DBMR’S Detailed Report On Psychedelic Drugs Market 2020-2026 || Top Players - COMPASS, F. Hoffmann-La Roche, Dr. Reddy’s Laboratories, Pfizer, Mylan N.V. , ALLERGAN

The market insights and analysis included in this Psychedelic Drugs Market research report are based upon SWOT analysis that businesses can believe assertively. This market study presents actionable market insights with which sustainable & money-spinning business strategies can be created. The report provides comprehensive explanation of market definition, market segmentation, competitive analysis and key developments in the Healthcare industry. Global Psychedelic Drugs Market research report is framed with the most excellent and sophisticated tools of collecting, recording, estimating and analysing market data. The report makes businesses focus on the more important aspects of the market.

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A large scale Psychedelic Drugs Market report gives information about historic data, present market trends, environment, technological innovation, forthcoming technologies and the technical progress in the related industry. All this market data aids Healthcare industry to take better steps to get their strategies better to trade goods and services. Market information, facts, and statistics of this document lead to an actionable ideas, improved decision-making and better deciding business strategies. The report makes available in detail information about market analysis, market definition, market segmentation, key development areas, competitive analysis and research methodology. Competitive intelligence included in this Psychedelic Drugs Market report is also one of the important aspects that assists businesses top the market.

Global psychedelic drugs market is rising gradually with a healthy CAGR in the forecast periPsychedelic Drugs Marketod of 2019-2026. Growing prevalence of depression worldwide and increase in special designation from the regulatory authorities to the company to expedite the development process are the key factors for market growth.

Few of the major competitors currently working in the global psychedelic drugs market are COMPASS, The Emmes Company, LLC, Klarisana,  AstraZeneca, F. Hoffmann-La Roche Ltd, Dr. Reddy’s Laboratories Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc, Mylan N.V. , Merck & Co., Inc, Alkermes, ALLERGAN, H. Lundbeck A/S among others.

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Market Definition: Global Psychedelic Drugs Market

Psychedelic drugs are also known as psychedelics are the class of hallucinogenic drugs including both classic hallucinogens as well as dissociative drugs that are used recreationally, to alter and enhance the  sensory perception, elevate the mood swings, thought process, energy level promoting spiritual experiences. Psychedelic drugs have been used experimentally for psychological treatment and are able to control mind hence maintaining peace.

According to the statistic published in our World in Data 2017, the global burden of mental and substance use disorders were 122.76 million. Increase cases of mental disorders and accelerating demand of novel therapies are the drivers promoting the growth of this market.

Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors are mentioned below:

Increase in prevalence of depression worldwide: Psychedelic drugs are used for the treatment of different variants of depression and other clinical indications, although the major focus is on the treatment of depression and other different types of mental disorders. This is due to their capability of invoking consciousness changes by altering the visual and auditory functioning of the consumers. Therefore, the growing volume of depression in patients is directly affecting the market’s potential for growth.

Increase special designation from the regulatory authority: Another important factor behind the market’s high growth potential is the different regional authorities providing specialized designation to these drug categories helping streamline the approval process by providing the specific requirements required from the drug for its approval in a timelier manner.

Product approvals along with establishing specialized research centers:

In September 2019, The Johns Hopkins University announced the launch of “Center for Psychedelic and Consciousness Research”, with the center responsible for testing the efficacy and effectiveness of using psychedelic compounds of different variants for the treatment of mental health problems. The center is the first established throughout the United States and was funded through approximately USD 17 million in donations. The center will also provide information and knowledge for students training them in the field of psychedelic science.

In March 2019, U.S. FDA announced that they had approved “Spravato (esketamine)” nasal spray in combination with oral antidepressant helping rectify depression in adults that have not been treated with other therapeutic methods. Although, the nasal spray would be available through restricted distribution system while being under a “Risk Evaluation and Mitigation Strategy (REMS)”. The drug developed by Janssen Pharmaceuticals, Inc is the first U.S. FDA approval of esketamine for any indication.

The market is segmented on the basis of application as major depressive disorder, resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction and others. Drugs have been segmented into LSD, ecstasy, phencyclidine, GHB, ketamine, ayahuasca, salvia, psilocybin and others. Route of administration has been segmented as oral, injectable and inhalation. Distribution channel has been categorized as direct retailers, online pharmacies and others. End-users have been segmented as hospitals, homecare, specialty clinics and others.

Key Developments in the Psychedelic Drugs Market: 

In October 2018, COMPASS received Breakthrough Therapy designation from the FDA for psilocybin therapy for the treatment of resistant depression. With Breakthrough Therapy designation, company can obtain all fast track designation features and FDA commitment and guidance ensuring efficient drug development programme

In August 2018, COMPASS received new drug application approval from the FDA for the psilocybin therapy for the treatment of resistant depression. If the trial is successful, it will change the treatment landscape of patients suffering from resistant depression

Key benefits of buying the Psychedelic Drugs Market Report :

This Psychedelic Drugs Market report will enable both of the sides in market be an established firm or a relative new entrant. It helps the established firms to know about the moves which are being performed by their competitors and also helps the new entrants by educating them about the market situations and the industry trends. This Psychedelic Drugs Market report is quite fruitful in helping to understand the market definition and all the aspects of the market including the CAGR value and key profiles.

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