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
LONDON, May 4, 2023 /PRNewswire/ -- As per The Business Research Company's Psychedelic Drugs Global Market Report 2023, the rise in mental illness cases is likely to drive the psychedelic drugs market ahead in the forecast period. Psychedelic drugs are used to effectively treat depression and post-traumatic stress disorder.
During the forecast period the global psychedelic drugs market is expected to expand at a consistent rate. The global psychedelic drugs market size is expected to grow from $4.2 billion in 2022 to $4.8 billion in 2023 at a compound annual growth rate (CAGR) of more than 14%. The psychedelic drugs market size is then expected to grow to $8.3 billion in 2027 at a CAGR of more than 14%.
North America was the largest region in the psychedelic drug market in 2022, with the USA being among the countries with promising growth potential. According to the National Alliance on Mental Illness (NAMI), a mental health organization based in the United States, 21% of adults in America, or 52.9 million people, were suffering from mental illness in 2020.
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Major psychedelic drugs companies in the market include 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.
To stay relevant in the market, psychedelic drugs manufacturers are introducing new products and treatments. For instance, Hikma Pharmaceuticals Ltd., a UK-based pharmaceutical company, launch ed KLOXXADO in August 2021. KLOXXADO is an 8-mg naloxone HCl nasal spray. This spray is used to treat adults and children who experience respiratory depression and/or central nervous system depression as a result of an opiate overdose.
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The global psychedelic drugs market is segmented
- By type into: lysergic acid diethylamid (LSD), ketamine, phencyclidine, gamma hydroxybutyric acid (GHB), salvia
- By disease indication into: depression, PTSD;
- By origin: natural, synthetic; by application into treatment-resistant depression, opiate addiction, post- traumatic stress disorder, narcolepsy, panic disorders
- By distribution channel: hospitals pharmacy, retail pharmacy, online pharmacy
The Business Research Company's psychedelic drugs market report describes and explains the market from 2017 to 2022, referred to as the historic period, and 2022 to 2027, referred to as the forecast period, with additional forecasts from 2027 to 2032. The study assesses psychedelic drug industry statistics such as market size, regional market shares, competitors, segments, trends, and opportunities.
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