Psychedelic Drugs Market is expected to USD 6,401.95 million by 2030

Psychedelic drugs involve various types of chemical substances including lysergic acid diethylamide (LSD) and chemical extracted from plants. These drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences.

Data Bridge Market Research analyses that the advanced visualization market which was USD 2,386.72 million in 2022, is expected to USD 6,401.95 million by 2030, and is expected to undergo a CAGR of 13.3% during the forecast period. This indicates that the market value. "Synthetic" dominates the source segment of the global psychedelic drugs market owing to the rising technological advancements. 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.

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Drivers

Growing Acceptance of Psychedelic Drugs for Treating Depression
Psychedelics have achieved a large popularity within the last decade as they are involved with human mental healing and treatment practices and have the power of mind-healing. The growing researchers and scientist are exploring psychedelic drugs therapeutic value and compounds which could be a new treatment option for people with depression. Continuous research and development in the psychedelic drugs have increased the acceptance of psychedelics medication. Psychedelic drugs promising outcomes have increased the usage of psychedelic drugs across the U.S. and other regions which leads to rising demand for psychedelic drugs, hence these factors are expected to act as drivers for the growth of the market.

Rising Prevalence of Depression and Mental Disorders
Mental disorders (or mental illnesses) affects persons feeling, mood, thinking, and behaviour and can be long-lasting (chronic) or occasional. Depression and mental disorders have the ability to affect individual's capacity by virtue of which they perform their everyday tasks. There are numerous dissimilar types of mental disorders. Depression and mental disorders have increased globally due to various factors including family history and genes, abuse or stress, biological factors, usage of alcohol or recreational drugs and many others.

Opportunities

Rising Awareness towards Mental Health
As mental illness has adversely impacted the people's ability to carry out normal functions of their life, this has become important to create awareness among people regarding the different types of cause, disorders it leads to and the treatment options available in the market in order to cure such life-devastating illness. In order to raise awareness several organizations and companies are launching campaigns and adoption initiatives. This in turn allows patients to opt for effective treatment option as per the disease cause and reported symptoms. Advertisements, awareness campaigns, and others have increased the awareness for psychedelic drugs. The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures which is increasing the demand of psychedelic drugs.

Increasing R&D Activities in Psychedelic Drugs
Psychedelic plants and fungi have been used in indigenous medicinal traditions for millennia. New psychedelic drugs development research has initiated by Albert Hofmann in 1938. He has synthesized the first lysergic acid diethylamide (LSD-25) and now recognized as the first person to ingest LSD after five years later. Hofmann was unaware of the significant effects and actions posed by that product. After a growing period of cultural and scientific exploration in the 1950s and 60s, psychedelic drug development research was slackened to a near halt. Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the market. Thus, increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the market.

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Competitive Landscape and Psychedelic Drugs market Share Analysis
The psychedelic drugs market competitive landscape provides details by the competitors. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, and application dominance. The above data points provided are only related to the company's focus on 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.S.)
Verrian (Germany)
Pfizer Inc. (U.S.)
F. Hoffmann-La Roche Ltd (Switzerland)
Avadel (Ireland)
Celon Pharma SA.(Poland)
Cybin Corp. (Canada)
GH Research (Ireland)
Entheon Biomedical Corp (Canada)
PharmaTher Holdings Ltd. (India)
NRx Pharmaceuticals, Inc. (U.S.)
usonainstitute.org (U.S.)

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