The Psychedelic Drugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).

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In accordance with The Business Research Company’s Psychedelic Drugs Global Market Report for the year 2024, the landscape of the psychedelic drugs market has witnessed a substantial expansion in recent times. This expansion is poised to continue its upward trajectory, surging from a valuation of $4.88 billion in 2024 to an estimated $5.62 billion by the end of the same year, manifesting a commendable compound annual growth rate (CAGR) of 15.1%. The momentum observed during the historical period can be predominantly attributed to the dynamic shifts in regulatory frameworks, an augmented awareness pertaining to mental health, and the evolving societal attitudes towards psychedelic substances.

Projections into the imminent future paint a picture of even more pronounced growth within the psychedelic drugs market. By the year 2028, it is anticipated to burgeon to a substantial $10.2 billion, boasting a robust CAGR of 16.1%. This anticipated surge in the market can be ascribed to several pivotal factors, including but not limited to, notable strides in drug development methodologies, an expansive spectrum of therapeutic applications, an increasingly favorable reception within the medical fraternity, progressive alterations in public policies, and the imperative response to the prevailing mental health crisis. Noteworthy trends expected to characterize this forecast period encompass a concerted emphasis on educational initiatives and public awareness campaigns, discernible legal and regulatory shifts, the diversification of psychedelic compounds, and the adoption of patient-centric treatment paradigms.

The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drugs market going forward. Mental illnesses refer to health conditions involving changes in emotion, thinking, or behavior. Mental illnesses include conditions such as distress and post-traumatic stress disorder. Psychedelic drugs are used to treat depression and post-traumatic stress disorder, and their regular usage decreases mental illnesses. For instance, in November 2022, according to the National Centre for Social Research, a UK-based social research institute, the proportion of 17- to 19-year-olds with a suspected mental disorder grew from 17.4% in 2021 to 25.7% in 2022. Therefore, an increase in the number of cases of mental illnesses is driving the growth of the psychedelic drugs market.

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The psychedelic drugs market covered in this report is segmented –
1) By Type: Lysergic Acid Diethylamide (LSD), Ketamine, Phencyclidine, Gamma Hydroxybutyric Acid (GHB), Salvia
2) By Disease Indication: Depression, PTSD
3) By Origin: Natural, Synthetic
4) By Application: Treatment-Resistant Depression, Opiate addiction, Post- Traumatic Stress Disorder, Narcolepsy, Panic Disorders
5) By Distribution Channel: Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy

At the forefront of this burgeoning market landscape are major enterprises, strategically leveraging partnerships to both innovate and fortify their foothold within the industry. Collaborations and alliances among key players serve as conduits for the amalgamation of expertise, resources, and research endeavors, thereby expediting the development of pioneering therapeutic modalities and fostering a more nuanced comprehension of the therapeutic potential inherent within psychedelic compounds. A case in point is the collaboration forged in March 2022 between SciSparc Ltd., an Israel-based biopharmaceutical entity, and Clearmind Medicine Inc., a Canada-based pharmaceutical firm. This partnership is geared towards the exploration and development of innovative compounds within the psychedelic domain, with a concerted focus on crafting drug candidates characterized by robust efficacy and safety profiles, specifically tailored for the treatment of mental health afflictions. The collaborative endeavor entails joint pre-clinical investigations, with both entities poised to delve deeper into their partnership, envisaging the fruition of novel psychedelic-derived therapeutics. This strategic amalgamation serves as a testament to the burgeoning interest and investments witnessed within the psychedelic pharmaceutical sector, propelled by the tantalizing prospects of pioneering treatments and the amelioration of hitherto underserved health exigencies.

The psychedelic drugs market report table of contents includes:
1. Executive Summary
2. Psychedelic Drugs Market Characteristics
3. Psychedelic Drugs Market Trends And Strategies
4. Psychedelic Drugs Market - Macro Economic Scenario
5. Global Psychedelic Drugs Market Size and Growth

.....

32. Global Psychedelic Drugs Market Competitive Benchmarking
33. Global Psychedelic Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Psychedelic Drugs Market
35. Psychedelic Drugs Market Future Outlook and Potential Analysis
36. Appendix

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