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.
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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.
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.
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.
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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Key Segments
By Drug Type
- Lysergic Acid Diethylamide (LSD)
- 3,4-MethylEnedioxyMethamphetamine (Ecstasy)
- Phencyclidine
- Gamma Hydroxybutyric Acid (GHB)
- Etamine
- Ayahuasca
- Salvia
- Psilocybin
- Others
By Application
- Major Depressive Disorder
- Resistant Depression
- Panic Disorder
- Post-traumatic stress Disorder
- Opiate Addiction
- Others
By Distribution Channel
- Hospitals
- Homecare
- Specialty Clinics
- Others
By Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- The Middle East and Africa
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