The Psychedelic Drugs Market is estimated to grow on a diligent note in the forecast period. Today, social proof could be equated with digital currency. In other words, people go for digital reviews, signals, and testimonials before deciding on the doctor/hospital. This social proof works better with telehealth, and also goes beyond region-wise obstacles. This would all be about the healthcare vertical going forward.
Government have been investing into formulating new drugs. New technological advancements have been driving the demand of the market. Furthermore, current scenario of COVID 19 pandemic has increased the market of the psychedelic drugs.
Covid has impacted the mental health of the adults and has made it important to drive the market. In 2019, Spravato was the first drug approved by FDA to treat psychiatric disorders.
Adoption in advanced drug combinations by major players has been increased in the biotechnology and pharmaceuticals industries has caused a rapid growth in psychedelic drugs market. Bringing in new technologies and innovation leads to advancement in biological process.
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Government indulging themselves into spreading the word of awareness amongst the people has been the driving factor for the demand. Increase in the cases mental illnesses has again augmented the market growth. The large patient pool has been demanding new long acting drugs with less frequency of consumptions have been driving the market.
WHO reports increase in the mental illness patients across different regions that leads to increase in the drug market. Novel drugs have been introduced in the past years. Furthermore, lifestyle changes and desire to live better quality life have contributed toward the surge in the psychedelic market.
North America region highly dominates the market. According to CDC, on an average 42% adults diagnosed with anxiety and depression in December, 2020. Novel Corona virus has impacted the state of people suffering from depression and anxiety as they had to go through major lockdown.
Due to the increase in the prevalence, government has been indulging into spreading awareness leading to the market growth in this region. Research and developments industries have been innovating new methods in treating the mental state boosting the growth of the market. CDC states, 1 in 25 Americans lives with a serious mental illness, such as bipolar disorder, schizophrenia, or major depression.
Europe, is the second largest region to boost the demand for the psychedelic drugs market. Germany is said to be the dominating country in Europe region. As the population is increasing, the demand for the psychedelic drugs is also boosting. Furthermore, new advancements in technology has been deriving the market up high.
Hikma Pharmaceuticals PLC in 2019, agreed on supplying and manufacturing Civica for the U.S. hospitals. Initiatives like these have made companies to expand themselves into the market.
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Collaborations and joint ventures haven been leading the business of psychedelic drugs market. Jazz Pharmaceuticals, Inc. in 2020, presented a novel product of oxybet, where sodium content is 1000-1500 less and is highly suited in diseases like narcolepsy.
Furthermore, investments by private and government firms into research and development of a new drug has been in demand thus, leading the market to the top level. The rise in prevalence rate of the mental illness has made people to overthink of what’s beneficial to their health. This has created immense awareness amongst one another and governments.
Global Psychedelic Drugs Market Key Players
- The Emmes Company
- Klarisana
- AstraZeneca
- F. Hoffmann-La Roche Ltd
- Dr. Reddy’s Laboratories Ltd
- Takeda Pharmaceutical Company Limited
- Pfizer Inc.
- Mylan N.V.
- Merck & Co., Inc.
- Alkermes
- ALLERGAN
- H. Lundbeck A/S
- Mota Ventures Corp.
- COMPASS
- Janssen Pharmaceuticals
- Hikma Pharmaceuticals PLC
- Avadel
- Celon Pharma S.A
- NeuroRx, Inc.
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