Psychedelic Medicine Market is anticipated to reach US$ 14.2 billion by 2033, at a CAGR of 16.3%

The global Psychedelic Medicine Market is predicted to reach a market value of US$ 3.1 billion in 2023 and a market value of US$ 14.2 billion by 2033, with a CAGR of 16.3% from 2023 to 2033. From 2018 to 2022, the market for Psychedelic Medicine grew at a CAGR of 5.2%. Factors such as rising awareness of the potential therapeutic benefits of psychedelic substances, as well as the rising prevalence of mental health issues, are likely to drive market growth throughout the study period.

According to Future Market Insights, a supplier of market research and competitive data, the global market value for Psychedelic Medicine has increased. The rising recognition of Psychedelic Medicines as viable remedies for a variety of mental health disorders is one of the primary drivers likely to fuel market expansion. In recent years, there has been an increasing corpus of studies proving the promise of Psychedelic Medicines like psilocybin, LSD, and MDMA in treating disorders like depression, anxiety, PTSD, and addiction. This discovery has sparked greater interest in the therapeutic potential of these medications among pharmaceutical companies, investors, and regulators.

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Advent of Telehealth and Virtual Care to Create Tailwind for the Psychedelic Medicine Market Growth

Digitization is making deeper inroads across diverse industries, such as healthcare, owing to the increasing penetration of the internet and smartphones across the world.

During the COVID-19 outbreak, healthcare practitioners and patients realized the importance of digitization and encouraged them to adopt virtual methods of patient examination and consultation to counter the regulations concerning social distancing. This gave rise to a new medical domain, Telehealth.

Since the outbreak, telehealth has gained immense popularity, especially among the geriatric population, owing to the convenience associated with it. Hence, increasing adoption of telehealth across radiology, behavioral health, cardiology, and online consultation is expected to create lucrative opportunities for growth in the Psychedelic Medicine market.

Key Psychedelic Medicine Market Takeaways and Projections

• The US is estimated to continue dominating the North America market, projecting fastest growth in the region through 2033.
• Germany Psychedelic Medicine market is forecast to register robust growth in Europe, accounting for a significant share in the region between 2023 to 2033.
• China is expected to account for the maximum revenue share in the East Asia market, exhibiting the fastest sales growth during the assessment period.
• India is forecast to emerge as a highly remunerative market in South Asia, contributing for the largest sales in the region over the coming 10-years.

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Report Benefits & Key Questions Answered

• Psychedelic Medicine Historical Market Outlook: Future Market Insight’s analysis examines vital dynamics, such as drivers, opportunities, and challenges in the Psychedelic Medicine market. It also studies the impact of these dynamics on the market for the previous assessment period 2018 to 2022 to forecast the scope of market growth over the coming forecast period 2023 to 2033.
• Psychedelic Medicine Demand-Supply Assessment: The latest study published by FMI offers in-depth insights into governing factors facilitating the demand outlook of the Psychedelic Medicine market. As per the survey, Psychedelic Medicine sales will project steady growth over the forecast period.
• Psychedelic Medicine Market Structure Analysis: The report provides detailed information about market the concentration of key players and tier analysis in the Psychedelic Medicine market. It also categories market players as per Tier 1, Tier 2, and Tier 3 in terms of their percentage share and product portfolio.
• Psychedelic Medicine Market Trend Analysis: FMI’s market trend analysis provide compelling insights into current and upcoming trends in the healthcare industries. It also assists the industry players to identify potential trends to formulate a strategy to take advantage of these existing trends.

Competitive Landscape Analysis

The latest study conducted by FMI provides in-depth insights into the global Psychedelic Medicine market to assist management level decision-makers in constructing a strategy to capitalize on the critical trends & opportunities. It also discloses competitive trends and profiles a list of leading players operating in the global Psychedelic Medicine market.

Some of the prominent market players are profiled by FMI are:

• Roche Holding AG
• Pfizer Inc.
• The Emmes Company
• LLC
• COMPASS Group plc
• Merck & Co. Inc.
• AstraZeneca PLC
• AbbVie Inc.
• Others

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Psychedelic Medicine Market: Segmentation

By Drug Type:

• Lysergic Acid Diethylamide (LSD)
• Phencyclidine
• 3,4-MethylEnedioxyMethamphetamine
• Ketamine
• Gamma Hydroxybutyric Acid (GHB)
• Salvia
• others

By Administration:

• Oral
• Injectable
• Inhalation

By Distribution Channel:

• Hospital Pharmacies
• Retailer Pharmacies
• Online pharmacies
• Others

Region

• North America
• Europe
• East Asia
• South Asia
• Oceania
• Middle East and Africa