A BrandEssece Market Research Report analysis recently reported that the global psychedelics market is set to climb and hit the $12 billion mark per year by 2029, as well as reach a valuation of $11.82 billion.
While the report revealed that the global market for psychedelic drugs, including LSD, ketamine and psilocybin, ketamine, and LSD is growing, this continued upward growth may not be as rapid or as valuable as seen in the legal cannabis industry.
Report Findings
Over the next six years, according to the report, the global psychedelic drug market is expected to expand at a compound annual growth rate of 13.49%. When referring to the market, it is important to note here that this includes psychedelic drugs, which are researched or used as treatments for mental disorders.
This market expansion may not be as rapid or valuable as the legal cannabis industry, with several influencers affecting possible growth. Influencing positive market growth, as explained in the report, may be due to a heightened awareness of the reported mental health benefits of psychedelics, the rising prevalence of depression and mental disorders and increasing demand for treatment.
Additional positive influences may also come in the form of lifestyle changes, a global desire for a higher quality of life, an increase in R&D initiatives in the sector of psychedelic medicine, as well as an increase in research and development expenditure in this field.
However, slower market growth may be due to continued strict regulation of psychedelics, the hindered production of psychedelic drugs, future changes in psychedelic drug laws and policies, and changeable application forms. These influences may not only slow down the market growth but also bring about delays in product launches. For now, the future and the growth of the global psychedelic market is looking bright.
Major Players In A Growing Global Psychedelics Market
As this market grows, industry players are taking action to seal their firm grip on what has now become a highly competitive market. From the report, it can be ascertained that the major players in the global worldwide psychedelics market include NeuroRx, Inc, Celon Pharma S.A., PharmaTher Inc, COMPASS, Verrian, Pfizer Inc, Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc, Janssen Pharmaceuticals and Hikma Pharmaceuticals PLC.
Currently, these companies are putting foot to attain an unshakable grip and formulating comprehensive business-centric strategies to expand their global footprint. Market growth is also experiencing company mergers and acquisitions, product launches, partnerships, collaborations and R&D investments. These company moves aim to reach organizational development goals within the global psychedelic market.
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