DUBLIN–(BUSINESS WIRE)–The “Psychedelic Drugs Market – Growth, Trends, Covid-19 Impact, and Forecasts (2022 – 2027)” report has been added to ResearchAndMarkets.com’s offering.
The psychedelic drugs market is expected to register a CAGR of 7% during the forecast period.
Companies Mentioned
- Jazz Pharmaceuticals
- Hikma Pharmaceuticals
- Celon Pharmaceuticals
- Cybin Corp.
- Pfizer Inc.
- Numinus
- Mind care Health Inc.
- Mind Medicine
- Avadel
- PharmaTher Holdings Ltd
- NRx Pharmaceuticals Inc.
- Seelos Therapeutics
- Havn Life
- Revive Therapeutics
Key Market Trends
Hospitals Pharmacies Segment Expected to Hold a Major Market Share
During the COVID-19 pandemic, the demand for psychedelic drugs increased as the hospital pharmacies were widely occupied with treating the patient’s mental health disorders, further boosting segment growth.
The increasing awareness among people worldwide regarding their mental health and usage of psychedelic drugs for specific indications are driving the growth of hospital pharmacies as a distribution channel. The psychedelic drugs have also shown anti-inflammatory activity, further driving the market’s growth.
The increasing prevalence of depression and other mental disorders among the population across the globe resulted in the need for handling mental health for a better quality of lifestyle. The treatment for such mental illness conditions using psychedelic drugs is expected to drive the market’s growth. Consumers tend to visit the hospital pharmacies for safe and authorized drugs, which results in the hospital pharmacies’ distribution channel growth.
North America Expected to Hold a Significant Share and Expected to do the Same in the Forecast Period
The United States is the most affected country globally, as most of the population suffers from mental health disorders. Thus, the demand is significantly higher in the North American region as the patient population is increasing compared to other countries.
North America is expected to hold a major market share in the global psychedelic drugs market due to the rise in mental illness and the increasing prevalence and incidence of mental disorder problems. In 2020, North America held a major market share for psychedelic drugs, and this trend is likely to remain the same in the forecast period.
The incidence of severe mental health disorders, like depression, stress, obsessive-compulsive disorders, is also high in the United States. As per the National Institute of Mental Health (NIMH) statistics, in 2020, an estimated 52.9 million adults aged 18 or older in the United States had a mental illness.
The report also stated that mental illness was higher among females than males at 25.8%. As per the mental health first aid report in 2020, the most common mental illness in the United States was anxiety disorder, which affected 40 million adults, 18.1% of the population.
The high prevalence of these mental disorders leads to severe health issues, the leading causes of death and disability in America. Rising awareness of mental health disorders such as depression, obsessive compulsion, and stress is expected to boost the psychedelic drug market growth. An increase in economic stress, unstable family structures, and other causes are further estimated to accelerate the market’s growth.
Key Topics Covered:
1 INTRODUCTION
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increase in Awareness toward Mental Health
4.2.2 Rapid Expansion in R&D in Exploring Novel Treatments
4.3 Market Restraints
4.3.1 Increasing Side Effects of Psychedelic Drugs
4.3.2 Stringent Regulatory Framework
4.4 Porter’s Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Drug Type
5.2 By Application
5.3 By Distribution Channel
5.4 Geography
6 COMPETITIVE LANDSCAPE
6.1 COMPANY PROFILES
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/l0ahie
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