Press release
Psychedelic Drugs Market Outlook 2033 : Expected Market Growth Rate, Major Driver And Segments | Pfizer Inc., Johnson & Johnson, Merck & Co Inc., AbbVie Inc., Novartis International AG, AstraZeneca PLC
Psychedelic Drugs Global Market Report 2024
The Business Research Company offers in-depth market insights through Psychedelic Drugs Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The psychedelic drugs market size has grown rapidly in recent years. It will grow from $4.88 billion in 2023 to $5.62 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to shifting regulatory landscape, increased mental health awareness, changing public perception.
The psychedelic drugs market size is expected to see rapid growth in the next few years. It will grow to $10.2 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to advancements in drug development, expansion of therapeutic applications, growing acceptance in medical community, public policy shifts, mental health crisis response. Major trends in the forecast period include focus on education and public awareness, legal and regulatory developments, diversification of psychedelic compounds, patient-centric treatment approaches.
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Market Segmentation:
The psychedelic drugs market covered in this report is segmented -
1) By Type: Lysergic Acid Diethylamide (LSD), Ketamine, Phencyclidine, Gamma Hydroxybutyric Acid (GHB), Salvia
2) By Disease Indication: Depression, PTSD
3) By Origin: Natural, Synthetic
4) By Application: Treatment-Resistant Depression, Post- Traumatic Stress Disorder, Narcolepsy, Panic Disorders
5) By Distribution Channel: Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy
Major Driver - Surging Cases Of Mental Illness To Drive Market Growth
The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drugs market going forward. Mental illnesses refer to health conditions involving changes in emotion, thinking, or behavior. Mental illnesses include conditions such as distress and post-traumatic stress disorder. Psychedelic drugs are used to treat depression and post-traumatic stress disorder, and their regular usage decreases mental illnesses. For instance, in November 2022, according to the National Centre for Social Research, a UK-based social research institute, the proportion of 17- to 19-year-olds with a suspected mental disorder grew from 17.4% in 2021 to 25.7% in 2022. Therefore, an increase in the number of cases of mental illnesses is driving the growth of the psychedelic drugs market.
Competitive Landscape:
Major companies operating in the psychedelic drugs market report are Pfizer Inc., Johnson & Johnson, Merck & Co Inc., AbbVie Inc., Novartis International AG, AstraZeneca PLC, Roche Holding AG, Takeda Pharmaceutical Company Limited, Mylan N.V., Jazz Pharmaceuticals plc, Dr. Reddy's Laboratories Ltd, Hikma Pharmaceuticals PLC, Mydecine Innovations Group Inc., Cybin Inc., Silo Wellness Inc., Emmes Company, Celon Pharma S.A., Klarisana, Mota Ventures Corp, BetterLife Pharma Inc., MindMed Inc., Numinus Wellness Inc., Revive Therapeutics Ltd., Field Trip Health Ltd., Red Light Holland Corp, Avadel Pharmaceuticals plc, PsyBio Therapeutics Corp, Eleusian Biosciences Corp, Seelos Therapeutics Inc., COMPASS Pathways plc, NeuroRx Inc.
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Top Trend - Strategic Partnerships Reshaping The Psychedelic Drugs Market
Major companies operating in the psychedelic drugs market are forming partnerships to develop new products and strengthen their positions in the market. Collaborations and partnerships in the psychedelic drugs market facilitate shared expertise, resources, and research efforts, accelerating the development of innovative treatments and fostering a more comprehensive understanding of the therapeutic potential of psychedelics. For instance, in March 2022, SciSparc Ltd., an Israel-based biopharmaceutical company, partnered with Clearmind Medicine Inc., a Canada-based pharmaceutical company, to explore the development of innovative compounds in the psychedelic area, focusing on creating drug candidates with strong efficacy and safety profiles for the treatment of mental health-related diseases. The collaboration involves joint pre-clinical studies, and both companies anticipate that the results could deepen their collaboration in the pursuit of novel psychedelic-derived therapeutics. This strategic alliance reflects the growing interest and investment in the psychedelic pharmaceutical sector, driven by the potential for groundbreaking treatments and addressing underserved health problems.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Psychedelic Drugs Market Characteristics
3. Psychedelic Drugs Market Trends And Strategies
4. Psychedelic Drugs Market - Macro Economic Scenario
5. Psychedelic Drugs Market Size And Growth
…..
27. Psychedelic Drugs Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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