The North America psychedelic drugs market is experiencing a resurgence, driven by shifting societal attitudes. Substances such as psilocybin mushrooms, LSD, and MDMA are gaining recognition for their therapeutic potential in mental health treatment. Psychedelics, including psilocybin and LSD, are researched for applications in depression, PTSD, and anxiety. These non-addictive substances induce altered states, fostering self-reflection and personal growth. With low toxicity, they also show promise in addiction treatment, palliative care, and enhancing creativity, problem-solving, and spiritual experiences, contributing to a multifaceted societal impact.
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Data Bridge Market Research analyses that the North America Psychedelic Drugs Market is growing with a CAGR of 13.4% in the forecast period of 2022 to 2029 and is expected to reach USD 5,691.93 million by 2029 from USD 2,106.77 million in 2021. The North America regulatory landscape is evolving, with changing attitudes and regulations favoring psychedelic substances. This shift creates a more permissive environment for research and development in the psychedelic drugs market.
Key Findings of the Study
Growing acceptance of psychedelic drugs for treating depression is expected to drive the market's growth rate
The rising rate of depression, particularly among the youth, expands the growth prospects for the psychedelic drugs market. Psychedelics, gaining popularity in the last decade, are associated with mental healing and treatment practices, wielding mind-healing potential. Amplified investment from both public and private sectors in healthcare infrastructure development further boosts market growth.
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.S., Canada and Mexico in North America
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Market Players Covered
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Jazz Pharmaceuticals, Inc. (Ireland), Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.) (U.S.), Hikma Pharmaceuticals PLC (U.K.), COMPASS (U.K.), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Avadel (Ireland), Cybin Corp. (Canada), Entheon Biomedical Corp. (Canada), PharmaTher Holdings Ltd. (Canada), NRx Pharmaceuticals, Inc. (U.S.), Usona Institute (U.S.) among others
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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 North America 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 North America psychedelic drugs market is segmented into synthetic and natural
- On the basis of type, the North America psychedelic drugs market is segmented into empathogens, dissociatives, and others
- On the basis of drugs, the North America psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin and others
- On the basis of application, the North America 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 North America psychedelic drugs market is segmented into oral, inhalation, injectable
- On the basis of end user, the North America psychedelic drugs market is segmented into hospital, specialty clinics, homecare, and others
- On the basis of distribution channel, the North America 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 North America psychedelic drugs market players in North America psychedelic drugs market are COMPASS (U.K.), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Avadel (Ireland), Cybin Corp. (Canada), Entheon Biomedical Corp. (Canada), PharmaTher Holdings Ltd. (Canada), NRx Pharmaceuticals, Inc. (U.S.), Usona Institute (U.S.)
Market Developments
- In October 2022, Numinus Wellness Inc launched its Ketamine for Chronic and Serious Medical Illness Program, initially available in clinics in Utah, British Columbia, and Quebec. The evidence-backed psychedelic-assisted therapy aims to provide progressive treatments for mental health, with plans for expansion to additional clinics in the coming months
- In March 2022, University of California researchers reported positive findings from a phase 3 clinical trial using MDMA alongside psychotherapy to address PTSD. The initial data showcased the therapy's effectiveness, even in challenging cases involving individuals with substance use disorders
- In February 2022, The Chopra Foundation and Cybin Inc. forged a partnership to disseminate knowledge and raise awareness about the potential benefits of psychedelics for enhancing mental and physical health. This partnership reflects a shared commitment to advancing understanding and exploring the therapeutic potential of psychedelics in promoting overall well-being
- In August 2020, Janssen Pharmaceuticals, Inc. received approval for Spravato nasal spray, designed to treat individuals at risk of suicide. With a significant percentage of Americans experiencing major depressive disorder, this approval marks a pivotal advancement in addressing suicidal tendencies and presents revenue opportunities for the company in tackling critical mental health challenges
Regional Analysis
Geographically, the countries covered in the North America psychedelic drugs market report are U.S., Canada and Mexico in North America.
As per Data Bridge Market Research analysis:
U.S. is the dominant country in the North America psychedelic drugs market during the forecast period 2022 -2029
U.S. dominates the North America psychedelic drugs market, asserting its supremacy in market share and revenue. The nation is poised to maintain this dominance, propelled by a high prevalence of depression. Rapid research and development activities contribute to the market's growth, indicating sustained growth during the forecast period. The U.S. stands as a key driver in shaping the landscape of the North American psychedelic drugs market.
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