LONDON, Jan. 12, 2023 /PRNewswire/ -- The Psychedelic Drugs Market is anticipated to reach a valuation of USD 11.82 billion by 2029 from USD 4.87 billion in 2022, registering a CAGR of 13.49% over the forecast duration of 2022-2029.
Psychedelic drugs are referred as to a subcategory of hallucinogenic drugs containing psychoactive substances. They are equipped with the power to affected and alter the mood of a human being while also influencing various cognitive processes within the body. These drugs are generally prescribed to people dealing with depression, anxiety, posttraumatic stress disorder, and addiction, among others.
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Global Psychedelic Drugs Market Outlook (2022-2029)
The growing prevalence of mental disorders, rising mental health awareness across the globe, and the booming pharmaceutical sector are the primary factors augmenting the outlook of this business vertical.
Furthermore, rising R&D activities in the field, increasing incidences of substance addiction, along with changing lifestyle trends of the masses are creating lucrative opportunities for this marketplace to prosper.
Moreover, favourable medical reimbursement scenario across various nations, increase in the number of people affected with posttraumatic stress disorders, and technological advancements in the field are adding momentum to the progression of this business vertical.
Alongside, emergence of well-known players in this sector, increase in the number of clinical trials pertaining to these drugs, coupled with the escalating demand for early diagnosis and treatment of mental disorders are aiding the expansion of Global Psychedelic Drugs Market.
On the contrary, availability of alternative drugs, stringent government based regulatory standards, and rising concerns about the side effects associated with these drugs are hindering the remuneration scope of this industry.
The prominent players characterizing the competitive terrain of the Global Psychedelic Drugs Market are Janssen Pharmaceuticals, Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, Celon Pharma S.A., and NeuroRx, Inc.
These companies are trying to attain a firm grip over this intensely competitive market. They are formulating extensive business centric strategies to amplify their global footprint while stay ahead of their prime competitors. They are partaking in activities like mergers & acquisitions, R&D investments, product launches, partnerships, and collaborations, among others to meet their overall developmental goals.
By Product Types:
Lysergic Acid Diethylamide (LSD)
Gamma Hydroxybutyric Acid (GHB)
By Applications Type:
Major Depressive Disorder
Post-traumatic stress disorder
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Which is the leading region in the Global Psychedelic Drugs Market?
North America is presently leading the market in terms of revenue share. This is attributable to the increasing prevalence of illnesses like depression, changing lifestyle trends of the masses, growing mental health awareness, and the presence of prominent players.
How is Asia Pacific faring in this market?
Asia Pacific is reckoned to capture a substantial market share over the stipulated timeline of 2022-2029. This is ascribed to the rising instances of product approvals, growing prevalence of mental disorders among the masses, surging trends of sedentary lifestyle, increasing number of nuclear families, along with rising R&D activities in the field.
Which is the fastest growing product type segments in this business sphere?
The Ketamine segment has emerged one of the fastest growing product type segments in this marketplace owing to its efficacy in treating a wide array of mental health conditions while posing a lesser risk of side effects.
Which is the most dominant application type segment of this market?
The major depressive disorders segment is presently dominating the market in terms of volume share. This is attributable to the changing lifestyle trends of the masses, rise in stress levels, and decreasing level of social interactions due to hectic work schedules and advent of smart devices.
Which end user segment is expected to amass notable gains over 2022-2029?
The homecare segment is anticipated to garner significant returns over the forecast duration ascribing to the increasing trends of home healthcare across the globe.
Comparing the historical outlook and ongoing trends of this market
A wide array of expansion propellants that have emerged over the years are bolstering the growth of this business vertical.
There has been a growing pervasiveness of mental disorders across the globe. The rapid shift towards a hectic lifestyle is hampering the psychological health of individuals. With rapid urbanization and digitalization, people are left with almost no time to interact with their near ones. They are either engrossed with their work or are busy with their high-tech devices like smartphones. People have almost stopped socialising. These factors together are leading to the occurrence of mental ailments like depression and anxiety, among others. Psychedelic drugs are quite effective in treating such disorders and therefore are highly recommended by mental health experts. This in turn is stimulating the overall dynamics of this marketplace.
The onset of the COVID-19 pandemic had a positive impact on this industry vertical. To contain the spread of the coronavirus, governments across various nations imposed strict lockdowns to restrict the mobility of the masses. People were confined to their homes and had no scope for social interaction. This impacted the mental health of many. In fact, during the pandemic era, the world witnessed a steep rise in the number of suicides triggered by mental health disorders. This escalated the demand for effective drugs to treat such disorders. These factors in turn added robust traction to the development of this industry during the pandemic period.
Apart from that, increasing efforts by government bodies and social welfare organizations to eradicate the society stigma associated with mental disorders are further accelerating the growth of this market.
On Special Requirement Psychedelic Drugs Market Report is also available for below region:
Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
In August 2020, the Spravato nasal spray developed by Janssen Pharmaceuticals, Inc. received approval for the commercial use post a series of clinical trials. This spray was developed with an aim to reduce suicide rates triggered by depressive disorders.
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