Psychedelic Drugs Market: Current Analysis and Forecast (2022-2028)

Global Psychedelic Drugs Market is expected to grow at a significant rate of around 6% during the forecast period. Psychedelic drugs are a class of psychoactive drugs that can produce changes in perception, mood, and cognitive processes. The global psychedelic drugs market is anticipated to witness an uptick owing to the growing awareness among the population regarding mental health, increasing research & development activities for exploring novel treatment options, and a rapid increase in the number of cases of depression, stress, and other mental disorders. For instance, in 2019, nearly 264 million people were suffering from depression and about 50 million people were suffering from dementia across the globe. Also, according to the National Council for Mental Wellbeing, almost half of the adults (46.4%) will suffer from a mental health disorder in their lifetime, and nearly 43.8 million adults (18 years or older) experience a mental illness at any one year. Furthermore, the increasing need for handling excess stress, anxiety, and other mental disorders along with the availability of off-label drugs in the market are also some of the factors that are positively influencing the psychedelic drugs market across the globe.

Jazz Pharmaceuticals plc, Hikma Pharmaceuticals plc, Celon Pharma SA, Cybin Corp., Pfizer Inc., Numinus Wellness Inc., F. Hoffmann-La Roche Ltd., Avadel Pharmaceuticals PLC, PharmaTher Inc., NRX Pharmaceuticals Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with drugs.

Insights Presented in the Report:

"Amongst drugs, LSD category to witness higher CAGR during the forecast period"

Based on drugs, the psychedelic drugs market is segmented into lysergic acid diethylamide (LSD), gamma-hydroxybutyric acid (GHB), ketamine, psilocybin, and others. The lysergic acid diethylamide segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to its ability to increase social interaction, as per a study performed by Researchers from McGill University. Also, LSD is effective in reducing symptoms of stress-related anxiety and depression which in turn is also contributing to the growth of this segment.

"Amongst application, resistant depression to hold a significant share in the market in 2020"

Based on application, the psychedelic drugs market is classified into resistant depression, opiate addiction, post-traumatic stress disorder, panic disorders, and others. The resistant depression segment grabbed a significant market share in 2020. The growth of this segment can be attributed to the increase in the number of people not responding adequately to at least one antidepressant trial of adequate doses and duration.

"Amongst distribution channels, hospital pharmacies to hold a significant share in the market in 2020"

Based on distribution channels, the market is fragmented into hospital pharmacies, retail pharmacies, and others. Among these, the hospital pharmacies to hold a significant share in the market in 2020. This is mainly due to the increasing preference of the patients to avail treatment in hospitals and the easy availability of the medication in hospital pharmacies. Also, the tendency of consumers to visit hospital pharmacies for safe and authorized drugs is also driving the growth of this segment.

"North America to hold a significant share in the market"

For a better understanding of the market adoption of the psychedelic drugs industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as an increase in the population with mental disorders, a rise in investments in research and development for these drugs coupled with technological advancements and raising awareness regarding mental health among the population in the region. As per the National Institute of Mental Health (NIMH) statistics, in 2020, an estimated 52.9 million adults aged 18 or older in the United States had a mental illness.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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