According to the research report titled ‘Global Psychedelic Drugs Market (2021 Edition) - Analysis By Drug, Route of Administration, Distribution Channel, By Region, By Country: Market Insights, Pipeline Drugs and Forecast with Impact of Covid-19 (2021-2026)’, available with MarketStudyReport, global psychedelic drugs market, which generated revenues worth USD 3.8 billion in 2020, is now expected to register considerable growth through 2026.

The increasing prevalence of depression and other mental disorders, growing dependency on psychedelic drug treatment, improving quality of life, and the need for handling environmental stress are some of the key factors driving the growth of the global psychedelic drug market.

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Apart from this, rising R&D activities and leading companies investing in this business space are also stimulating the overall industry outlook. The COVID-19 outbreak has confined the movement of people to their homes which in turn impacted their mental health leading to surging cases of depression and anxiety. Such developments is likely to add significant momentum to global psychedelic drug market in the near future as it has the potential to treat mental illnesses.

The global market is fragmented in terms of route of administration, drug type, distribution channel, and regional landscape. Based on route of administration, the market is divided into intravenous, intranasal, oral, and others.

Moving on to duct type, the market is segmented into MDMA, psilocybin, gamma-hydroxybutyrate, ketamine, and others. As per the distribution channel, the market is segregated on the basis of retail pharmacy, hospital pharmacy, and online pharmacy.

Regionally, North America market is estimated to expand considerably over the forecast timeline, owing to growing awareness regarding mental health disorders, growing economic stress, exacerbating environmental conditions, and high prevalence of stress.

Johnson & Johnson, AbbVie Inc., Numinus Wellness Inc., Mindset Pharma Inc., TRYP Therapeutics Inc., Cybin Inc., Pfizer Inc., Jazz Pharmaceuticals plc, COMPASS Pathways plc, Mydecine Innovations Group, and Mind Medicine Inc., are the major companies operating in the global psychedelic drugs market.