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Psychedelic Drugs Market Size Is Projected To Reach $10.75 Billion By 2027

PALM BEACH, Fla., April 21, 2021 /PRNewswire/ -- The psychedelics industry has entered the spotlight! The rapidly increasing acceptance of psychedelic treatments is creating a strong demand from therapists and patients for access to  the new products and therapies. Industry reports for rise in revenues all seem to be higher than the previous report. A recent report from Data Bridge Market Research said that the psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with a CAGR of 16.3% in the forecast period of 2020 to 2027 and expected to reach USD $6,859.95 million by 2027 from USD 2,077.90 million in 2019. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors for the market growth.  Another report from Research And Markets upped the projection saying that the Psychedelic Drugs Market size is projected to reach USD $10.75 Billion by 2027, from USD 4.75 Bn in 2020 growing at a CAGR of 12.36% during 2021-2027.

The Data Bridge report also said that: "The psychedelic drugs are used to enhance or change sensory perceptions, energy levels, thought processes, and to facilitate spiritual experiences. Psychedelic drugs can be categorized into dissociative drugs (such as PCP), empathogens and serotonergic (classic hallucinogens) (such as LSD). These drugs are used in the treatment of major depressive disorder, treatment-resistant depression, panic disorder, post-traumatic stress disorder, and opiate addiction among others.   Psychedelic drugs market has increased with increased number of psychedelic drugs as compared to the past few years and increasing prevalence of depression and mental disorders in the U.S.  Growing acceptance of psychedelic drugs for treating depression is also increasing market value as the psychedelic drugs has repetitively proven its high rates of effectiveness for treatment for nicotine dependence, alcohol dependence, anxiety associated terminal illness and chronic PTSD as compared to other antidepressants. Currently, different research studies are taking place that are expected to provide a competitive advantage for new and innovative therapeutic manufacturers with competitive psychedelic drugs and methods to develop, define psychedelic drugs, and various other opportunities in the U.S. psychedelic market."