Data Bridge Market research has recently released expansive research titled Global Psychedelic Drugs Market guarantees you will remain better informed than your competition. This study provides the broader perspective of the market place with its comprehensive market insights and analysis which eases surviving and succeeding in the market. Psychedelic Drugs Market research report execution is becoming very vital for the businesses to gain success because it offers many benefits including insights into revenue growth and sustainability initiative.
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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These drugs have wide applications in the treatment of major depressive disorder, post-traumatic stress disorder, panic disorder, treatment-resistant depression and opiate addiction among others. Psychedelic drugs are also known by several other names such as lysergic acid derivative (LSD) which are also known as blotter, dots, sugar, acid, trips and window pane, ketamine are also known as vitamin K, bump, green, K/special K, purple and super acid, PCP are also known as angel/angel dust, boat/love boat, peace, killer weed, super grass and ozone.
Market Players Covered
The major companies which are dealing in the market are Jazz Pharmaceuticals, Inc., Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.), Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd, Avadel, Celon Pharma SA., Cybin Corp., GH Research, Entheon Biomedical Corp, PharmaTher Holdings Ltd., NRx Pharmaceuticals, Inc., usonainstitute.org, among others.
Psychedelic Drugs Market Dynamics
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.
Opportunity
- 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.
Restraint/Challenge
- High Cost Of Psychedelic Drugs
However, the high cost associated with psychedelic drugs will impede the growth rate of psychedelic drugs market. Additionally, stringent rules and regulations will further challenge the market in the forecast period mentioned above.
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Global Psychedelic Drugs Market Scope
Global Psychedelic drugs market is segmented into the source, type, drugs, application, route of administration, end user and distribution channel. The growth amongst these segments will help you analyse meagre growth segments in the industries and provide the users with a valuable market overview and market insights to make strategic decisions to identify core market applications.
Source
- Synthetic
- Natural
On the basis of source, the global psychedelic drugs market is segmented into synthetic and natural.
Type
- Empathogens
- Dissociatives
- Others
On the basis of type, the global psychedelic drugs market is segmented into empathogens, dissociatives, and others.
Drugs
- Gamma-Hydroxybutyric Acid
- Ketamine
- Psilocybin
- Others
On the basis of drugs, the global psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin and others.
Application
- Narcolepsy,
- Treatment Resistant Depression
- Major Depressive Disorder
- Opiate Addiction
- Post-Traumatic Stress Disorder
- Others
On the basis of application, the global psychedelic drugs market is segmented into narcolepsy, treatment resistant depression, major depressive disorder, opiate addiction, post-traumatic stress disorder and others.
Route of Administration
- Oral
- Inhalation
- Injectable
On the basis of route of administration, the global psychedelic drugs market is segmented into oral, inhalation and injectable.
End User
- Hospital
- Speciality Clinics
- Homecare
- Others
On the basis of end user, the global psychedelic drugs market is segmented into hospital, speciality clinics, homecare, and others.
Distribution Channel
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacy
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios of the top players in the Psychedelic Drugs market.
- Product Development/Innovation: Detailed insights on the upcoming technologies, R&D activities, and product launches in the market.
- Competitive Assessment: In-depth assessment of the market strategies, geographic and business segments of the leading players in the market.
- Market Development: Comprehensive information about emerging markets. This report analyses the market for various segments across geographies.
- Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the Psychedelic Drugs market.
Key Influence of this Market:
- Comprehensive assessment of all opportunities and risk in this Market
- This Market recent innovations and major events
- Detailed study of business strategies for growth of the this Market-leading players
- Conclusive study about the growth plot of the Market for forthcoming years
- In-depth understanding of this Market-particular drivers, constraints and major micro markets
- Favorable impression inside vital technological and market latest trends striking this Market
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (ROW)
- To provide country level analysis of the market with respect to the current market size and future prospective
Highlights of Following Key Factors:-
- Business description
A detailed description of the company’s operations and business divisions
- Corporate strategy
Analyst’s summarization of the company’s business strategy
- Company history
Progression of key events associated with the company
- Major products and services
A list of major products, services and brands of the company
- Key competitors
A list of key competitors to the company
- Important locations and subsidiaries
A list and contact details of key locations and subsidiaries of the company
- Detailed financial ratios for the past 5 years
The latest financial ratios derived from the annual financial statements published by the company with 5 years’ history.
Table of Content:
Part 01: Executive Summary
Part 02: Scope of the Report
Part 03: Global Psychedelic Drugs market Landscape
Part 04: Global Psychedelic Drugs market Sizing
Part 05: Global Psychedelic Drugs market Segmentation By Product
Part 06: Five Forces Analysis
Part 07: Customer Landscape
Part 08: Geographic Landscape
Part 09: Decision Framework
Part 10: Drivers and Challenges
Part 11: Market Trends
Part 12: Vendor Landscape
Part 13: Vendor Analysis
Complete TOC Is Available @ https://www.databridgemarketresearch.com/toc/?dbmr=global-psychedelic-drugs-market
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