Psychedelics Drugs have been in use since ancient times several cultures worldwide for mystical and associations. Archaeologists have documented fossil evidence that suggested that psychedelic plants have been in great use by a human being from 10,000 of years during ritual ceremonials. By the 1990s, with the advancement in neuroimaging, brain- mapping techniques allowed the researchers to understand the mechanism of action of psychedelics in animals and humans.
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Data Bridge Market Research analyses that the market is growing with a CAGR of 13.3% in the forecast period of 2022 to 2029 and is expected to reach USD 6,401.95 million by 2029 from USD 2,386.72 million in 2021. Major depressive disorder, post-traumatic stress disorder, panic disorder, treatment-resistant depression, and opiate addiction are just a few of the conditions these medications treat. Lysergic acid derivative (LSD), also known as blotter, dots, sugar, acid, trips, and window pane, ketamine, also known as vitamin K, bump, green, K/special K, purple, and super acid, and PCP, also known as angel/angel dust, boat/love boat, peace, killer weed, super grass, and ozone, are some of the additional names for psychedelic drugs.
Growing acceptance of psychedelic drugs for treating depression is expected to drive the market's growth rate
Surging rate of depression especially among youngsters will widen the scope of growth for the market. Psychedelics have achieved a large popularity within the last decade as are familiarly involved with human mental healing and treatment practices and have the power of mind- healing. Increased expenditure by public and private players on the development of healthcare infrastructure will also promote the market growth rate. Continuous research and development in the psychedelic drugs has increased acceptance of psychedelics medication in the U.S.
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 2018 - 2013)
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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 & 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)
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Countries Covered
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U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America
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Market Players Covered
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Janssen Pharmaceuticals, Inc. (Belgium), Hikma Pharmaceuticals PLC (U.K), Verrian (Germany), Pfizer Inc. (U.S.), F. Hoffmann-La Roche Ltd (Switzerland), Jazz Pharmaceuticals, Inc. (Ireland), PharmaTher Inc. (Canada), Avadel (Ireland), Celon Pharma S.A. (Poland), NeuroRx, Inc. (U.S.), usonainstitute.org (U.S.), Mind Medicine, Inc. (U.S.), Cybin Corp. (U.S.), EmpathBio (U.S.), GABA Therapeutics, Inc. (U.S.), DemeRx (U.S.) among others
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework
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Segment Analysis:
The global psychedelic drugs market is categorized into seven notable segments which are based on the source, type, drugs, application, route of administration, end user and distribution channel.
- On the basis of type, the psychedelic drugs market is segmented into empathogens, dissociatives, and others. In 2022, the empathogens segment is expected to dominate the global psychedelic drugs market with 74.14% market share as it produce experiences of emotional communion, oneness, relatedness and used for treatment of cataplexy, narcolepsy and related disorders.
- On the basis of source, the psychedelic drugs market is segmented into synthetic and natural. In 2022, the synthetic segment is expected to dominate the global psychedelic drugs market with 99.98% market share 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 drugs, the psychedelic drugs market is segmented into gamma-hydroxybutyric acid, ketamine, psilocybin and others. In 2022, the gamma-hydroxybutyric acid segment is expected to dominate the global psychedelic drugs market with 64.09% market share as xyrem whose active ingredient is gamma-hydroxybutyric acid, 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 major depressive disorder, opiate addiction, post-traumatic stress disorder and others. In 2022, the narcolepsy segment is expected to dominate the global psychedelic drugs market with 59.50% market share as large number of population suffers from narcolepsy.
- On the basis of route of administration, the psychedelic drugs market is segmented into oral, inhalation and injectable. In 2022, the oral segment is expected to dominate the global psychedelic drugs market with 75.95% market share. It offers several advantages including safety, easier patient compliance and pain/inconvenience avoidance.
The oral segment is expected to dominate the global psychedelic drugs market
The oral route of administration is expected to dominate the market in 2022. This is because this route of administration is the most convenient one and is largely known and accepted. Moreover, rising number of pharmaceutical drugs in the market on daily basis will further push the growth rate of this segment.
- On the basis of end user, the psychedelic drugs market is segmented into hospitals, specialty clinics, homecare and others. In 2022, the hospitals segment is expected to dominate the global psychedelic drugs market with 57.69% market share due to the high patient load and most of the drugs are given under doctor’s supervision. Due to this reason, hospitals segment dominates the psychedelic drugs market.
- On the basis of distribution channel, the psychedelic drugs market is segmented into hospitals pharmacy, retail pharmacy and online pharmacy. In 2022, the hospitals pharmacy segment is expected to dominate the global psychedelic drugs market with 67.78% market share as more number of patients are treated in hospitals and the demand for medicines in hospital pharmacy increases.
Hospital pharmacy is expected to dominate the distribution channel segment of the global psychedelic drugs market
Rising number of hospitals, healthcare facilities and pharmacies is a direct market growth determinant for this segment. Also, increasing rate of hospitalization especially in the developing and backward economies will further widen the scope of growth for the market.
Major Players
Data Bridge Market Research recognizes the following companies as the major invisible orthodontics market players in advanced wound care market are Pfizer Inc. (U.S.) and Verrian (Germany).
Market Development
- In 2020, Mind Medicine Inc. is undergoing clinical trials for psychedelic drugs in Thailand. The psychedelic drug called ibogaine, is currently in Phase II Clinical Trials and also the procedure is being governed by the Food and Drug Administration.
- A new project for the clinical development of psychedelic substances including psilocybin, LSD, and MDMA for the treatment of various mental diseases was announced by Cure Pharmaceutical Holding Corp. in March 2021.
- Successful results from the Kernel Flow Piloting of the Feasibility Study Measuring Ketamine's Effects on the Brain were announced by Cybin and Kernel on May 9, 2022.
- The Chopra Foundation and Cybin Inc. have announced a partnership to spread knowledge and awareness of the potential benefits of using psychedelics to support mental and physical health and well-being on February 15, 2022.
Regional Analysis
Geographically, the countries covered in the psychedelic drugs market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in psychedelic drugs market during the forecast period 2022 - 2029
North America was anticipated to have a sizable share and was anticipated to continue doing so during the forecast period. The majority of the population in the United States experiences mental health illnesses, making it the most impacted country in the world. As a result, the demand is much larger in the North American region than it is in other nations due to the region's growing patient population.
Asia-Pacific is estimated to be the fastest growing region in psychedelic drugs market the forecast period 2022 - 2029
The region with the highest growth rate during the predicted period will be Asia-Pacific. Growing public awareness of mental health conditions like depression, obsessive compulsive disorder, and stress is anticipated to spur the market expansion for psychedelic drugs. It is also predicted that factors such as rising economic stress, unstable family arrangements, and other factors will hasten market expansion.
COVID-19 Impact Analysis
People's freedom of movement has been curtailed by the COVID-19 epidemic, which has also kept them confined to their houses, caused great trauma and stress in the form of sadness and loneliness, and has had an impact on people's mental health. People are consequently dealing with physical issues, including sadness and anxiety, in many nations. The market for psychedelic pharmaceuticals, which has significant promise for treating mental diseases, is projected to experience increased demand and, as a result, draw significant investments in the near future.
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