Psychedelic drugs are the category of therapeutic pharmaceuticals that are responsible for instigating psychedelic expressions in the patient consuming these drugs with the help of serotonin receptor agonism. This subsequently results in a number of changes in the visual and auditory functions of the consumer. This alteration of bodily function is also combined with changes in the consciousness causing a change of mindset amongst the patients. A majority of the drugs produced for these functioning include being developed from LSD, ecstasy, ketamine amongst various others.
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Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors are mentioned below:
Product approvals along with establishing specialized research centers:
The market is segmented on the basis of application as major depressive disorder, resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction and others. Drugs have been segmented into LSD, ecstasy, phencyclidine, GHB, ketamine, ayahuasca, salvia, psilocybin and others. Route of administration has been segmented as oral, injectable and inhalation. Distribution channel has been categorized as direct retailers, online pharmacies and others. End-users have been segmented as hospitals, homecare, specialty clinics and others.
“According to Data Bridge Market Research, Global Psychedelic Drugs Market is expected to be growing with a healthy CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in market are COMPASS, The Emmes Company, LLC, Klarisana, AstraZeneca, F. Hoffmann-La Roche Ltd, Dr. Reddy’s Laboratories Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc, Mylan N.V., Merck & Co., Inc, Alkermes, ALLERGAN, H. Lundbeck A/S among others.
With the focus of authorities to work alongside specialized research organizations and pharmaceutical manufacturers to reduce the time required for the development and commercialization of psychedelic drugs for the treatment of different indications. These partnerships between different authorities and market players are resulting in quicker drug developments, product approvals and subsequent commercialization helping solve a clinically unmet need of different patients.
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Global Psychedelic Drugs Market - Industry Trends and Forecast to 2026
U.S. Psychedelic Drugs Market – Industry Trends and Forecast to 2027
Europe Psychedelic Drugs Market – Industry Trends and Forecast to 2027
North America Psychedelic Drugs Market – Industry Trends and Forecast to 2027
U.S. Psychedelic Drugs Market is Expected to Grow at 16.3% in the Forecast Period of 2020 to 2027
Europe Psychedelic Drugs Market is Growing at 15.0% CAGR in the Forecast Period of 2020-2027
North America Psychedelic Drugs Market is Growing at CAGR of 15.8% in the Forecast Period of 2020-2027