Europe Psychedelic Drugs Market By Source (Synthetic, Natural), Type (Dissociatives, Empathogens, Serotonergic (Classical Psychedelic Drugs)), Application (Narcolepsy, Treatment-Resistant Depression, Post-Traumatic Stress Disorder (PTSD), Major Depressive Disorder, Others), Route of Administration (Oral, Intranasal, Parenteral, Others), Drugs (Gamma Hydroxybutyric Acid (GHB), Ketamine, 3,4-Methylenedioxymethamphetamine (Ecstasy), Psilocybin), End User (Hospitals, Speciality Clinic, Research Organization, Others), Distribution Channel (Hospital Pharmacy, Compounding Pharmacy, Others), Country (Germany, France, United Kingdom, Italy, Spain, Switzerland, Russia, Netherlands, Belgium, Denmark, Rest of Europe) - Industry Trends and Forecast to 2027
Market Analysis and Insights: Europe Psychedelic Drugs Market
Psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 15.0% in the forecast period of 2020 to 2027 and expected to reach USD 361.13 million by 2027. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors accelerating the market growth.
Mental health is important for living a balanced and healthy life. Mental health encompasses emotional, psychological and social well-being and affects the person's feelings, thinking ability and behaviour. Mental health also supports decision making. Due to the increase in mental disorders in America and Europe, various non-profit, governmental, non-governmental, national and international organizations conduct mental health awareness programs, advertising campaigns, provocative television programs that illustrate how to support mental health in Europe
- Europeans are afflicted with mental and neurological diseases, with approximately 165 million people or 38% of the population suffering from a brain disorder such as depression, anxiety, insomnia or dementia each year
Awareness campaigns have encouraged people to select appropriate treatment for mental disorder procedures and professionals which is increasing the demand for psychedelic drugs. For this reason, growing awareness of mental health is acting as a driver for the psychedelic drug market in Europe.
This Psychedelic Drugs Market report provides details of market share, new developments, and product pipeline analysis, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, product approvals, strategic decisions, product launches, geographic expansions, and technological innovations in the market. To understand the analysis and the market scenario contact us for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
Europe Psychedelic Drugs Market Scope and Market Size
Psychedelic drugs market is segmented on the basis of source, type, application, route of administration, drugs, end user and distribution channel. The growth among segments helps you analyse niche pockets of growth and strategies to approach the market and determine your core application areas and the difference in your target markets.
- On the basis of source, the market is segmented into synthetic and natural. Synthetic psychedelic drugs dominate in the psychedelic drugs market since all available drugs are originated from synthetic source. For this reason, the synthetic segment dominates the market and will also grow at a higher rate over the expected period.
- On the basis of type, the market is segmented into dissociatives, empathogens, and serotonergic (classical psychedelic drugs). The dissociative segment holds largest share in the psychedelic drugs market as XYREM (sodium oxybate, Jazz Pharmaceuticals Inc.) is the only approved drug of dissociative psychedelic substances for the treatment of narcolepsy.
- On the basis of application, the market is segmented into narcolepsy, treatment-resistant depression, post-traumatic stress disorder (PTSD), major depressive disorder, others. Sodium oxybate as a derivative of gamma hydroxybutyric acid (GHB) leads in the market for psychedelic drugs and mainly uses psychedelic medicine and the drug has been approved for narcolepsy. For this reason, the narcolepsy segment dominates the psychedelic drug market.
- On the basis of route of administration, the market is segmented into oral, intranasal, parenteral, others. Oral administration of the drug is highly convenient for patients as compared to other forms. Oral is dominant in the psychedelic drug market as Xyrem is the most brand-name drug available on the market in oral dosage forms. In addition, patient adherence is very important in the symptomatic treatment of the disease. Oral administration of the drug is very convenient for patients compared to other forms.
- On the basis of drugs, the market is segmented into gamma hydroxybutyric acid (GHB), ketamine, 3,4-methylenedioxymethamphetamine (ecstasy), psilocybin. Gamma hydroxybutyric acid (GHB) dominates the psychedelic drug market since Xyrem is primarily a psychedelic drug and falls into this category. For this reason, the gamma hydroxybutyric acid (GHB) segment dominates the market for psychedelic drugs.
- On the basis of end user, the market is segmented into hospitals, speciality clinic, research organisation, others. Hospitals dominate the psychedelic drug market due to the high load of patients and most medicines are administered under the supervision of a doctor. For this reason, the hospital segment dominates the psychedelic drug market.
- On the basis of distribution channel, the market is segmented into hospital pharmacy, compounding pharmacy, others. The hospital pharmacy has the largest market share as these medicines treat more patients in hospitals, the demand for medicines increases in the hospital pharmacy
Psychedelic Drugs Market Country Level Analysis
Psychedelic drugs market is analysed and market size information is provided by country, source, type, application, route of administration, drugs, end user and distribution channel as referenced above.
According to WHO data, 25% of the population suffers from depression or anxiety every year. The burden of the disease is 19.5% in the European region and 26% in the European Union (EU) countries. Germany dominates the European market due to the increase in technologically advanced health systems and the growing cases of depression in the country. The growing number of depressing patients and increasing awareness conducted by the government authorities are boosting the market growth in Italy. Psychedelic drugs are highly consumed for the treatment of narcolepsy and in UK it is expected that 30,000 people are suffering from narcolepsy, due to this reason UK is growing in the Europe psychedelic drugs market.
The country section of the report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as new sales, replacement sales, country demographics, regulatory acts and import-export tariffs are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of sales channels are considered while providing forecast analysis of the country data.
Increasing R&D Activities in Psychedelic Drugs is Creating New Opportunities for Manufacturers in Europe Psychedelic Drugs Market
Psychedelic drugs market also provides you with detailed market analysis for every country growth in aesthetic industry with psychedelic drugs sales, impact of advancement in the psychedelic drugs and changes in regulatory scenarios with their support for the psychedelic drugs market. The data is available for historic period 2010 to 2018.
Competitive Landscape and Psychedelic Drugs Market Share Analysis
Psychedelic drugs market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, company strengths and weaknesses, product launch, product trials pipelines, product approvals, patents, product width and breadth, application dominance, technology lifeline curve. The above data points provided are only related to the companies’ focus related to Europe psychedelic drugs market.
The major players covered in the report are Johnson & Johnson Services, Inc., Jazz Pharmaceuticals, Inc., Celon Pharma SA, COMPASS, usonainstitute.org, Develco pharma schweiz ag , Doughlas pharmaceuticals limited, NeuroRX, Inc., Hikma Pharmaceuticals PLC, Amneal Pharmaceuticals, LLC., AVADEL PHARMACEUTICALS, PLC among other players in the Europe DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launch and developments are also initiated by the companies worldwide which are also accelerating the psychedelic drugs market.
- In December 2019, the company received approval for the marketing of SPRAVATO across Europe. This drug is used in combination with SSRIs and SNRIs to treat resistant depression. Marketing SPRAVATO as a nasal spray will increase the company's revenue generation.
- In January 2020, Jazz Pharmaceuticals, Inc. received marketing authorization for solriamfetol (Sunosi) for excessive daytime sleepiness in adults with narcolepsy. The main advantage is the increase in the company's revenue generation.
Clinical study data sets, authorization, collaboration, joint ventures and other strategies by the market players is enhancing the market in the Europe psychedelic drugs market also provides the benefit for organisation to improve their offering for psychedelic drugs.
Customization Available: Europe Psychedelic Drugs Market
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