Emphasis on Drugs (Lysergic Acid Diethylamide (LSD), Gamma-Hydroxybutyric Acid (GHB), Ketamine, Psilocybin, Others); Application (Resistant Depression, Opiate Addiction, Post-Traumatic Stress Disorder, Panic Disorders, Others); Distribution Channel (Hospital Pharmacies, Retail Pharmacies, Others); and Region/Country
Global Psychedelic Drugs Market is expected to grow at a significant rate of around 6% during the forecast period. Psychedelic drugs are a class of psychoactive drugs that can produce changes in perception, mood, and cognitive processes. The global psychedelic drugs market is anticipated to witness an uptick owing to the growing awareness among the population regarding mental health, increasing research & development activities for exploring novel treatment options, and a rapid increase in the number of cases of depression, stress, and other mental disorders. For instance, in 2019, nearly 264 million people were suffering from depression and about 50 million people were suffering from dementia across the globe. Also, according to the National Council for Mental Wellbeing, almost half of the adults (46.4%) will suffer from a mental health disorder in their lifetime, and nearly 43.8 million adults (18 years or older) experience a mental illness at any one year. Furthermore, the increasing need for handling excess stress, anxiety, and other mental disorders along with the availability of off-label drugs in the market are also some of the factors that are positively influencing the psychedelic drugs market across the globe.
Jazz Pharmaceuticals plc, Hikma Pharmaceuticals plc, Celon Pharma SA, Cybin Corp., Pfizer Inc., Numinus Wellness Inc., F. Hoffmann-La Roche Ltd., Avadel Pharmaceuticals PLC, PharmaTher Inc., NRX Pharmaceuticals Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with drugs.
Insights Presented in the Report
“Amongst drugs, LSD category to witness higher CAGR during the forecast period”
Based on drugs, the psychedelic drugs market is segmented into lysergic acid diethylamide (LSD), gamma-hydroxybutyric acid (GHB), ketamine, psilocybin, and others. The lysergic acid diethylamide segment accounted for a significant market share in 2020 and it is estimated that it will grow rapidly during the projected timeframe owing to its ability to increase social interaction, as per a study performed by Researchers from McGill University. Also, LSD is effective in reducing symptoms of stress-related anxiety and depression which in turn is also contributing to the growth of this segment.
“Amongst application, resistant depression to hold a significant share in the market in 2020”
Based on application, the psychedelic drugs market is classified into resistant depression, opiate addiction, post-traumatic stress disorder, panic disorders, and others. The resistant depression segment grabbed a significant market share in 2020. The growth of this segment can be attributed to the increase in the number of people not responding adequately to at least one antidepressant trial of adequate doses and duration.
“Amongst distribution channels, hospital pharmacies to hold a significant share in the market in 2020”
Based on distribution channels, the market is fragmented into hospital pharmacies, retail pharmacies, and others. Among these, the hospital pharmacies to hold a significant share in the market in 2020. This is mainly due to the increasing preference of the patients to avail treatment in hospitals and the easy availability of the medication in hospital pharmacies. Also, the tendency of consumers to visit hospital pharmacies for safe and authorized drugs is also driving the growth of this segment.
“North America to hold a significant share in the market”
For a better understanding of the market adoption of the psychedelic drugs industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is anticipated to grow at a substantial CAGR during the forecast period. The major factors such as an increase in the population with mental disorders, a rise in investments in research and development for these drugs coupled with technological advancements and raising awareness regarding mental health among the population in the region. As per the National Institute of Mental Health (NIMH) statistics, in 2020, an estimated 52.9 million adults aged 18 or older in the United States had a mental illness.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Psychedelic Drugs Market
6. Psychedelic Drugs Market Revenue, 2020-2028f
7. Market Insights By Drugs
8. Market Insights By Application
9. Market Insights By Distribution Channel
10. Market Insights By Region
11. Psychedelic Drugs Market Dynamics
12. Psychedelic Drugs Market Opportunities
13. Psychedelic Drugs Market Trends
14. Demand And Supply-side Analysis
15. Value Chain Analysis
16. Competitive Scenario
17. Company Profiled
18. Disclaimer
Research Methodology for the Psychedelic Drugs Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global psychedelic drugs market were the three major steps undertaken to create and analyze the adoption of psychedelic drugs in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global psychedelic drugs market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the psychedelic drugs market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the psychedelic drugs market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as drugs, applications, and distribution channels. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the psychedelic drugs market. Further, we conducted factor analysis using dependent and independent variables such as various. A drugs, applications, and distribution channels of psychedelic drugs thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the psychedelic drugs market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global psychedelic drugs market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global psychedelic drugs market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of drugs, application, and distribution channel in the global psychedelic drugs market.
The main objective of the Global Psychedelic Drugs Market Study
The current & future market trends of the global Psychedelic Drugs market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
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