Psychedelic Drugs Market Overviews
Psychedelic Drugs Market size was valued at US$ 5.50 Billion in 2023 and the Psychedelic Drugs revenue is expected to grow at 13% through 2024 to 2030, reaching nearly US$ 12.94 Billion.
Psychedelic drugs alter sensory impressions, energy levels, cognitive processes, and spiritual experiences, among other things. The three forms of psychedelic drugs include dissociative pharmaceuticals (such as phencyclidine), empathogens, and serotonergic drugs (such as lysergic acid diethylamide). These drugs are used to treat the major depressive disorder, treatment-resistant depression, panic disorder, post-traumatic stress disorder, and opiate addiction, among other conditions. The Psychedelic Drugs Market segment analysis is studied on the basis of product, disease indication, route of administration, distribution channel and region.
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Psychedelic Drugs Market Scope and Methodology:
The psychedelic drugs market has grown significantly as a result of the introduction of new psychedelic drugs. Besides that, because psychedelic medications have repeatedly demonstrated their high rates of effectiveness in the treatment of nicotine addiction, alcohol addiction, and anxiety-related terminal illness, market growth is being driven by an increase in acceptance of the medications for the treatment of depression.
Psychedelic Drugs Market Regional Insights
Due to an influx of clinical studies, substantial expenditures, governmental backing, and extensive public awareness, North America is expected to remain the dominant region in the psychedelic drugs market. By the end of the forecast period, the continent will have generated half of the revenue in the global psychedelic drugs market, which is expected to be worth $3184.0 million. The regional market is likely to benefit from the strong presence of enterprises and continuing clinical studies. With a market share of 93.5 percent in 2021, the United States will continue to dominate the North American region, with substantial growth expected throughout the forecast period. The FDA’s acknowledgment of advanced medicinal compound portfolios generated from psychedelic drugs is propelling this regional market forward. The U.S. FDA’s recent approval of Jannsen’s Spravato has cemented this important player’s supremacy in the region.
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Psychedelic Drugs Market Segmentation
During the forecast period, oral drugs accounted for about 55% of the psychedelic drugs market. With the launch of medicines like Spravato, an intranasal general anesthetic that was approved by the FDA in August 2020 for the short-term treatment of suicidal thoughts, the intranasal segment is expected to grow at a much faster rate of 17 percent from 2021 to 2027. The state of Oregon in the United States is seeking to decriminalize magic mushrooms, and a local firm called Silo Wellness has produced a psilocybin nasal spray to treat depression and PTSD.
Psychedelic Drugs Market Key Players
AstraZeneca (United Kingdom)
F. Hoffmann-La Roche Ltd (Switzerland)
Dr. Reddy’s Laboratories Ltd (Hyderabad)
Takeda Pharmaceutical Company Limited (Japan)
Pfizer Inc. (United States)
Mylan N.V. (United States)
Merck & Co., Inc. (United States)
Alkermes (Ireland)
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Key questions answered in the Psychedelic Drugs Market are:
- What is Psychedelic Drugs ?
- What was the Psychedelic Drugs market size in 2023?
- What is the growth rate of the Psychedelic Drugs Market?
- Which are the factors expected to drive the Psychedelic Drugs market growth?
- What are the different segments of the Psychedelic Drugs Market?
- What growth strategies are the players considering to increase their presence in Psychedelic Drugs ?
- What are the upcoming industry applications and trends for the Psychedelic Drugs Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Psychedelic Drugs Market?
- Who are the leading companies and what are their portfolios in Psychedelic Drugs Market?
- What segments are covered in the Psychedelic Drugs Market?
- Who are the key players in the Psychedelic Drugs market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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