North America 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) - Industry Trends & Forecast to 2031.
North America Psychedelic Drugs Market Analysis and Size
The psychedelic drugs can be categorized into empathogens and dissociative drugs (such as phenylcyclohexyl piperidine (PCP)) and serotonergic (classic hallucinogens) such as LSD. Both types of psychedelic drugs can cause hallucinations and feelings of sensation, moreover, dissociative drugs can make a person fall out of control of their body or environment and make them feel disconnected.
Data Bridge Market Research analyzes that the North America psychedelic drugs market which was USD 2,709.21 million in 2023, would reach up to USD 7,408.80 million by 2031, and is expected to undergo a CAGR of 13.40% during the forecast period. The “hospitals” accounts for the largest market share in the end user segment in the market due to the presence of medical supervision for psychedelic drug administration. 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.
North America Psychedelic Drugs Market Scope and Segmentation
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Report Metric
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Details
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Forecast Period
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2024 to 2031
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Base Year
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2023
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Historic Years
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2022 (Customizable to 2016-2021)
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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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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)
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Countries Covered
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U.S., Canada, Mexico
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Market Players Covered
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Jazz Pharmaceuticals, Inc. (U.S.), 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 (U.S.), Cybin Corp. (Canada), Entheon Biomedical Corp (Canada), PharmaTher Holdings Ltd. (Canada), NRx Pharmaceuticals, Inc. (U.S.)
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Market Opportunities
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Market Definition
Psychedelic drugs are substances that alter perception, mood, and cognition, often leading to profound changes in consciousness. These compounds, such as LSD, psilocybin (found in magic mushrooms), and DMT, exert their effects by primarily interacting with serotonin receptors in the brain. Psychedelics can induce hallucinations, altered sensory experiences, and intense introspection. Research suggests that these substances may have therapeutic potential, showing promise in treating conditions like depression, anxiety, and PTSD. Despite their potential benefits, psychedelics also pose risks, including unpredictable reactions and psychological distress, emphasizing the importance of controlled and supervised use.
Psychedelic Drugs Market Dynamics
Drivers
- Rising Mental Health Awareness
Increasing societal awareness and destigmatization of mental health issues have led individuals to seek novel treatment options. Psychedelic drugs, with their potential to offer breakthrough therapies for conditions like depression and PTSD, align with the growing demand for effective and alternative mental health treatments.
- Rising Research and Clinical Trials
A surge in scientific interest has fueled extensive research and clinical trials exploring the therapeutic applications of psychedelic substances. Positive outcomes from studies evaluating the safety and efficacy of these drugs in controlled settings contribute to the market's expansion, attracting further investment and fostering collaboration among researchers, pharmaceutical companies, and regulatory bodies.
Opportunities
- Therapeutic Innovation
Psychedelic drugs offer a groundbreaking opportunity for therapeutic innovation in mental health, particularly in addressing treatment-resistant conditions like depression and PTSD. Research suggests their unique mechanisms of action may provide rapid and sustained relief, potentially revolutionizing the standard of care and filling critical gaps in existing treatment options.
- Patient-Centric Approach
Opportunities abound as the shift towards a patient-centric mental health model gains momentum. Patients increasingly seek alternative, individualized treatments, and psychedelics fit into this narrative by offering potential breakthroughs. With a focus on patient empowerment and choice, the incorporation of psychedelic therapies aligns with evolving attitudes toward holistic mental health care and patient involvement in treatment decisions.
Restraints/Challenges
- Regulatory Hurdles
The psychedelic drugs market faces challenges related to navigating intricate and evolving regulatory landscapes. Stringent regulations, varying across jurisdictions, impact the development, clinical trials, and commercialization of psychedelic compounds. Overcoming these hurdles requires close collaboration between industry stakeholders and regulatory bodies to establish clear pathways for legal and ethical use while ensuring patient safety and public health.
- Safety Concerns
Addressing safety concerns is paramount in the psychedelic drugs market. While these substances show therapeutic promise, potential adverse effects and long-term consequences need careful examination. Establishing robust safety profiles through rigorous clinical trials is essential for gaining regulatory approval and fostering confidence among healthcare professionals and the public in the safety and efficacy of psychedelic treatments.
This psychedelic drugs market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the psychedelic drugs market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Recent Development
- In August 2020, Janssen Pharmaceuticals, Inc. received approval for its Spravato nasal spray indicated for treatment of suicidal people. As approximately 11% to 12% of Americans suffers from major depressive disorder that led them to commit suicide, this approval provided these patients with a remarkable therapy and paved the way for the company to generate more revenue
North America Psychedelic Drugs Market Scope
The psychedelic drugs market is segmented on the basis source, type, drugs, application, route of administration, end user and distribution channel. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
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
- Hospital
- Specialty Clinics
- Homecare
- Others
Distribution Channel
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacy
North America Psychedelic Drugs Market Regional Analysis/Insights
The psychedelic drugs market is analyzed and market size insights and trends are provided source, type, drugs, application, route of administration, end user and distribution channel as referenced above.
The countries covered in the market report are U.S., Canada and Mexico.
The U.S. is expected to dominate and be the fastest growing country due to higher prevalence of psychological disorders and the larger patient pool.
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 like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of North America brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Healthcare Infrastructure growth Installed base and New Technology Penetration
The psychedelic drugs market also provides you with detailed market analysis for every country growth in healthcare expenditure for capital equipment, installed base of different kind of products for psychedelic drugs market, impact of technology using life line curves and changes in healthcare regulatory scenarios and their impact on the psychedelic drugs market. The data is available for historic period 2010-2020.
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, North America presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to psychedelic drugs market.
Some of the major players operating in the psychedelic drugs market are:
- Jazz Pharmaceuticals, Inc. (U.S.)
- 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 (U.S.)
- Cybin Corp. (Canada)
- Entheon Biomedical Corp (Canada)
- PharmaTher Holdings Ltd. (Canada)
- NRx Pharmaceuticals, Inc. (U.S.)
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