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The global psychedelic drugs market is projected to grow at a ~8% CAGR over the forecast period, i.e., 2022-2031. The growth of the market can be attributed to the growing awareness about mental health, increasing prevalence of mental illness or disorders due to various factors such as genetics, trauma, and painful life events. Higher prevalence of depression and other mental disorders across the world is expected to boost the growth of global psychedelic drugs market during the forecast period. According to the World Health Organization, an estimated 264 million people are affected by depression globally. The rising acceptance of medical help for mental disorders, and focus on conducting several awareness campaigns and initiatives by many organizations, is estimated to drive the market growth.
Moreover, busy, competitive and stressful life of people, triggers several health problems including mental disorders; such a life style is further anticipated to drive the market growth. Furthermore, an increasing dependency of people on fast foods, and unhealthy diet, is also projected to boost the market growth during the forecast period.
The market is segmented on the basis of route of administration into oral, inhalation, and injectable, out of which, the oral segment is expected to hold the notable share in the global psychedelic drugs market on account of patients’ comfort, convenience, and acceptance towards oral route of administration. Moreover, oral medication is the most commonly used route of administration in the treatment of most of the diseases due to cost-effectiveness, and ease of production of oral dosage forms. Such factors are projected to boost the segment growth in the forecast period.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
The global psychedelic drugs market is segmented on the basis of region into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is expected to dominate global psychedelic drugs market during the forecast period on the back of increasing awareness of mental health disorders, and research and development activities in psychedelic drug sector. Moreover, high incidence of depression, anxiety & monetary stress particularly among youngsters, is expected to boost the psychedelic drug market growth during the forecast period. For instance, approximately 9.5% of American adults aged 18 years and over, suffer from a depressive illness (major depression, bipolar disorder, or dysthymia) each year. Furthermore, increasing expenditure on healthcare sector, and existence of leading pharmaceutical companies in the region is to drive the market growth during the forecast period.
Global psychedelic drugs market is further classified on the basis of region as follows:
Our in-depth analysis of global psychedelic drugs market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving the growth of market are the increasing prevalence of mental illness, depression and other mental disorders worldwide.
The market is anticipated to attain a notable CAGR of ~8% over the forecast period, i.e., 2022-2031.
The major players in the market are COMPASS Pathways plc, Silo Pharma, Inc., Numinus Wellness Inc., Cybin Inc., Mind Medicine Inc., Jazz Pharmaceuticals plc, PharmaTher Holdings Ltd., Janssen Pharmaceuticals, Inc, and Pfizer Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by source, type, application, drugs, route of administration, end users, and by region.
The oral segment is expected to hold the notable share in the global psychedelic drugs market on account of patients’ comfortability, convenience and preference.
Challenges such as uncertainty of getting the FDA approval, and stigma of using psychedelic drugs, are affecting the market growth.
The market in the North America region will provide more business opportunities on account of increasing awareness of mental health disorders, research and development activities in psychedelic drug sector, and incidence of depression, anxiety & monetary stress.
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