Psychedelic Drugs Global Market Report 2023

Major players in the psychedelic drug market are Johnson & Johnson, Pfizer, Hikma Pharmaceuticals PLC, Roche Holding AG, Merck & Co Inc., Jazz Pharmaceuticals plc, COMPASS Pathways PLC, Celon Pharma S.

New York, April 19, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Psychedelic Drugs Global Market Report 2023" - https://www.reportlinker.com/p06310821/?utm_source=GNW
A., Numinus Wellness Inc., AbbVie, Mylan N.V., Avadel, NeuroRx Inc., Klarisana, AstraZeneca, Dr. Reddy’s Laboratories Ltd., Takeda Pharmaceutical Company Limited, Allergan Inc., Mota Ventures Corp., Seelos Therapeutics, Emmes Company, and Novatris International AG.

The global psychedelic drugs market grew from $4.2 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The psychedelic drugs market is expected to grow to $8.31 billion in 2027 at a CAGR of 14.5%.

The psychedelic drug market consists of sales of psilocybin, PCP, cannabis, and ecstasy.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.

The value of goods in this market includes related services sold by the creators of the goods.

Psychedelic drug refers to a group of psychoactive drugs that alter perception, mood, and thought processes.All of the senses are affected by psychedelics, which change a person’s thinking, perception of time, and emotions.

These include chemicals such as Lysergic acid diethylamid (LSD) and plants such as peyote. These medications are used to treat a variety of brain conditions.

North America was the largest region in the psychedelic drug market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the psychedelic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of psychedelic drugs are lysergic acid diethylamid, ketamine, phencyclidine, gamma-hydroxybutyric acid (GHB), and salvia.Lysergic Acid Diethylamide (LSD) is also known colloquially as acid.

LSD is manufactured in crystalline form and then mixed with other inert ingredients or diluted as a liquid to produce an ingestible form.The various disease indications include depression and PTSD, which could be natural or synthetic.

The numerous applications include treatment-resistant depression, opiate addiction, post-traumatic stress disorder, narcolepsy, and panic disorders, and are distributed through various channels such as hospital pharmacies, retail pharmacies, and online pharmacies.

The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drug 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 2020, according to the National Alliance on Mental Illness (NAMI), a US-based mental health organization, 21% of adults in America were suffering from mental illness in 2020, which amounted to 52.9 million people. Therefore, an increase in the number of cases of mental illnesses is driving the growth of the psychedelic drug market.

The introduction of "depression spray" is the key trend gaining popularity in the psychedelic drug market.Major companies operating in the psychedelic drug market are introducing nasal spray drugs for major depressive disorders to sustain their position in the market.

For instance, in August 2021, Hikma Pharmaceuticals plc, a UK based pharmaceutical company, launched KLOXXADO.KLOXXADO is an 8 mg nasal spray containing naloxone HCl.

This spray is used for the immediate care of patients, both adults and children, with known or suspected opioid overdoses, as shown by respiratory depression and/or central nervous system depression.

In April 2022, Numinus, a Canada-based company that manufactures psychedelic medicine with holistic, integrated psychotherapy, acquired Novamind for a deal amount of $20.77 million. With this acquisition, Numinus is expected to expand its psychotherapy clinics in the US and develop advanced psychedelic programs. Novamind is a US-based mental health company and manufacturer of psychedelic medicine.

The countries covered in the psychedelic drug market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The psychedelic drugs market research report is one of a series of new reports that provides psychedelic drug market statistics, including psychedelic drug industry global market size, regional shares, competitors with a psychedelic drug market share, detailed psychedelic drug market segments, market trends and opportunities, and any further data you may need to thrive in the psychedelic drugs industry. This psychedelic drug market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06310821/?utm_source=GNW

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