Psychedelics Market Expected To Hit Approx. $12 Billion by 2029

Psychedelics Market Expected To Hit Approx. Billion by 2029
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The global market for psychedelic drugs including psilocybin, ketamine, and LSD is expected to grow to nearly $12 billion per year before 2030, according to data from a recent market analysis. In a report released last Thursday, Brandessence Market Research revealed that the psychedelic drug market is anticipated to reach a valuation of $11.82 billion by 2029, growing from an estimated $4.87 billion in 2022. The report shows the global market for psychedelic drugs expanding at a compound annual growth rate (CAGR) of 13.49% over the next six years. The market includes several psychedelic drugs being used or researched as treatments for a wide range of mental health disorders, including psilocybin, LSD, ketamine, MDMA, GHB, and others. The report also highlighted several major players in the worldwide psychedelics market, including, Janssen Pharmaceuticals, Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, Celon Pharma S.A., and NeuroRx, Inc. “These companies are trying to attain a firm grip over this intensely competitive market. They are formulating extensive business centric strategies to amplify their global footprint while stay ahead of their prime competitors,” the authors of the report wrote. “They are partaking in activities like mergers & acquisitions, R&D investments, product launches, partnerships, and collaborations, among others to meet their overall developmental goals.” Several Factors Influencing Psychedelics Market Growth The report highlights several factors that are likely to contribute to the growth of psychedelic drugs through the end of the 2020s, including a heightened awareness of the reported mental health benefits of psychedelics. “Additionally, the rising prevalence of depression and other mental disorders worldwide and increasing demand for treatment, are the key factors supplementing the growth of the psychedelic drugs market,” Brandessence Market Research wrote in an analysis of the market published in November. “Furthermore, changes in…

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