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Psychedelic Drugs Market: Evolution Contours

Interest in psychedelic medicine has reemerged in psychiatry after a brief period of prohibition of the use of psychedelic substances—from 1950s to the early 1970. Unrefutably, psychedelics or serotonergic hallucinogens show promising potential to treat mood disorders and alcohol dependence. Especially lysergic acid diethylamide (LSD) drug has shown significant safety and tolerability in end-of-life psychological distress.

The prohibitive legislatures and discontinuation of research stemmed mainly from the widespread negative public perception of the harms caused due to their illicit use on one hand. The social stigma related to the recreational use of select psychedelics and the ethical conundrum relating to the restricted use have had debilitating impact on clinical trials.

Before the ban, various psychedelics of plant extraction had attracted groundswell of attention in Europe and North America. Interestingly, a number of multicenter studies notably supported by the U.S. FDA and European Medicines Agency (EMA) have reinvigorated research in exploring the therapeutic potential of classical psychedelic drugs, opening a new paradigm in the psychedelic drugs market.

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Psychedelic Drugs Market: Drivers, Current Prospects, and Emerging Avenues

Since the early 1990s, continued clinical trials have unraveled the trials in psychedelic drugs market open up several areas of applications in the medical industry. The trend in psychedelic drugs market development is led by the emerging paradigm of psychedelic psychotherapy gaining acceptance in heterogeneous health systems. Preliminary data supported by modern meta-analysis found LSD and 3,4-methylene dioxymethamphetamine (MDMA) in psychiatric research for treatment of alcoholism and post-traumatic stress disorder (PTSD), respectively. Expanding knowledge of pharmacology of psychedelics and the increasing adoption of modern-day medical imaging tools in psychopharmacological experiments broadening horizon of the psychedelic drugs market.

The unmet need of sufficient double-blinded studies in psilocybin research is a vast avenue for companies in the healthcare and medical sectors in psychedelic drugs market to find new commercialization prospect for psychedelic therapy in psychiatry. Another significant trend is technological advancements made in human neuroimaging. Focus on controlled, clinical use of psychedelics in medicine, where clinician–patient relationship is equally important as psychological expectations and the medical setting, will stridently spur positive outcomes from research on psychedelic agents.

Psychedelic Drugs Market: Competitive Scenario

Since early years of the millennium, R&D in the psychedelic drugs market has largely been small-scale pilot studies. In recent times, pioneers in psychedelics-assisted psychotherapy are growing their investment in randomized controlled trials to establish the clinical utility of drugs in the pipeline. In developed nations, government grants have supported such initiatives. Top players are leaning on better methodological designs and complying with current clinical protocols. Additionally, biopharmaceutical companies are giving more caution on ethical strictures that are region-specific in order to attract a large number of participants for their clinical trials. Of note, researchers are also emphasizing on standardization to be used in monitoring participants in randomized clinical trials. All this will pave way for lucrative revenue prospects in the psychedelic drugs market. Furthermore, the use of psychedelics in controlled settings with medical supervision will likely boost the arena of psychedelic medicine in guiding pharmacotherapeutic and ancillary psychotherapeutic choices.

Some of the key players in the psychedelic drugs market are Celon Pharma S.A., NeuroRx, Inc., F. Hoffmann-La Roche Ltd, Pfizer Inc., and Hikma Pharmaceuticals PLC.

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Psychedelic Drugs Market: Regional Avenues

Europe and North America have been lucrative psychedelic drugs markets. The immense revenue-generation possibilities stem from the recent positive outlook of policymakers in embracing and supporting new approaches to research in the therapeutic value of psychedelic drugs. The U.S. has proved to be replete with opportunities for market players. The need for extensive R&D in exploring novel treatments for substance use disorders and finding innovative treatment possibilities for Treatment-resistant patients in severe mental disorders in European countries have paved way to investments in the Europe psychedelic drugs market.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Psychedelic Drugs Market