Middle East and Africa Psychedelic Drugs Market, By Source (Synthetic, Natural), Type (Empathogens, Dissociatives, Others), Drugs (Gamma-Hydroxybutyric Acid, Ketamine, Psilocybin, Others), Application (Narcolepsy, Treatment Resistant Depression, Major Depressive Disorder, Opiate Addiction, Post-Traumatic Stress Disorder, Others), Route of Administration (Oral, Inhalation, Injectable), End User (Hospitals, Specialty Clinics, Homecare, Others), Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy), Country (Saudi Arabia, UAE, Israel and Egypt) Industry Trends and Forecast to 2028
The psychedelic drugs market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 15.2% in the forecast period of 2021 to 2028 and is expected to reach USD 38.76 million by 2028. The rising prevalence of mental depression and anxiety and availability of off-label drugs are the major drivers which has propelled the demand of the psychedelic drugs market in the forecast period.
Psychedelic drugs involve various types of chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the senosory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD.
The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures and professionals which is increasing the demand of psychedelic drugs and the rising awareness towards mental health is acting as a driver for the psychedelic drugs market. Changes in the regulation charges for psychedelic drugs approval and taking regulatory approval could lead to delay product launch and stringent regulatory is working as a restraint for the psychedelic drugs market. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the psychedelic drugs market, thus increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the psychedelic drugs market. The increasing side effects of the psychedelic drugs act as a challenge for the growth of the psychedelic drugs market in the forecasted period.
The 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 psychedelic drugs market scenario contact Data Bridge Market Research for an Analyst Brief, our team will help you create a revenue impact solution to achieve your desired goal.
The psychedelic drugs market is segmented into seven notable segments which are based on the source, type, drugs, application, route of administration, 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 psychedelic drugs market is segmented into synthetic and natural. In 2021, synthetic segment is dominating as most of the products are made from chemicals that are man-made with very few products such as psilocybin made from natural ingredients.
- On the basis of type, the psychedelic drugs market is segmented into dissociatives, empathogens and others. In 2021, empathogens segment produce experiences of emotional communion, oneness, relatedness and used for treatment of cataplexy, narcolepsy and related disorders.
- On the basis of drugs, the psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin and others. In 2021, gamma-hydroxybutyric acid segment is dominating as xyrem from Jazz Pharmaceutical is one of the oldest available psychedelic drugs available in the market holding a major share and belongs to the drug class.
- On the basis of application, the psychedelic drugs market is segmented into narcolepsy, treatment resistant depression, post-traumatic stress disorder, major depressive disorder, opiate addiction and others. In 2021, narcolepsy segment is dominating as xyrem from Jazz Pharmaceutical is used for its treatment and it is the major shareholder in the market.
- On the basis of route of administration, the psychedelic drugs market is segmented into oral, inhalation and injectable. In 2021, oral segment is dominating as it is preferred over the various other administration routes of drug delivery.
- On the basis of end user, the psychedelic drugs market is segmented into hospitals, specialty clinics, homecare and others. In 2021, hospitals segment dominate the psychedelic drugs market due to the high patient load and most of the drugs are given under doctor’s supervision.
- On the basis of distribution channel, the psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy and online pharmacy. In 2021, hospitals pharmacy segment holds the largest market share as more number of patients is treated in hospitals and the demand for medicines in hospital pharmacy increases.
Middle East and Africa Psychedelic Drugs Market Country Level Analysis
Middle East and Africa psychedelic drugs market is analysed and market size information is based on the country, source, type, drugs, application, route of administration, end user and distribution channel as referenced above.
The countries covered in the Middle East and Africa psychedelic drugs market report are the Saudi Arabia, UAE, Israel and Egypt.
Saudi Arabia is dominating in the Middle East and Africa psychedelic drugs market and is expected to grow with the fastest CAGR in the forecast period as the demand for psychedelic drugs are increasing very rapidly due to increasing patient population and advancement in technology.
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 Middle East and Africa 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.
Strategic Initiatives by Manufacturers is Creating New Opportunities for Players in the Psychedelic Drugs Market
The 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 2011 to 2019.
Competitive Landscape and Psychedelic Drugs Market Share Analysis
The 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, 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 company’s focus
The major players covered in the Middle East and Africa psychedelic drugs market report are Janssen Pharmaceuticals, Inc. (a subsidiary of Johnson & Johnson Services, Inc.), Hikma Pharmaceuticals PLC, Pfizer Inc., F. Hoffmann-La Roche Ltd among other domestic players. DBMR analysts understand competitive strengths and provide competitive analysis for each competitor separately.
Many product launches and agreements are also initiated by the companies’ worldwide which are also accelerating the psychedelic drugs market.
- In July 2019, Hikma Pharmaceuticals PLC has announced a 5 year agreement with Civica to supply and manufacture medication to the U.S. health systems. This will complete the shortage of medications in the U.S. hospitals. This has helped the company to expand its business and make the product profile strong.
Collaboration, joint ventures and other strategies by the market players is enhancing the company market in the psychedelic drugs market which also provides the benefit for organisation to improve their offering for psychedelic drugs.
Customization Available: Middle East and Africa Psychedelic Drugs Market
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