Psychedelic Drugs Market

Psychedelic medication is used to improve or alter sensory impressions, energy levels, cognitive processes, and spiritual experiences. Dissociative drugs (such as phencyclidine), empathogens, and serotonergic  drugs (such as lysergic acid diethylamide) are the three types of psychedelic drugs. These medications are used to treat a variety of conditions, including major depressive disorder, treatment-resistant depression, panic disorder, post-traumatic stress disorder, and opiate addiction.

The market for psychedelic drugs has witnessed significant growth, owing to introduction of novel psychedelic drugs in recent years. In addition, increase in acceptance of psychedelic medications for treating depression is driving the market growth, since the medications have repeatedly demonstrated their high rates of effectiveness in the treatment of nicotine addiction, alcohol addiction, and anxiety-related terminal illness.

COVID-19 Impact Analysis

COVID-19 is an infectious disease that originated in Hubei province of the Wuhan city in China in late December. The highly contagious disease, caused by a virus, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), is transmitted from human to human. Since the outbreak in December 2019, the disease has spread to almost 213 countries around the globe with the World Health Organization declaring it a public health emergency on March 11, 2020.

Pharmaceutical and biotech companies together with governments around the globe are working to address the COVID-19 outbreak, from supporting the development of vaccines to planning for medicine supply chain challenges. Currently, around 115 vaccine candidates and 155 molecules are in the R&D pipeline. Moreover, commonly used drugs such as hydroxychloroquine have witnessed a dramatic surge in demand for the management of COVID-19. Such high demand for these drugs has presented huge opportunities for manufacturers of COVID-19 management drugs, as many developed countries are facing shortage of these drugs. Thus, the pharmaceutical and biotechnology industries are expected witness a significant growth in the future, owing to the demand for vaccine and treatment drugs for COVID-19. This, in turn, is expected to have a significant impact on the psychedelic drugs market.

Top Impacting Factors

Increase in prevalence of depression and other mental disorders worldwide, rise in demand for treatment, surge in awareness toward mental health are the key factors that drive the growth of the psychedelic drugs market. Moreover, changes in lifestyle and the desire for higher and better quality of life are expected to contribute toward the market growth. Increase in R&D initiatives in the sector of psychedelic medicine is projected to drive market expansion during the forecast period.

In addition, the global psychedelic drugs market is predicted to develop at a faster rate during this forecast period, due to increase in the use of psychedelic medications for the treatment of depression and mental disorders.

However, the market's expansion will be hampered by the inefficiency and lack of safety profile of present interventions during the projection period .

Market Trends

New Product Launches to Flourish the Market

In August 2020, Janssen Pharmaceuticals, Inc. received approval for its Spravato nasal spray for treatment of suicidal people. As per the data published, approximately 11–12% of Americans suffer from major depressive disorder that lead them to commit suicide. Hence, this approval provided these patients with a remarkable therapy and allowed company to generate more revenue.

In January 2020, Jazz Pharmaceuticals Inc. received the marketing authorization of solriamfetol (Sunosi) indicated for treatment of excessive daytime sleepiness in adults with narcolepsy. This authorization allowed the company to enhance product distribution network and to generate more revenue in the market.

Key Benefits of the Report

• This study presents the analytical depiction of the psychedelic drugs industry along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the psychedelic drugs market share.
• The current market is quantitatively analyzed to highlight the psychedelic drugs market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the psychedelic drugs market.
• The report provides a detailed market analysis depending on competitive intensity and how the competition will take shape in coming years

Questions Answered in the Psychedelic Drugs Market Report

• Which are the market players active in the psychedelic drugs market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What future projections would help in taking further strategic steps?
• What is psychedelic drugs market.?
• What is psychedelic drugs market " prediction in the future?
• Who are the leading global players in the psychedelic drugs market?
• What are the current trends and predicted trends?
• What are the key benefits of the psychedelic drugs market report?                                                                                                                                                                                                                            

 Psychedelic Drugs Market Report Highlights