Psychedelic drugs have gained attention for their potential medical applications, particularly in the realm of psychedelic-assisted therapy for conditions such as PTSD and depression. Some studies suggest that substances such as psilocybin and MDMA may offer therapeutic benefits when used in controlled settings. Beyond medical applications, advocates argue that psychedelics can enhance creativity, foster spiritual experiences, and promote personal growth.
According to Data Bridge Market Research analyses, the Global Psychedelic Drug Market, which was USD 2,386.72 million in 2022, is expected to reach USD 6,401.95 million by 2030 and is expected to undergo a CAGR of 13.3% during the forecast period 2030.
"Rise in mental health disorders boosts the market growth"
The increasing prevalence of depression and mental disorders is driving the growth of the psychedelic drugs market. These conditions, which impact individuals' emotions, cognition, and behavior, create a substantial demand for more effective treatments. Its substances have demonstrated therapeutic potential, leading to increased research and innovation. Psychedelic therapies offer a personalized, holistic approach, addressing the root causes of mental disorders and reducing reliance on traditional medications with potential side effects.
What restraints the growth of the global psychedelic drugs market?
"Safety concerns restraints the market growth”
Safety concerns represent a significant restraint on the psychedelic drugs market. Psychedelic substances, due to their unpredictable effects, raise apprehensions about their use, particularly when administered outside of controlled and supervised settings. These safety issues encompass potential adverse reactions, risks associated with improper dosages, and the necessity for careful monitoring during psychedelic therapy. Such concerns can reduce the market's growth by affecting regulatory approval, public perception, and healthcare provider adoption, as they demand rigorous safety measures and comprehensive risk assessment.
Segmentation: Global Psychedelic Drugs Market
Global psychedelic drugs market is segmented into the source, type, drugs, application, route of administration, end-user, and distribution channel
- On the basis of source, the global psychedelic drugs market synthetic and natural
- On the basis of type, the global psychedelic drugs market is segmented into empathogens, dissociatives, and others
- On the basis of drugs, the global psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin, others
- On the basis of application, the global psychedelic drugs market is segmented into narcolepsy, treatment resistant depression, major depressive disorder, opiate addiction, post-traumatic stress disorder, others
- On the basis of route of administration, the global psychedelic drugs market is segmented into oral, inhalation, injectable
- On the basis of end-user, the global psychedelic drugs market is segmented into hospitals, specialty clinics, homecare, others
- On the basis of distribution channel, the global psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy, online pharmacy
Regional Insights: North America dominates the Global Psychedelic Drugs Market
North America dominates the psychedelic drugs market, boasting a substantial market share and robust revenue figures, with a trajectory that suggests continued dominance throughout the forecast period. This stronghold is attributed to the region's elevated incidence of mental disorders and the swift pace of research and development activities propelling the market's growth.
Asia-Pacific regions are expected to grow in the forecast period of 2030. This growth can be attributed to the expansion of healthcare infrastructure in the region and an increasing level of public awareness regarding healthcare and related issues.
To know more about the study visit, https://www.databridgemarketresearch.com/reports/global-psychedelic-drugs-market
The Prominent Key Players Operating in the Global Psychedelic Drugs Market Include:
- Jazz Pharmaceuticals, Inc. (U.S.),
- Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.) (U.S.)
- Hikma Pharmaceuticals PLC (U.K.)
- COMPASS (U.S.)
- Verrian (Germany)
- Pfizer Inc. (U.S.)
- F. Hoffmann-La Roche Ltd (Switzerland)
- Avadel (Ireland)
- Celon Pharma SA.(Poland)
- Cybin Corp. (Canada)
- GH Research (Ireland)
- Entheon Biomedical Corp (Canada)
- PharmaTher Holdings Ltd. (India)
- NRx Pharmaceuticals, Inc. (U.S.)
- usonainstitute.org (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of global psychedelic drugs market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Psychedelic Drugs Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
