Global Psychedelic Drugs Market Growing Tends in Global Regions with COVID-19 Pandemic Analysis, Growth Size, Share, Types, Applications, Development Status and Forecast till 2028

Psychedelic Drugs

Global Psychedelic Drugs Market describes complete industry Outlook with in-depth analysis. This report also Includes the complete analysis of each segment in terms of opportunity, market attractiveness index and growth rate, top players and new comers in industry, competitive landscape, sales, price, revenue, gross margin, market share, market risks, opportunities, market barriers, and challenges.key statistics on the market status.which give the clear idea about the product differentiation and an understanding of competitive landscape Globally.

The psychedelic drugs market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the 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. The rising prevalence of mental depression and anxiety and availability of off-label drugs are the major drivers which has propelled the demand of the psychedelic drugs market in the forecast period.

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The major companies providing psychedelic drugs are Janssen Pharmaceuticals, Inc. (a subsidiary of Johnson & Johnson Services, Inc.), Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd, Jazz Pharmaceuticals, Inc., PharmaTher Inc., Avadel, Celon Pharma S.A., NeuroRx, Inc., usonainstitute.org among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.

Many product launch and agreement are also initiated by the companies’ worldwide which are also accelerating the global psychedelic drugs market.

For instance,

  • In August 2020, Janssen Pharmaceuticals, Inc. received approval for its Spravato nasal spray for treatment of suicidal people. As per the data published, approximately 11% to 12% of Americans suffers from major depressive disorder that led them to commit suicide. Hence, this approval provided these patients with a remarkable therapy and allowed 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.

Global Psychedelic Drugs Market Scope and Market Size

The psychedelic drugs market is segmented into seven notable segments which are based on the source, type, drugs, application, route of administration, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.

  • On the basis of source, the psychedelic drugs market is segmented into synthetic and natural. In 2021, synthetic segment is dominating as most of the products are made from chemicals that are man-made with very few products such as psilocybin made from natural ingredients.
  • On the basis of type, the psychedelic drugs market is segmented into dissociatives, empathogens and others. In 2021, empathogens segment produce experiences of emotional communion, oneness, relatedness and used for treatment of cataplexy, narcolepsy and related disorders.
  • On the basis of drugs, the psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin and others. In 2021, gamma-hydroxybutyric acid segment is dominating as xyrem from Jazz Pharmaceutical is one of the oldest available psychedelic drugs available in the market holding a major share and belongs to the drug class.
  • On the basis of application, the psychedelic drugs market is segmented into narcolepsy, treatment resistant depression, post-traumatic stress disorder, major depressive disorder, opiate addiction and others. In 2021, narcolepsy segment is dominating as xyrem from Jazz Pharmaceutical is used for its treatment and it is the major shareholder in the market.
  • On the basis of route of administration, the psychedelic drugs market is segmented into oral, inhalation and injectable. In 2021, oral segment is dominating as it is preferred over the various other administration routes of drug delivery.
  • On the basis of end user, the psychedelic drugs market is segmented into hospitals, specialty clinics, homecare and others. In 2021, hospitals segment dominate the psychedelic drugs market due to the high patient load and most of the drugs are given under doctor’s supervision.
  • On the basis of distribution channel, the psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy and online pharmacy. In 2021, hospitals pharmacy segment holds the largest market share as more number of patients is treated in hospitals and the demand for medicines in hospital pharmacy increases.

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In North America, the U.S. is dominating the market due to growing acceptance of psychedelic drugs for treating depression and rise in product approvals. However, In Europe, Germany is dominating the market due to rising awareness towards mental health. Whereas, Saudi Arabia is dominating in Middle East and Africa due to ongoing clinical trials and increasing prevalence of depression and mental disorders in the country.

Key questions answered in the Global Psychedelic Drugs Market report include:

  • What will be Psychedelic Drugs market share and the forecast for 2021-2028?
  • What are the key factors compelling the worldwide Psychedelic Drugs market?
  • Who are the key players in the world Psychedelic Drugs industry?
  • What are the factors impacting the revenue and production growth of the Psychedelic Drugs market?
  • What are the opportunities & challenges in the Psychedelic Drugs industry?

Market Drivers

  • Increase in the prevalence of depression worldwide can act as a driver for the growth of this market
  • Treatment for psychedelic drugs dependency can also boost the market growth
  • Changing  life style and requirement for enhanced and better life quality is propelling the market growth
  • Increase special designation from the regulatory authority can drive the market growth

Market Restraints

  • Hefty and stringent regulation imposed by the government to commercialize psychedelic drugs are hindering the market growth
  • High preference of non-therapeutics therapies over pharmacological therapies can also hinder the market growth
  • Poor efficacy and safety profile of existing intervention also restricts the growth of the market

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Reasons to Purchase this Report

  • Current and future of global psychedelic drugs market outlook in the developed and emerging markets
  • The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
  • Regions/Countries that are expected to witness the fastest growth rates during the forecast period
  • The latest developments, market shares, and strategies that are employed by the major market players

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