Psychedelic Drugs Market is anticipated to grow at 13.6% CAGR from 2020 to 2030.
Market Industry Reports (MIR) has published a new report titled “Psychedelic Drugs Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020–2030.” According to the report, the global psychedelic drugs market is estimated to be over US$ 4.23 Billion in 2019. It is anticipated to grow at 13.6% CAGR from 2020 to 2030.
Psychedelics are the class of psychoactive molecules that produce changes in mood, perception, and cognitive processes. These molecules actively affect all the senses and exhibit their ability to alter a patient's thinking, and emotions. Rising acceptance of psychedelic therapeutics for depression treatment coupled with the increasing prevalence of mental disorders is fueling the industry growth to great extent. For example, according to the Department of Neuroscience, in the U.S., more than 35 million people are using psychedelic drugs. This class of therapeutics has proven its effectiveness for the treatment of alcohol dependence, nicotine dependence chronic PTSD, and anxiety associated terminal illness as compared to other antidepressants molecules. This would, in turn, establish a healthy platform for the industry growth over the study period.
In addition, rising research and development activities in psychedelic therapeutics categories across the world have supported industrial development significantly. Companies are aggressively investing in R&D activities to develop novel psychedelic treatment molecules with minimal side effects associated with these products. This has further resulted in a strong platform for the further growth of this industry during the study period. On the flip side, strict regulations imposed by several governments to commercialize psychedelic therapeutics will pull back the industry growth to some extent. Moreover, the growing preference for non-therapeutics psychedelic therapies coupled with the poor safety profile of existing molecules will further restrict the industry growth over the study period.
Asia Pacific psychedelic drugs market is projected to grow with the fastest CAGR during the review period. Favorable government initiatives coupled with extensive investment in R&D activities of novel pharmaceutical products is expected to support the regional growth. In addition, the rising prevalence of depression in the region, along with special designation to psychedelic drugs from the regulatory authorities are the key factors for Asia Pacific market growth.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, 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 in detail along with the table of contents:https://www.marketindustryreports.com/psychedelic-drugs-market/417
Europe is the second-largest region for the growth of the psychedelic drugs market due to the rising prevelence of psychiatric disorders such as depression, anxiety, etc. For instance, as per the World Health Organization, mental disorders such as anxiety and depression in Europe have suffered more than 37.3 million and 44 million respectively. It created a massive demand for the growth of the psychedelic drugs market in this region.
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.
Key players are actively involved in new product development and strategic collaborations to expand its market share. For instance, U.S. based healthcare firm, Johnson & Johnson, received regulatory approval of Spravato, the first antidepressant for actively suicidal people. Such approvals will help companies to capture a significant revenue share of the worldwide psychedelic drugs market.
Further rising FDA approvals for psychedelic drugs due to the rising number of mental illness cases and rising investment for new drug development by the leading players may create a huge opportunity for the growth of this market. For instance, on March 5, 2019, Johnson & Johnson’s product called Kesketamine nasal spray has received the first Food and Drug Administration (FDA) approval for psychedelic treatment a psychiatric disorder.
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