Psychedelic Drugs Market Size, Share and Trends 2023

The global psychedelic drugs market size was valued at USD 543.9 million in 2022 and is poised to grow at a significant CAGR of 38.5% during the forecast period 2023-29. The key factors driving the market's expansion were an increase in mental health awareness and rapid growth in research and development of novel treatments. The rapid rise in depression, stress, and other mental disorders has resulted in a greater understanding of mental health among the global population. If left untreated, these mental disorders can lead to serious health problems. Managing excessive stress, anxiety, and other mental disorders is critical to the market's growth. In many developing and underdeveloped countries, a lack of healthcare structure and facilities can make these diseases fatal.

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The global psychedelic drugs market is segmented by drugs, by application, by end user and geography

By Drugs
o Lysergic Acid Diethylamide (LSD)
o 3,4-MethylEnedioxyMethamphetamine (Ecstasy)
o Phencyclidine
o Gamma Hydroxybutyric Acid (GHB)
o Etamine
o Ayahuasca
o Salvia
o Psilocybin
o Others

By Application
o Resistant depression
o Panic disorder
o Post-traumatic stress disorder
o Others

By End User
o Hospitals
o Homecare
o Specialty Clinics
o Others

By Geography
o North America
o Europe
o Asia-Pacific
o Latin America
o Middle East and Africa (MEA)

The Hospital/Pharmacy Segment is Dominating the Psychedelic Drugs Market:
The Hospital/Pharmacy segment is expected to account for a larger revenue share and the market is expected to grow at a double-digit growth rate over the forecast years owing to the increasing prevalence of depression and other mental disorders among the global population has resulted in the need for mental health management for a better quality of life. The use of psychedelic drugs to treat mental illness conditions is expected to drive market growth. Consumers visit hospitals/pharmacies for safe and authorized drugs, resulting in the expansion of the hospital/pharmacies' distribution channel.

North America Leads Psychedelic Drugs Market:
North America is expected to hold a significant market share in the global psychedelic drugs market. It is projected to grow at a prominent growth rate over the forecast years. Because of an increase in clinical trials, massive investments, regulatory support, and increased public awareness, the Companies' strong presence and ongoing clinical trials are also expected to benefit the regional market. Further, Asia Pacific held the highest CAGR during forecast period.

Strategic New Product Launches, Mergers, Acquisitions, and Agreements are the key strategies adopted by market players.

Global psychedelic drugs market further reveals that the key players increasingly adopting strategies such as launch of newer products, product launches, and long-term alliance to improve market revenue share and gaining significant geographic presence across the region. For instance, In March 2021, Cure Pharmaceutical Holding Corp. launched new initiative for the clinical development of psychedelic compounds such as psilocybin, LSD, and MDMA for the treatment of various mental disorders.

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Key players' profiles in the Psychedelic Drugs Market report are Roche Holding AG, Pfizer Inc., The Emmes Company, LLC, COMPASS Group plc, Merck & Co. Inc., AstraZeneca PLC, AbbVie Inc., Mylan N.V., Alkermes plc , Dr. Reddy's Laboratories.

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