The Psychedelic Drugs Market is expected to grow
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.
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.
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.
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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.
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.
Global Psychedelic Drugs Market Segmentation
Market Insight, by Drugs
· Lysergic Acid Diethylamide (LSD)
· Gamma Hydroxybutyric Acid (GHB)
· Ketamine
· Psilocybin
· Others
Market Insight, by Application
· Resistant Depression
· Opiate Addiction
· Post-traumatic stress disorder
· Panic Disorders
· Others
Market Insight, by End-Users
· Hospital Pharmacies
· Retail Pharmacies
· Others
Market Insight, by Region
· North America
o US
o Canada
o Rest of North America
· Europe
o Germany
o United Kingdom
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· 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.
