The global psychedelic drugs market size was valued at USD 494.6 million in 2022. The market is projected to grow from USD 494.6 million in 2022 to USD 763.3 million by 2030exhibiting a CAGR of 7.50 during the forecast period.
The primary drivers driving the expansion of the psychedelic drug industry are the rising prevalence of depression and other mental disorders globally, the rising desire for treatment, and the spike in mental health awareness. Additionally, it is anticipated that lifestyle modifications and the desire for an improved standard of living will support market expansion. Over the forecast period, an increase in R&D initiatives in psychedelic medicine is anticipated to fuel market growth. Due to increased usage of psychedelic medications for treating depression and mental illnesses, the global market for psychedelic drugs is also anticipated to grow quickly throughout this projection period.
Read more at — https://marketsnresearch.com/report/1691/global-psychedelic-drugs-market
RECESSION IMPACT
The recession will have a significant effect on the market for psychedelic drugs. Consumers typically reduce their discretionary expenditures during a recession to preserve their financial resources. This might cause the demand for psychedelic drugs to drop, especially among casual users. Furthermore, companies that manufacture or sell psychedelic substances may be forced to reduce their output or go out of business if they struggle to survive a recession. This can result in fewer of these medications being available on the market.
LIST OF KEY COMPANIES PROFILED:
- Jazz Pharmaceuticals, Inc.
- Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.)
- Hikma Pharmaceuticals PLC
- COMPASS
- Verrian
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Avadel
- Celon Pharma SA.
- Cybin Corp.
- GH Research
- Entheon Biomedical Corp
- PharmaTher Holdings Ltd
- NRx Pharmaceuticals, Inc.
- usonainstitute.org
- Others