The psychedelic drugs market is undergoing a resurgence, particularly in mental health and therapy applications. Substances such as psilocybin and MDMA are under exploration for treating conditions such as depression, anxiety, PTSD, and addiction. The dominant segment is psychedelic-assisted therapy, combining these substances with therapeutic practices to address mental health issues. This holistic approach holds promise in transforming mental healthcare, showcasing the potential of psychedelic drugs to contribute to well-being without specifying market drivers.
Data Bridge Market Research analyses that the U.S. Psychedelic Drugs Market which was USD 2,834.72 million in 2021 and is expected to reach USD 9,818.68 million by 2029, registering a CAGR of 16.8% during the forecast period of 2022 to 2029.
"Increasing investment for healthcare infrastructure drives the market growth"
The increasing investment in healthcare infrastructure serves as a significant driver for the growth of the psychedelic drugs market. As healthcare expenditure rises, there is an improvement in the infrastructure, facilitating research, clinical trials, and therapeutic applications of psychedelic drugs. Enhanced infrastructure supports the exploration of these substances for mental health treatments, fostering collaborations between researchers, healthcare providers, and pharmaceutical companies. This synergy accelerates the development and integration of psychedelic drugs into mainstream healthcare practices, ultimately driving the market forward.
What restraints the growth of the U.S. psychedelic drugs market?
" Delay in the drug approval hamper the market growth"
A delay in the drug approval process poses a substantial obstacle to the growth of the psychedelic drugs market. Prolonged approval timelines hinder timely market entry for psychedelic treatments, impeding their availability for patients. This delay adversely affects pharmaceutical companies' investment returns and stalls potential breakthroughs in mental health treatments. Furthermore, it curtails patient access to innovative therapeutic options, limiting the market's expansion and hindering the realization of the full potential of psychedelic drugs in addressing various mental health disorders.
Segmentation: U.S. Psychedelic Drugs Market
The U.S. psychedelic drugs market is segmented on the basis of source, type, drugs, application, route of administration, end user, and distribution channel.
- On the basis of source, the U.S. psychedelic drugs market is segmented into synthetic, and natural
- On the basis of type, the U.S. psychedelic drugs market is segmented into empathogens, dissociatives, and others
- On the basis drugs, the U.S. psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin, and others
- On the basis of application, the U.S. psychedelic drugs market is segmented into narcolepsy, treatment resistant depression, major depressive disorder, opiate addiction, post-traumatic stress disorder, and others.
- On the basis of route of administration, the U.S. psychedelic drugs market is segmented into oral, inhalation, and injectable
- On the basis of end user, the U.S. psychedelic drugs market is segmented into hospitals, specialty clinics, homecare, and others
- On the basis of distribution channel, the U.S. psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy, and online pharmacy
Recent Developments: U.S. Psychedelic Drugs Market
- In January 2020, Janssen Pharmaceuticals, Inc., submitted a Type II Variations Application for SPRAVATO nasal spray to the European Medicines Agency, proposing expanded use as an acute, short-term therapy for depression symptoms. If approved, this would broaden the product's application, potentially contributing to increased revenue for the company
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The Prominent Key Players Operating in the U.S. Psychedelic Drugs Market Include:
- Avadel (Ireland)
- Celon Pharma S.A. (Poland)
- Johnson & Johnson Private Limited (U.S.)
- Hikma Pharmaceuticals PLC (U.K.)
- Amneal Pharmaceuticals LLC. (U.S.)
- NeuroRx, Inc. (U.S.)
- Jazz Pharmaceuticals, Inc. (Ireland)
- COMPASS (U.K.)
- Develco Pharma Schweiz AG (Switzerland)
- Douglas Pharmaceuticals Limited (New Zealand)
Above are the key players covered in the report, to know about more and exhaustive list of U.S. psychedelic drugs market companies, contact: https://www.databridgemarketresearch.com/contact
Research Methodology: U.S. 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.