Products in the global psychedelic drugs market are made with using various chemical hallucinogens such as LSD and psychedelic plant extracts. They hold the ability to enhance or alter several sensory experiences as well as perceptions. Rising prevalence of anxiety disorders and depression around the world and the easy accessibility of off-label drug products are some of the most important drivers for the expansion of the global psychedelic drugs market. The rising momentum in the global psychedelic drugs market can be contributed to various awareness campaigns intended to educate consumers regarding selection of suitable treatment for various mental disorders.
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Geographically, the North America region leads the global psychedelic drugs market owing to increasing acceptance amongst the regional population regarding usage of these products for treatment of mental health disorders. Furthermore, rise in the product approvals by the regional food and drug administration authorities have also motivated the increased sales of products in the global psychedelic drugs market in North America. Moreover, increasing prevalence of mental health disorders and increasing clinical trials for new drug discovery are also creating new development avenues for global psychedelic drugs market in Middle East and Africa region.
Some of the most notable and prominent players and manufacturers operational within the global psychedelic drugs market include Hikma Pharmaceuticals PLC, F. Hoffmann La Roche Ltd., Colon Pharma S. A., Janssen Pharmaceuticals, Johnson and Johnson Services, Inc., Jazz Pharmaceuticals, NeuroRx, Inc., Verrian, PharmaTher Inc., usonainstitute.org, COMPASS, Pfizer, Inc., and Avadel, among others. Players and manufacturers in the global psychedelic drugs market are engaging in several growth strategies to remain competitive. These strategies include gaining regulatory apporvals for new products and new product launches. For example, in August of 2020, Janssen Pharmaceuticals gained approval for their nasal spray product, intended for treatment of suicide prone individuals. This product is known as ‘Spravato’.
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