Psychedelic Drugs Market is growing with factors such as increases prevalence of depression and mental disorders, increased research activities in the field of psychedelic medicine and increased treatment options for people suffering from depression and mental disorder. However, regulations imposed on psychedelic drugs may obstruct the growth of the market in the given forecast period.
Psychedelic Drugs Market Segmentation
Global Psychedelic Drugs Market segmented 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), Country (U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Belgium, Lithuania, rest of Europe, Saudi Arabia, UAE, Israel and Egypt) Industry Trends and Forecast to 2028
Psychedelic Drugs Market Analysis & Insight
Data Bridge Market Research analyses that the psychedelic drugs market is growing with a CAGR of 13.3% in the forecast period of 2021 to 2028 and is expected to reach USD 7,567.52 million by 2028 from USD 2,823.67 million in 2020.
Psychedelic drugs involve chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the senosory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD.
The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures and professionals which is increasing the demand of psychedelic drugs and the rising awareness towards mental health is acting as a driver for the psychedelic drugs market. Changes in the regulation charges for psychedelic drugs approval and taking regulatory approval could lead to delay product launch and stringent regulatory is working as a restraint for the psychedelic. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the psychedelic drugs market, thus increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the psychedelic drugs market. The increasing side effects of the psychedelic drugs act as a challenge for the growth of the psychedelic drugs market in the forecasted period.
Country Level Analysis of Psychedelic Drugs Market
The psychedelic is segmented into five notable regions, North America, Europe, Asia-Pacific, South America and Middle East and Africa. These regions are further segmented into U.S., Canada, Mexico, Germany, U.K., France, Italy, Spain, Russia, Poland, Switzerland, Netherlands, Hungary, Austria, Norway, Ireland, Belgium, Lithuania, Rest of Europe, Saudi Arabia, UAE, Israel and Egypt.
The Key Points covered in the Psychedelic Drug Market
- Market Size
- Top to Bottom Market Analysis
- Recent Developments for Market Competitors
- Recent Market Value for Different Countries
The Major Competitors of Psychedelic Drugs Market
- Jazz Pharmaceuticals, Inc.
- Janssen Pharmaceuticals, Inc. (A Subsidiary of Johnson & Johnson Services, Inc.)
- Pfizer Inc.
- Celon Pharma S.A.
- Hoffmann-La Roche Ltd
- Hikma Pharmaceuticals PLC
- NeuroRx, Inc.
- PharmaTher Inc.
The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, top to bottom analysis and vendor share analysis. To know more about the research methodology, drop in an inquiry to speak to our industry experts.