Global Psychedelic Drugs Market research report involves a key data and information about the market, emerging trends, product usage, motivating factors for customers and competitors, restraints, brand positioning, and customer behaviour, which is of utmost importance when it comes to achieving a success in the competitive marketplace. Thus, the report deals with plentiful aspects of the industry. This market report provides with CAGR value fluctuation during the forecast period of 2020 – 2027 for the market. SWOT analysis is the standard, renowned and full-proof method to conduct the market research study which is used to formulate this particular Global Psychedelic Drugs Market report.
Global psychedelic drugs market is rising gradually with a healthy CAGR in the forecast period of 2019-2026. Growing prevalence of depression worldwide and increase in special designation from the regulatory authorities to the company to expedite the development process are the key factors for market growth. Few of the major competitors currently working in the global psychedelic drugs market are COMPASS, The Emmes Company, LLC, Klarisana, AstraZeneca, F. Hoffmann-La Roche Ltd, Dr. Reddy’s Laboratories Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc, Mylan N.V., Merck & Co., Inc, Alkermes, ALLERGAN, H. Lundbeck A/S among others.
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Market Definition: Global Psychedelic Drugs Market
Psychedelic drugs are also known as psychedelics are the class of hallucinogenic drugs including both classic hallucinogens as well as dissociative drugs that are used recreationally, to alter and enhance the sensory perception, elevate the mood swings, thought process, energy level promoting spiritual experiences. Psychedelic drugs have been used experimentally for psychological treatment and are able to control mind hence maintaining peace.
According to the statistic published in our World in Data 2017, the global burden of mental and substance use disorders were 122.76 million. Increase cases of mental disorders and accelerating demand of novel therapies are the drivers promoting the growth of this market.
Psychedelic drugs are the category of therapeutic pharmaceuticals that are responsible for instigating psychedelic expressions in the patient consuming these drugs with the help of serotonin receptor agonism. This subsequently results in a number of changes in the visual and auditory functions of the consumer. This alteration of bodily function is also combined with changes in the consciousness causing a change of mindset amongst the patients. A majority of the drugs produced for these functioning include being developed from LSD, ecstasy, ketamine amongst various others.
Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors are mentioned below:
- Increase in prevalence of depression worldwide: Psychedelic drugs are used for the treatment of different variants of depression and other clinical indications, although the major focus is on the treatment of depression and other different types of mental disorders. This is due to their capability of invoking consciousness changes by altering the visual and auditory functioning of the consumers. Therefore, the growing volume of depression in patients is directly affecting the market’s potential for growth.
- Increase special designation from the regulatory authority: Another important factor behind the market’s high growth potential is the different regional authorities providing specialized designation to these drug categories helping streamline the approval process by providing the specific requirements required from the drug for its approval in a timelier manner.
Product approvals along with establishing specialized research centers:
- In September 2019, The Johns Hopkins University announced the launch of “Center for Psychedelic and Consciousness Research”, with the center responsible for testing the efficacy and effectiveness of using psychedelic compounds of different variants for the treatment of mental health problems. The center is the first established throughout the United States and was funded through approximately USD 17 million in donations. The center will also provide information and knowledge for students training them in the field of psychedelic science.
- In March 2019, U.S. FDA announced that they had approved “Spravato (esketamine)” nasal spray in combination with oral antidepressant helping rectify depression in adults that have not been treated with other therapeutic methods. Although, the nasal spray would be available through restricted distribution system while being under a “Risk Evaluation and Mitigation Strategy (REMS)”. The drug developed by Janssen Pharmaceuticals, Inc is the first U.S. FDA approval of esketamine for any indication.
The market is segmented on the basis of application as major depressive disorder, resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction and others. Drugs have been segmented into LSD, ecstasy, phencyclidine, GHB, ketamine, ayahuasca, salvia, psilocybin and others. Route of administration has been segmented as oral, injectable and inhalation. Distribution channel has been categorized as direct retailers, online pharmacies and others. End-users have been segmented as hospitals, homecare, specialty clinics and others.
“According to Data Bridge Market Research, Global Psychedelic Drugs Market is expected to be growing with a healthy CAGR during the forecast period of 2019 to 2026”
Some of the major players operating in market are COMPASS, The Emmes Company, LLC, Klarisana, AstraZeneca, F. Hoffmann-La Roche Ltd, Dr. Reddy’s Laboratories Ltd, Takeda Pharmaceutical Company Limited, Pfizer Inc, Mylan N.V., Merck & Co., Inc, Alkermes, ALLERGAN, H. Lundbeck A/S among others.
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With the focus of authorities to work alongside specialized research organizations and pharmaceutical manufacturers to reduce the time required for the development and commercialization of psychedelic drugs for the treatment of different indications. These partnerships between different authorities and market players are resulting in quicker drug developments, product approvals and subsequent commercialization helping solve a clinically unmet need of different patients.
Global Psychedelic Drugs Market By Application (Major Depressive Disorder, Resistant Depression, Panic Disorder, Post-traumatic Stress Disorder, Opiate Addiction and Others), Drugs (Lysergic Acid Diethylamide, 3,4-Methylenedioxymethamphetamine, Phencyclidine, Gamma Hydroxybutyric Acid, Ketamine, Ayahuasca, Salvia, Psilocybin and Others), Route of Administration (Oral, Injectable and Inhalation), Distribution Channel (Direct Retailers, Online Pharmacies and Others), End-Users (Hospitals, Homecare, Specialty Clinics, Others), Geography (North America, South America, Europe, Asia-Pacific, Middle East and Africa) – Industry Trends & Forecast to 2026
- Increase in the prevalence of depression worldwide can act as a driver for the growth of this market
- Treatment for psychedelic drugs dependency can also boost the market growth
- Changing life style and requirement for enhanced and better life quality is propelling the market growth
- Increase special designation from the regulatory authority can drive the market growth
- Hefty and stringent regulation imposed by the government to commercialize psychedelic drugs are hindering the market growth
- High preference of non-therapeutics therapies over pharmacological therapies can also hinder the market growth
- Poor efficacy and safety profile of existing intervention also restricts the growth of the market
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Key Developments in the Market:
- In October 2018, COMPASS received Breakthrough Therapy designation from the FDA for psilocybin therapy for the treatment of resistant depression. With Breakthrough Therapy designation, company can obtain all fast track designation features and FDA commitment and guidance ensuring efficient drug development programme
- In August 2018, COMPASS received new drug application approval from the FDA for the psilocybin therapy for the treatment of resistant depression. If the trial is successful, it will change the treatment landscape of patients suffering from resistant depression
Global psychedelic drugs market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of global psychedelic drugs market for global, Europe, North America, Asia-Pacific, South America and Middle East & Africa.
Reasons to Purchase this Report
- Current and future of global psychedelic drugs market outlook in the developed and emerging markets
- The segment that is expected to dominate the market as well as the segment which holds highest CAGR in the forecast period
- Regions/Countries that are expected to witness the fastest growth rates during the forecast period
- The latest developments, market shares, and strategies that are employed by the major market players
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