Psychedelic Drugs Market to Grow at a CAGR of Approximately 8% by 2031 | COMPASS Pathways plc, Silo Pharma, Inc.
The global psychedelic drugs market is expected to grow at a CAGR of approximately 8% during the forecast period, i.e., 2022-2031
NEW YORK, NEW YORK, USA, Oct. 7, 2022 /EINPresswire.com/ — Research Nester has released a report titled “Psychedelic Drugs Market: Global Demand Analysis & Opportunity Outlook 2031” which provides an in-depth overview of the global drug market Psychedelics in terms of market segmentation by source, type, application, drugs, route of administration, end users and by region.
Additionally, for the in-depth analysis, the report encompasses industry growth indicators, restraints, supply and demand risks, along with a detailed discussion of current and future market trends associated with the market growth.
The global psychedelic drugs market is expected to grow at a CAGR of approximately 8% during the forecast period, i.e., 2022-2031. The market is segmented on the basis of oral, inhalation and injectable route of administration, of which the oral sub-segment is expected to hold a major share of the market size during the forecast period owing to the comfort level patients. , and acceptance to the oral route of administration.
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The global market for psychedelic drugs is estimated to grow due to the rising incidence of mental illnesses, depression, and anxiety disorders. Additionally, high investment in research and development (R&D) of new drugs, cost effectiveness, and ease of production of oral dosage forms are expected to drive the market growth. Mental disorders such as obsessive-compulsive disorder (OCD), post-traumatic stress disorder (PTSD) and depression are treated using psychedelic drugs. According to Johns Hopkins Medicine, approximately 9.5% of American adults suffer from a depressive illness each year.
The global psychedelic drugs market is regionally segmented into five major regions, namely North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. The North America region market is expected to gain the largest market share over the forecast period owing to increased awareness of mental health, mental disorders, high business investment in R&D and presence of large companies in the region.
The research is global in nature and covers detailed analysis of the market in North America (US, Canada), Europe (UK, Germany, France, Italy, Spain, Hungary, Belgium, Netherlands and Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark]Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of the Middle East and Africa). In addition, an analysis including market size, annual growth and opportunity analysis, competitive study of market players, investment opportunities, future prospect demand, etc. was also covered and displayed in the research report.
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Rising prevalence of mental illness and depression to drive market growth
Psychedelic drugs are powerful psychoactive substances, used to alter the perception and mood of a depressed person by affecting cognitive functions. Rising incidence of mental disorders due to various factors such as genetics, trauma, painful life events are expected to drive the growth of the psychedelic drugs market over the forecast period.
However, challenges such as the uncertainty of obtaining FDA approval, clinical trials and others are expected to act as major restraints to the growth of the global psychedelic drugs market during the forecast period.
This report also provides the existing competitive scenario of some of the major players in the global psychedelic drugs market which includes profiling of COMPASS Pathways plc, Silo Pharma, Inc., Numinus Wellness Inc., Cybin Inc., Mind Medicine Inc., Jazz Pharmaceuticals plc, PharmaTher Holdings Ltd., Janssen Pharmaceuticals, Inc, atai Life Sciences NV and Pfizer Inc. Profiling includes key company information including business overview, products and services, key financials and news and recent developments. Overall, the report portrays an in-depth overview of the global Psychedelic Drugs Market which will help industry consultants, equipment manufacturers, existing players looking for expansion opportunities, new players looking for opportunity-seeking and other stakeholders to align their market-centric strategies with current and expected developments. trends in the future.
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