According to the recent 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 was valued at USD 3.8 billion in 2020 and is projected to record considerable growth over 2021-2026.
 

As per the report findings, rising incidences of depression and other mental diseases, along with increasing investments from major firms in research & development activities are the primary factors driving global psychedelic drugs market growth.
 

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Besides, the development of treatments for psychedelic drug addiction is predicted to boost market growth in the upcoming. Surging demand for psychedelic drugs can be credited to increasing need to cope with environmental stress and improve one's quality of life.
 

Speaking of recent developments, the outbreak of COVID-19 pandemic led to restricted mobility, trapping individuals in their homes, and subsequently instigating a high level of trauma and stress in the form of sadness and loneliness. As a result, people across the globe suffered mental disorders such as sadness and anxiety. This has amplified the remuneration scope of psychedelic medications.
 

Experts cite that increasing research and development activities are further aiding worldwide psychedelic industry development. Leading firms in the vertical are heavily investing in R&D to produce new psychedelic therapeutic compounds with less negative effects. This has created a solid foundation for future industry expansion over the anticipated timeframe.
 

Elaborating on geographical ambit, the North America market is expected to observe significant growth over the next five years, creditable to growing awareness of mental health issues including depression and stress. Social factors such as economic hardship, the disintegration of family-oriented supporting institutions, and degrading environmental circumstances are expected to accelerate regional market expansion in the ensuing years.
 

Coming to competitive landscape, Mydecine Innovations Group Inc. (MYCO), Cybin Inc., Mindset Pharma Inc., Jazz Pharmaceuticals plc, AbbVie Inc., Pfizer Inc., and Johnson & Johnson are among the major companies impacting global psychedelic drugs market dynamics.