The Psychedelic Drugs Global Market Report 2023 by The Business Research Company, provides psychedelic drugs market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Psychedelic Drugs Global Market Report 2023, the global psychedelic drugs market size will grow 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 market size of the psychedelic drugs is expected to grow to $8.31 billion in 2027 at a CAGR of 14.5%.
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.
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The psychedelic drugs market is segmented:
1) By Type: Lysergic Acid Diethylamid (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, Opiate addiction, Post- Traumatic Stress Disorder, Narcolepsy, Panic Disorders
5) By Distribution Channel: Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy
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.
The psychedelic drugs market report table of contents includes
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 Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Psychedelic Drugs Market
29. Psychedelic Drugs Market Future Outlook and Potential Analysis
30. Appendix
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