Psychedelic Drugs Market to Reach $2,614.1 Million, by 2032 at 13.4% CAGR: Allied Market Research

Psychedelic drugs, also known as hallucinogens, are a class of substances that can profoundly alter one's perception, thoughts, and feelings. These substances induce vivid sensory experiences, often characterized by hallucinations, intense emotions, and a distorted sense of reality. 

PORTLAND, Ore., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Psychedelic Drugs Market by Drug Type (Ketamine, Psilocybin, and Others), Application (Mental Health, Abuse Disorders, and Other), and End User (Hospitals, Mental Health Center, and Other): Global Opportunity Analysis and Industry Forecast, 2023–2032.". According to the report, the global psychedelic drugs market was valued at $752.3 million in 2022 and is projected to reach $2,614.1 million by 2032, registering a CAGR of 13.4% from 2023 to 2032. 

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Prime determinants of growth

 The psychedelic drugs market has experienced significant growth due to surge in prevalence of the mental health crises, rise in the research and development of psychedelics to evaluate the therapeutic effect of the psychedelics, and rise in social acceptance of the psychedelics. 

Report coverage & details: 

Economic Downturn Analysis: Impact of Recession in 2023 on the Psychedelic Drugs Market 

• The global recession has significant impact on the psychedelic drugs market. 
• The high inflation rate and the economic uncertainty has impacted the potential investment for the new product development and research activities. 
• However, market for psychedelic drugs market is expected to recover owing to rise in prevalence of mental illness. 

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The ketamine segment to maintain its leadership status throughout the forecast period 

Based on drug type, the ketamine segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue, owing to high adoption of ketamine for treatment of depression. 

The mental health segment to maintain its leadership status throughout the forecast period 

Based on application, the mental health segment held the highest market share in 2022, accounting for more than half of the psychedelic drugs market revenue. This is attributed to high prevalence of mental illness. 

The mental health center segment to maintain its leadership status throughout the forecast period 

Based on end user, the mental health center segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue. This is attributed to high prevalence of neurological conditions globally. 

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The North America segment to maintain its leadership status throughout the forecast period 

Based on region, the North America segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue. This is attributed to the rise in prevalence of depression and presence of major key players. 

Leading Market Players:

• Numinus Wellness Inc
• Enveric Biosciences 
• Field Trip Health 
• Johnson And Johnson (J&J) 
• Havn Life 
• Pharmather 
• Psyched Wellness 
• Apex Labs 
• Ceruvia Lifesciences 
• Braxia Scientific 

The report provides a detailed analysis of these key players in the psychedelic drugs market. These players have adopted different strategies such as collaboration, product approval, acquisition, funding, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario. 

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