The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global psychedelic drugs market is expected to grow from $4.2 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The psychedelic drugs market size is expected to grow to $8.31 billion in 2027 at a CAGR of 14.5%.

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.

Psychedelic Drugs Market Driver
The rise in mental disease cases is predicted to fuel the growth of the psychedelic drug market in the coming years. Mental illnesses are medical problems that cause changes in emotion, thinking, or behaviour. Distress and post-traumatic stress disorder are examples of mental diseases. Psychedelic medicines are used to treat depression and post-traumatic stress disorder, and they have been shown to reduce mental diseases when used regularly. According to the National Alliance on Mental Illness (NAMI), a mental health organisation located in the United States, 21% of adults in America suffered from mental illness in 2020, totaling 52.9 million people. As a result, an increase in the number of cases of mental diseases is propelling the psychedelic drug market forward.

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Prominent Psychedelic Drugs Market Trend
The development of “depression spray” is a major trend that is gaining traction in the psychedelic drug market. To maintain its market position, big psychedelic drug companies are producing nasal spray medications for serious depressive diseases. Hikma Pharmaceuticals plc, a UK-based pharmaceutical business, for example, will introduce KLOXXADO in August 2021. KLOXXADO is a naloxone HCl nasal spray containing 8 mg. This spray is used to treat individuals, both adults and children, who have respiratory depression and/or central nervous system depression as a result of an opioid overdose.

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

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Key Psychedelic Drugs Market Segments
The global 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 Psychedelic Drugs Global Market Report 2023  provides a comprehensive overview on the psychedelic drugs market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the psychedelic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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