Pune India, Jan. 13, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the psychedelic drugs market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the psychedelic drugs market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the drug type, patient type, and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global psychedelic drugs market are Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, NeuroRx, Inc., Celon Pharma S.A., Red Light Holland, usonainstitute.org, Celon Pharma S.A., Entheon Biomedical, Novamind, Neonmind Biosciences among others. To achieve a substantial market share in the worldwide psychedelic drugs market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Due to their role in human mental healing and treatment procedures as well as their capacity for mind-healing, psychedelics have experienced a significant increase in popularity in the past ten years. Growing numbers of academics and scientists are looking at the therapeutic potential of psychedelic substances and their constituents, which may provide a new depression therapy option. The acceptability of psychedelic substances as medicine has risen as a result of ongoing study and development. Because of the potential benefits of psychedelic drugs, their use has increased throughout the United States and other countries, which has increased demand for them. As a result, these factors are anticipated to be key growth drivers for the market. Indigenous medical practices have employed psychedelic herbs and fungus for millennia. Albert Hofmann started doing research into the creation of new psychedelic substances in 1938. He created the first lysergic acid diethylamide (LSD-25), and five years later, he was acknowledged as the first person to take LSD. Hofmann was ignorant of the serious consequences and threats that particular product posed. In the 1950s and 1960s, there was a growing phase of cultural and scientific discovery, but after that, the study of psychedelic drugs slowed to almost a standstill. Increased spending on psychedelic drug research and development is opening up new business prospects. Thus, the market's expansion is being facilitated by the expansion of psychedelic drug R&D.
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Scope of Psychedelic Drugs Market Report:
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Drug Type, Patient Type, and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, NeuroRx, Inc., Celon Pharma S.A., Red Light Holland, usonainstitute.org, Celon Pharma S.A., Entheon Biomedical, Novamind, Neonmind Biosciences among others |
Segmentation Analysis
Gamma Hydroxybutyric Acid (GHB) are expected to be the fastest-growing segment in 2022.
The drug type segment is Phencyclidine, Etamine, 3,4-MethylEnedioxyMethamphetamine (Ecstasy), Lysergic Acid Diethylamide (LSD), Gamma Hydroxybutyric Acid (GHB), Ayahuasca, Salvia, Psilocybin, and Others. The Gamma Hydroxybutyric Acid (GHB) segment is expected to witness the highest growth rate during the forecast period. As Xyrem from Jazz Pharmaceutical is one of the oldest psychedelic drugs on the market, with a sizable percentage of the market, and belongs to the drug class, the gamma-hydroxybutyric acid sector will be the most well-liked. It is a Schedule III restricted substance; therefore, a doctor must prescribe it and strictly supervise its use. GHB is used to treat excessive daytime drowsiness in its prescription form. In a small number of individuals, gamma-hydroxybutyric acid is also used to treat alcoholism and drug withdrawal. GHB is used to treat narcolepsy and, less frequently, alcoholism medically, but it is not yet known how effective it is compared to other pharmacotherapies for alcoholism. Fibromyalgia is occasionally treated with it off-label.
Narcolepsy is expected to be the fastest-growing segment in 2022.
The patient type segment is resistant depression, major depressive disorder, post-traumatic stress disorder, panic disorder, narcolepsy, opiate addiction, and others. The narcolepsy segment is expected to witness the highest growth rate during the forecast period. Pharmaceuticals, which is the market's biggest investor and is used to treat the illness. Daytime fatigue and sleep episodes are hallmarks of the chronic sleep condition narcolepsy. Narcoleptics have trouble staying up for extended periods of time under any circumstance. Numerous problems might arise in your daily life if you have narcolepsy. Despite the fact that narcolepsy is not a fatal condition, it can cause mishaps, injuries, and even situations when life is in danger. Due to episodes of extreme daytime drowsiness, people with narcolepsy may find it difficult to maintain relationships, do well in school, or hold their jobs.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the psychedelic drugs market include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
The North American region witnessed a major share. because of the region's developments in psychedelics, legislative changes, and the rising prevalence of mental illnesses like depression. Additionally, it is predicted that changing viewpoints, less severe drug side effects, and cost-effectiveness would propel market expansion. Due to strong demand in North America, it is anticipated that the psychedelic drugs market would expand. The market is nevertheless confronted with several difficulties, including the ambiguity surrounding FDA clearance, the early stages of the psychedelics industry's development, the stigma attached to the use of psychedelic drugs, and so on.
Country Analysis
- Germany
Germany's psychedelic drugs market size was valued at USD 20.1 million in 2022 and is expected to reach USD 25.3 million by 2030, at a CAGR of 2.9% from 2023 to 2030.
The enormous potential for income creation is due to regulators' recent willingness to support and embrace novel methods for studying the therapeutic effects of psychedelic substances.
- China
China’s psychedelic drugs market size was valued at USD 32.7 million in 2022 and is expected to reach USD 44.4 million by 2030, at a CAGR of 3.9% from 2023 to 2030.
This is a result of the high frequency of mental diseases in the region, and the market is being helped by quick research and development.
- India
India's psychedelic drugs market size was valued at USD 29.4 million in 2022 and is expected to reach USD 38.7 million by 2030, at a CAGR of 3.5% from 2023 to 2030.
Depression and other mental problems have grown as illegal drug use has increased. Thus, as depression and other mental diseases are becoming more common, so is the need for psychedelic substances, which is predicted to fuel market expansion in the region.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase in growing awareness and the tendency to seek new medications are propelling the growth of the market across the countries.
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