According to a new report published by UnivDatos, the Psychedelic drugs Market is expected to grow at a CAGR of around 6% from 2022-2028. The analysis has been segmented into Drugs (Lysergic Acid Diethylamide (LSD), Gamma-Hydroxybutyric Acid (GHB), Ketamine, Psilocybin, Others); Application (Resistant Depression, Opiate Addiction, Post-Traumatic Stress Disorder, Panic Disorders, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others); Region/Country.

The psychedelic drugs market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the psychedelic drugs market. The psychedelic drugs market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the psychedelic drugs market at the global and regional levels.

Market Overview

Psychedelic drugs are a class of psychoactive drugs that have the ability to produce changes in perception, mood, and cognitive processes. These are also known as hallucinogens. Mental illness is a condition that is associated with distress or problems in work or family activities. Every year millions of people are affected by mental illnesses including depression, bipolar disorder, and dementia, among others. For instance, according to WHO, depression is one of the most common mental disorders globally with an estimated 264 million people affected. In addition to this, according to our world in data, about 970 million people worldwide have a mental health or substance abuse disorder in 2018. Also, in the same year, nearly 284 million were affected by anxiety globally. Owing to these alarming figures, the demand for psychedelic drugs is increasing resulting in the growth of the market.

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The Psychedelic Drugs Market is expected to grow at a steady rate of around 6% during the forecast period. Factors such as increasing government initiatives to raise awareness regarding mental health and increasing research & development activities for exploring novel treatment options are some of the prominent factors contributing to the growth of the market. 

Some of the major players operating in the market include 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.

COVID-19 Impact

The recent covid-19 pandemic has disrupted the world and has brought a state of shock to the global economy. The global pandemic has impacted the healthcare industry in every aspect. The psychedelic drugs market is expected to witness an uptick during the pandemic owing to an increase in the number of people suffering from mental disorders such as anxiety, stress, and depression.

The global psychedelic drugs market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

·  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.

·   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.

Psychedelic drugs Market Geographical Segmentation Includes:

·        North America (United States, Canada, and Rest of North America)

·        Europe (Germany, United Kingdom, Spain, Italy, France, and the Rest of Europe)

·        Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific)

·        Rest of the 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.

The major players targeting the market include

·        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.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Psychedelic drugs market. The major players have been analyzed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

• What are the latest trends, new patterns, and technological advancements in the psychedelic drugs market?

• Which factors are influencing the psychedelic drugs market over the forecast period?

• What are the global challenges, threats, and risks in the psychedelic drugs market?

• Which factors are propelling and restraining the psychedelic drugs market?

• What are the demanding global regions of the psychedelic drugs market?

• What will be the global market size in the upcoming years?

• What are the crucial market acquisition strategies and policies applied by global companies?

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