and serotonergic (classic hallucinogens) such as LSD. Both types of psychedelic drugs can cause hallucinations and feeling of sensation, moreover, dissociative drugs can make a person to fell out of control from their body or environment and make them feel disconnected. Based on the source, psychedelic drugs have been categorized under natural and synthetic types.
Increasing R&D Activities In Psychedelic Drugs
Psychedelic plants and fungi have been used in indigenous medicinal traditions for millennia. New psychedelic drugs development research has initiated by Albert Hofmann in 1938. He has synthesized the first lysergic acid diethylamide (LSD-25) and now recognized as the first person to ingest LSD after five years later. Hofmann was unaware of the significant effects and actions posed by that product. After a growing period of cultural and scientific exploration in the 1950s and 60s, psychedelic drug development research was slackened to a near halt. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the market. Thus, increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the market.
Also, the strategic initiatives taken by key market players will provide structural integrity and future opportunities for the psychedelic drugs market in the forecast period of 2022-2029.
Some of the major players operating in the psychedelic drugs market are
- Jazz Pharmaceuticals, Inc.
- Janssen Pharmaceuticals,
- Pfizer Inc.
- Verrian
- Avadel
- Celon Pharma S.A.
- COMPASS
- F. Hoffmann-La Roche Ltd
- Hikma Pharmaceuticals PLC
- NeuroRx, Inc.
- PharmaTher Inc.
- usonainstitute.org
- Mind Medicine, Inc.
- Cybin Corp.
- GABA Therapeutics, Inc.
- EmpathBio
- DemeRx
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Recent Developments
- In August 2020, Janssen Pharmaceuticals, Inc. received approval for its Spravato nasal spray indicated for treatment of suicidal people. As approximately 11% to 12% of Americans suffers from major depressive disorder that led them to commit suicide, this approval provided these patients with a remarkable therapy and paved the way for the company to generate more revenue.
- In January 2020, Jazz Pharmaceuticals, Inc. has received the marketing authorization of solriamfetol (Sunosi) indicated for treatment of excessive daytime sleepiness in adults with narcolepsy. This authorization allowed the company to enhance product distribution network and to generate more revenue in the market
Today’s businesses always demand innovative and superlative solutions to thrive in this rapidly changing marketplace. The worldwide Psychedelic Drugs market document is the superior and comprehensive which endows professionals with a lot of aspects about the market and the Psychedelic Drugs industry. The key areas of this report comprises of market definition, market segmentation, competitive analysis and research methodology. Moreover, as it is important for the businesses to attain knowhow of consumer’s demands, preferences, attitudes and their changing tastes about the specific product, this market report bestows with all of this. The persuasive Psychedelic Drugs market research report best suits the requirements of the client.
How does the Report Aid Your Business Discretion?
- This section of Global Psychedelic Drugs Market report highlights some of the most relevant factors and growth enablers that collectively ensure a high-end growth spurt
- The report unravels details on pronounced share assessments across both country-wise as well as region-based segments
- A leading synopsis of market share analysis of dynamic players inclusive of high-end industry veterans
- New player entry analysis and the scope of new business models
- The report includes strategic recommendations for new business veterans as well as established players seeking novel growth avenues
- A detailed consultation services based on historical as well as current timelines to ensure feasible forecast predictions
- A thorough evaluation and detailed study of various segments as well as sub-segments across regional and country-specific developments
- Details on market estimations, market size, dimensions
- A review of market competitors, their high-end product and service portfolios, dynamic trends, as well as technological advances that portray high end growth in this Market
Psychedelic Drugs Market Drivers:
- Growing Acceptance Of Psychedelic Drugs For Treating Depression
Psychedelics have achieved a large popularity within the last decade as they are involved with human mental healing and treatment practices and have the power of mind-healing. The growing researchers and scientist are exploring psychedelic drugs therapeutic value and compounds which could be a new treatment option for people with depression. Continuous research and development in the psychedelic drugs have increased the acceptance of psychedelics medication. Psychedelic drugs promising outcomes have increased the usage of psychedelic drugs across the U.S. and other regions which leads to rising demand for psychedelic drugs, hence these factors are expected to act as drivers for the growth of the market.
- Increasing Prevalence Of Depression And Mental Disorders
Mental disorders (or mental illnesses) affects persons feeling, mood, thinking, and behaviour and can be long-lasting (chronic) or occasional. Depression and mental disorders have the ability to affect individual’s capacity by virtue of which they perform their everyday tasks. There are numerous dissimilar types of mental disorders. Depression and mental disorders have increased globally due to various factors including family history and genes, abuse or stress, biological factors, usage of alcohol or recreational drugs and many others.
