North America 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 (U.S., Canada, Mexico)- Industry Trends and Forecast to 2027
Market Analysis and Insights: North America Psychedelic Drugs Market
North America 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 the CAGR of 16.3% in the forecast period of 2020 to 2027 and expected to reach USD 6,887.02 million by 2027. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors for the market growth.
Psychedelics have seen a surge in popularity over the past decade. Psychedelics have been familiarly involved with healing and mental treatment practices with mind-altering substances since the dawn of time. However, research studies have generally stopped since psychedelic care was banned in the late 1960s. After being relegated to the margins of sincere scientific examination for about five decades, growing researchers and scientists are exploring the therapeutic value of psychedelic drugs and compounds that could be a new treatment option for people with depression.
Department of Neuroscience, faculty of medicine, Norwegian University of Science and Technology, Trondheim, Norway, conducted a study in the United States "Over 30 million psychedelic users in the United States".
The promising results of psychedelic drugs have increased the use of psychedelic drugs in the United States, which leads to an increasing demand for psychedelic drugs in the United States, so these factors are functioning as drivers for the North American psychedelic drug market.
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.
North America 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 holds major share in the market as all available drugs are derived from synthetic origin. Due this reason, the synthetic segment dominates the market and will also grow at a higher rate over the forecasted 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 drug market, as XYREM (Sodium Oxide, Jazz Pharmaceuticals Inc.) is the only approved drug available in the market for the treatment of narcolepsy. For these reason dissociative psychedelics dominates in the psychedelic drugs market.
- On the basis of application, the market is segmented into narcolepsy, treatment-resistant depression, post-traumatic stress disorder (PTSD), major depressive disorder, others. Narcolepsy as a hydroxybutyric gamma derivative (GHB) dominates the psychedelic drug market and primarily uses the psychedelic drug 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. The oral drug market dominates the psychedelic drug market, as Xyrem is the most branded drug available in 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 market for the psychedelic drugs market, as Xyrem is primarily a psychedelic drug and falls into this category. For this reason, the gamma hydroxybutyric acid (GHB) segment dominates the psychedelic drugs market.
- On the basis of end user, the market is segmented into hospitals, speciality clinic, research organisation, others. Because the burden of patients is high, hospitals dominate the market for psychedelic drugs, and most drugs are administered by physician supervision. For this reason, the hospital sector dominates the psychedelic drugs market.
- On the basis of distribution channel, the market is segmented into hospital pharmacy, compounding pharmacy, others. Hospital pharmacy has the highest market share because these drugs treat more patients in hospitals, increasing demand for hospital pharmacy.
Psychedelic Drugs Market Country Level Analysis
North America 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.
The increasing acceptance of psychedelic drugs for the treatment of depression throughout the United States is one of the major reasons for the rising demand for psychedelic drugs. The Department of Neuroscience, Faculty of Medicine, Norwegian Trondheim, University of Norway, University of Science and Technology have reported that more than 3 million people are using psychedelic drugs in the United States. Due to these factors, the market is expected to grow at the significant growth rate in the forecast period of 2020 to 2027. The acceptance and manufacturing of synthetic drugs are increasing in Canada because synthetic drugs have been processed from plants and organic material and thus the manufacturing is cost effective and more beneficial.
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 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
North America 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 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 North America 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.
For instance,
- In January 2020, COMPASS received the U.S Patent for COMP 360, a formulation of psilocybin. Helps the patenting company to develop a developmental condition for treating depression. This is a novel product because the patent increases their revenue.
- In January 2019, Douglas Pharmaceuticals Ltd launched a clinical trial for phase 2 of ketamine for the treatment of depression - for patients with depression. Helping the company launch a new product in the clinical trial market.
Clinical study data sets, authorization, collaboration, joint ventures and other strategies by the market players is enhancing the market in the psychedelic drugs market also provides the benefit for organisation to improve their offering for psychedelic drugs.
Customization Available : North America Psychedelic Drugs Market
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