Psychedelic Drugs Market, By Drug Type (Lysergic Acid Diethylamide, 3,4-Methylenedioxymethamphetamine, Phencyclidine, Gamma Hydroxybutyric Acid, and Psilocybin), By Application (Resistant Depression, Panic Disorder, and Post-traumatic Stress Disorder), By Distribution Channel (Direct Retailers, and Online Channels), By Application (Research and Regenerative Medicine)- Analysis & Forecast 2020-2030
Report ID : 417 | Published Date : Feb 2021 | Pages : 150 | Region : Global | Report Code : HC-224
Psychedelic Drugs Market Introduction & Overview
Psychedelic drugs are hallucinogenic drugs that include a group of substances and chemicals such as lysergic acid-N, N-diethylamide (LSD), peyote plant, and many others. These drugs are usually effective for recreational activities to change and enhance sensory perceptions of human beings such as thought processes, to facilitate spiritual experiences and improve energy levels.
The increasing prevalence of psychiatric disorders such as anxiety, depression, bipolar disorder schizophrenia, etc. around the globe due to surge in an unhealthy lifestyle and stressful life situations has stipulated the psychedelic drugs market growth. For instance, as per the World Health Organization report in 2017, an estimated more than 322 million people that are 4.4% world’s population have suffered from depression around the globe with the highest prevalence among the adults and geriatric populations around the globe. Rising depression and anxiety disorder have impelled the psychedelic drugs market. For instance, as per the World Bank organization, the global economy loses more than US$ 1 trillion every year in productivity due to depression and anxiety. It created a massive demand for the growth of the psychedelic drugs market around the globe.
Further, as per the World Health Organization report in 2017, the total estimated number of people suffering from anxiety disorders in the world reached over 264 million and is increasing at a rapid pace due to drug or alcohol use work stress, and ongoing worry about finances. It created a massive demand for the growth of the psychedelic drugs market around the globe.
The global psychedelic drugs market is segmented by drug type, application, distribution channel, application, and region.
Psychedelic Drugs Market by Drug Type
On the basis of drug type, the psychedelic drugs market is segmented into lysergic acid diethylamide, 3, 4-methylenedioxymethamphetamine, phencyclidine, gamma-hydroxybutyric acid, and psilocybin. Among these, the lysergic acid diethylamide segment has the highest market share due to rising demand for the treatment of mental health disorders to suppress the symptoms of neuropsychiatric disorders such as schizophrenia around the globe. Lysergic acid diethylamide type of psychedelic drugs is usually used to treat schizophrenia such as gradual changes in thinking, mood, and social functioning among the young and adult populations around the globe.
Increasing the number of cases of schizophrenia around the globe have impelled the lysergic acid diethylamide segmental growth for this market. For instance, as per the World Health Organization in 2019, Schizophrenia a chronic and severe mental disorder has affected more than 20 million people worldwide. It created a massive demand for segmental growth.
Psychedelic Drugs Market by Application
Similarly, in terms of application, the psychedelic drugs market can be segmented into resistant depression, panic disorder, and post-traumatic stress disorder. Among different applications, panic disorder has the highest prevalence owing to the increasing number of mental health illness cases among people around the globe. For instance, as per our world in data organization in 2017, globally an estimated more than 792 million people have suffered from mental health disorders including panic, anxiety, and depression. It created a massive demand for the growth of the psychedelic drugs market.
Psychedelic Drugs Market by Distribution Channel
On the basis of distribution channels, the market can be segmented into direct retailers, online channels, and others. Of which, direct retailers segment has the highest market share in 2020, this is primarily due to the increasing prevalence of mental health disorders around the owing to a stressful lifestyle.
Psychedelic Drugs Market by Application
On the basis of application, the market can be segmented into resistant depression, panic disorder, and post-traumatic stress disorder. In terms of market share, the segment of resistant depression application is estimated to account for the significant market share.
Psychedelic Drugs Market by Region
The global psychedelic drugs market can be segmented into North America, Europe, Asia Pacific, and the Rest of the World (ROW). North America is dominating the psychedelic drugs market growth owing to the rising prevelence of mental health illness such as anxiety, depression, and panic disorders. For instance, as per the National Alliance on Mental Illness Organization in 2019, an estimated more than 51.5 million people in the United State’s adults have experienced mental illness which impelled the psychedelic drugs market growth. Further in the United States, anxiety and depression disorder is the most common mental illness. As per the above-stated organization, anxiety and depression disorders have suffered 42.5 million and 17.3 million people respectively. It created a massive demand for the growth of the psychedelic drugs market growth.
Psychedelic Drugs Market Prominent Players
Some prominent players in the psychedelic drugs market include Takeda Pharmaceutical Company, Pfizer Inc., Mylan N.V., Merck, Alkermes, Allergan, Dr. Reddy’s Laboratories, F. Hoffmann-La Roche Ltd, AstraZeneca, The Emmes Company, LLC among others.