Additionally, increasing consumption of illicit substances has increased depression and mental disorders. Thus, increasing prevalence of depression and mental disorders are increasing the demand for psychedelic drugs which is expected to act as driver for the growth of the market.
- Rising Awareness Towards Mental Health
As mental illness has adversely impacted the people’s ability to carry out normal functions of their life, this has become important to create awareness among people regarding the different types of cause, disorders it leads to and the treatment options available in the market in order to cure such life-devastating illness. In order to raise awareness several organizations and companies are launching campaigns and adoption initiatives. This in turn allows patients to opt for effective treatment option as per the disease cause and reported symptoms. Advertisements, awareness campaigns, and others have increased the awareness for psychedelic drugs. The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures which is increasing the demand of psychedelic drugs. For this reason, rising awareness towards mental health is expected to act as driver for the market growth.
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Major Segments:
By Source
- Synthetic
- Natural
By Type
- Empathogens
- Dissociatives
- Others
By Drugs
- Gamma-Hydroxybutyric Acid
- Ketamine
- Psilocybin
- Others
By Application
- Narcolepsy,
- Treatment Resistant Depression
- Major Depressive Disorder
- Opiate Addiction
- Post-Traumatic Stress Disorder
- Others
By Route of Administration
- Oral
- Inhalation
- Injectable
By End User
- Hospital
- Speciality Clinics
- Homecare
- Others
By Distribution Channel
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacy
Regional Analysis/Insights
The psychedelic drugs market report is analysed and market size insights and trends are provided by country, source, type, drugs, application, route of administration, end user and distribution channel as referenced above.
North America dominates the psychedelic drugs market in terms of market share and market revenue and will continue to flourish its dominance during the forecast period. This is due to high prevalence of mental disorders in the region and rapid research development is boosting the market
Table of Contents:
- Introduction
- Market Segmentation
- Executive Summary
- Premium Insights
- Global Psychedelic drugs Market: Regulations
- Market Overview
- Global Psychedelic drugs Market, By Source
- Global Psychedelic drugs Market, By Type
- Global Psychedelic drugs Market, By Drugs
- Global Psychedelic drugs Market, By Application
- Global Psychedelic drugs Market, By Route of Administration
- Global Psychedelic drugs Market, By End User
- Global Psychedelic drugs Market, By Distribution Channel
- Global Psychedelic drugs Market, By Region
- Global Psychedelic drugs Market: Company Landscape
- SWOT Analyses
- Company Profile
- Questionnaires
- Related Reports
For More Insights Grab TOC @ https://www.databridgemarketresearch.com/toc/?dbmr=global-psychedelic-drugs-market
Browse Related Reports:
- U.S. Psychedelic Drugs Market, By Source (Synthetic, Natural), Type (Empathogens, Dissociatives, Others), Drugs (Gamma-Hydroxybutyric Acid, Ketamine, Psilocybin, Others), Application (Narcolepsy, Treatment Resistant Depression, Major Depressive Disorder, Opiate Addiction, Post-Traumatic Stress Disorder, Others), Route of Administration (Oral, Inhalation, Injectable), End-User (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy) – Industry Trends and Forecast to 2029. https://www.databridgemarketresearch.com/reports/us-psychedelic-drugs-market
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- Middle East and Africa Psychedelic Drugs Market, By Source (Synthetic & Natural), Type (Empathogens, Dissociatives & Others), Drugs (Gamma-Hydroxybutyric Acid, Ketamine, Psilocybin, Others), Application (Narcolepsy, Treatment Resistant Depression, Major Depressive Disorder, Opiate Addiction, Post-Traumatic Stress Disorder, Others), Route of Administration (Oral, Inhalation, Injectable), End User (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy) Industry Trends and Forecast to 2029 https://www.databridgemarketresearch.com/reports/middle-east-and-africa-psychedelic-drugs-market
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- Treatment-Resistant Depression Market, By Drug Class (Selective Serotonin Reuptake Inhibitors (SSRIS), Monoamine Oxidase Inhibitors, Tricyclic Antidepressant, Psychedelics, Others), Route of Administration (Oral, Parenteral, Others), End-Users (Hospitals, Homecare, Specialty Clinics, Others), Distribution Channel (Hospital Pharmacy, Online Pharmacy, Retail Pharmacy), Country (U.S., Canada, Mexico, Brazil, Argentina, Peru, Rest of South America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Hungary, Lithuania, Austria, Ireland, Norway, Poland, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Vietnam, Rest of Asia-Pacific, Saudi Arabia, U.A.E, Egypt, Israel, Kuwait, South Africa, Rest of Middle East and Africa) https://www.databridgemarketresearch.com/reports/global-treatment-resistant-depression-market
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