Psychedelic drugs, such as psilocybin and LSD, have diverse applications, features, and uses. They are increasingly researched and used for mental health treatments, particularly for depression, PTSD, and anxiety. These substances induce altered states of consciousness, fostering self-reflection and personal growth. Psychedelics are non-addictive and have low physical toxicity. Their therapeutic potential extends to addiction treatment and palliative care. Additionally, they are explored for enhancing creativity, problem-solving, and spiritual experiences, making them multifaceted tools with broad societal impact.
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Data Bridge Market Research analyses that the Europe Psychedelic Drugs Market is valued at USD 235.71 million in 2021 and is expected to reach USD 607.39 million by 2029, registering a CAGR of 12.7% during the forecast period of 2022 to 2029. The growing scientific focus on psychedelic drug research, particularly for mental health applications, serves as a pivotal driver for market expansion. Increased funding and research efforts are uncovering the therapeutic potential of psychedelics, fostering optimism, and driving the development and acceptance of these substances as a legitimate part of the mental health treatment landscape.
Key Findings of the Study
Investor interest is expected to drive the market's growth rate
The influx of investments from venture capitalists and pharmaceutical firms underscores a strong belief in the therapeutic potential of psychedelics. These financial commitments demonstrate confidence in the ability of psychedelic substances to revolutionize mental health treatment. Such backing supports extensive research, clinical trials, and the development of innovative therapies, which are essential in realizing the full therapeutic benefits of psychedelics, ultimately driving their market growth and acceptance within the medical and pharmaceutical communities.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Source (Synthetic and Natural), Type (Empathogens, Dissociatives and 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)
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Countries Covered
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U.K., Germany, Italy, France, Spain, Russia, Poland, Netherland, Hungary, Austria, Norway, Switzerland, Ireland, Belgium, Lithuania, and Rest of Europe
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Market Players Covered
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Jazz Pharmaceuticals, Inc. (U.S.), Janssen Global Services, LLC (a subsidiary of Johnson and Johnson Services, Inc.) (U.S.), Hikma Pharmaceuticals PLC (U.K.), COMPASS (U.K.), Verrian (U.K.), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd (U.K.), Avadel (U.S.), Celon Pharma SA (U.K.), Cybin Corp. (U.S.), GH Research (U.S.), Entheon Biomedical Corp (U.S.)
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Data Points Covered in the Report
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In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The Europe 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 Europe psychedelic drugs market is segmented into synthetic and natural.
- On the basis of type, the Europe psychedelic drugs market is segmented into empathogens, dissociatives, and others.
- On the basis of drugs, the Europe psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin, and others.
- On the basis of application, the Europe 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 Europe psychedelic drugs market is segmented into oral, inhalation, and injectable.
- On the basis of end user, the Europe psychedelic drugs market is segmented into hospital, specialty clinics, homecare, and others.
- On the basis of distribution channel, the Europe psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy, and online pharmacy.
Major Players
Data Bridge Market Research recognizes the following companies as the major Europe psychedelic drugs market players in Europe psychedelic drugs market are Jazz Pharmaceuticals, Inc. (U.S.), Janssen Global Services, LLC (a subsidiary of Johnson and Johnson Services, Inc.) (U.S.), Hikma Pharmaceuticals PLC (U.K.), COMPASS (U.K.), Verrian (U.K.), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd (U.K.), Avadel (U.S.)
Market Developments
- In October 2022, Numinus Wellness Inc, a mental healthcare company specializing in progressive treatments and safe, evidence-backed psychedelic-assisted therapies, introduced its Ketamine for Chronic and Serious Medical Illness Program. Initially, this program will be rolled out at Numinus clinics in Utah, British Columbia, and Quebec. The company plans to extend the program to additional clinics in the following months.
- In March 2022, researchers at the University of California released findings and subsequent data from a phase 3 clinical trial involving the use of a psychedelic substance, 3,4 methylenedioxymethamphetamine (MDMA), in conjunction with psychotherapy to address PTSD. Initial data indicated the effectiveness of this therapy, even among challenging cases, including individuals with drug or alcohol use disorders.
- In August 2020, Janssen Pharmaceuticals, Inc. secured approval for its Spravato nasal spray, designed for the treatment of individuals at risk of suicide. With around 11% to 12% of Americans grappling with major depressive disorder that can potentially lead to suicidal tendencies, this approval represents a significant milestone in offering a promising therapeutic solution to this patient population. Furthermore, it opens up revenue opportunities for the company in addressing this critical mental health challenge.
Regional Analysis
Geographically, the countries covered in the Europe psychedelic drugs market report are Japan, China, South Korea, India, Australia and New Zealand, Taiwan, Hong-Kong, Singapore, Thailand, Malaysia, Indonesia, Philippines and Rest of Asia-Pacific
As per Data Bridge Market Research analysis:
Germany dominates Europe in psychedelic drugs market during the forecast period 2022 - 2029
In 2022, Germany dominates the Europe psychedelic drugs market as the understanding of mental health issues expands, there's a heightened demand for effective treatments, prompting increased exploration of psychedelic therapies. This surge in research is unveiling the therapeutic potential of these substances, particularly in addressing conditions like depression and PTSD. Consequently, the market is witnessing substantial growth as it aligns with the evolving landscape of mental health care, offering new hope and treatment possibilities for individuals in need.
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