Psychedelic medicines also called as hallucinogenics, are a group of substances including chemicals, such as LSD, and plants that are used in the treatment of various mental disorders such as resistant depression, panic disorder, opiate addiction, etc.
These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Psychedelic medicines have been used experimentally for psychological treatment to control the mind or maintain peace.
Global psychedelic medicine market is growing rapidly due to the increasing number of depression cases and rising special designation from the regulatory authorities to the company to expedite the development process of medicines.
The outbreak of novel coronavirus is believed to have a severe impact on the global psychedelic medicine market.
There has been a disruption in the supply chain resulting in a significant shortage in the supply of psychedelic medicine across the world.
The import of several API from china has been stopped affecting the production of psychedelic medicines. Manufacturing industries are being shuttered around the world due to lockdown causing an unprecedented technology and business model transformation.
Psychedelic Medicine Market: Drivers and Restraints-
The psychedelic medicine market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the psychedelic medicine market.
The treatment for psychedelic drugs dependency is also expected to boost the psychedelic market growth. Apart from drivers, there are some factors that restrain the growth of the psychedelic medicine market such as wider acceptance of non-therapeutics therapies over pharmacological therapies, strict regulations imposed by the government to commercialize psychedelic medicines.
Psychedelic Medicine Market: Overview
Based on the drug type, the Lysergic Acid Diethylamide (LSD) is expected to hold a major share in the psychedelic medicine market.
Based on the route of administration, the oral route is expected to dominate the psychedelic medicine market, followed by injectables and inhalation.
Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global psychedelic medicine market.
Psychedelic Medicine Market: Region-wise Outlook
North America is expected to dominate the global psychedelic medicine market, owing to the higher adoption of psychedelic medicines in the region. North America to be followed by Europe, due to the increasing number of psychiatric disorders.
Asia-Pacific is expected to have a significant growth in the global psychedelic medicine market over the forecast period, due to the changing lifestyle and increasing environmental stress that is rising the demand of psychedelic medicine in the region.
Many companies are entering the psychedelic medicine market with their innovations and development. The first psychedelic medicine to gain FDA Breakthrough Therapy designation was SPRAVATO (esteketamine) nasal spray developed by Johnson & Johnson to treat resistant depression.
Numinus Wellness Inc., recently became the first publicly-traded company to be granted a licence by Health Canda for extracting psilocybin from mushrooms. MindMed, a neuro-pharmaceutical, is a front-runner moving through clinical trials that are based on LSD, and Ayahuasaca’s active ingredient.
Psychedelic Medicine Market: Key Market Participants
Some of the market participants in the global psychedelic medicine market identified across the value chain include:
- Roche Holding AG
- Pfizer Inc.
- The Emmes Company
- COMPASS Group plc
- Merck & Co. Inc.
- AstraZeneca PLC
- AbbVie Inc.
- Mylan N.V.
- Alkermes plc
- Dr. Reddy’s Laboratories
- The Takeda Pharmaceutical Company Limited
- H. Lundbeck A/S
- Jonhson & Johnson
- Numinus Wellness
- Mota Ventures Corp.
- Mind medicine (MindMed) Inc.
- Eli Lilly and Company
- Teva Pharmceuticals Industries Ltd.
- Novartis International AG
- GlaxoSmithKline plc Sanofi
The report covers exhaust analysis on:
- Psychedelic medicine Market Segments
- Psychedelic medicine Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies involved
- Value Chain
Regional analysis includes:
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
- Detailed overview of parent market
- Changing Psychedelic medicine market dynamics in the industry
- Psychedelic medicine-depth market segmentation
- Historical, current, and projected market size in terms of volume and value
- Psychedelic medicine industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
Psychedelic Medicine Market: Segmentation
By drug type:
- Lysergic Acid Diethylamide (LSD)
- Gamma Hydroxybutyric Acid (GHB)
By distribution channel:
- Hospital Pharmacies
- Retailer Pharmacies
- Online pharmacies
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