Solriamfetol (Sunosi) Has Been Approved For Commercialization By Jazz Pharmaceuticals, Inc
In January 2020, Solriamfetol (Sunosi), a drug used to treat individuals with narcolepsy for excessive daytime drowsiness, has been given the go-ahead by Jazz Pharmaceuticals, Inc. The company expanded its product distribution network and increased market income due to this authorisation.
Growing Awareness Towards Mental Illness to Boost Market Expansion
It is crucial to raise awareness among people about the various causes, disorders that it can lead to, and treatment options available on the market to cure such a life-devastating illness because mental illness has negatively impacted people's ability to carry out normal functions of their lives. Many businesses and groups are starting campaigns and adoption activities to spread awareness. This then enables patients to select an effective treatment option based on the underlying cause of their illness and any reported symptoms. The public's understanding of psychedelic drugs has grown due to advertisements, awareness campaigns, and other methods. The demand for psychedelic substances is rising as a result of the awareness campaigns' encouragement for individuals to choose the best course of treatment for their mental illnesses. Rising public awareness of mental health is therefore anticipated to fuel market expansion.
Side Effects of Psychedelic Drugs Could Limit Market Expansion
The hazards and side effects of psychedelic drugs might vary, with some of them being severe and long-lasting. Users of psychedelic drugs risk developing bodily side effects, including nausea, vomiting, diarrhoea, weakened muscles, elevated heart rate, and hypertension. Certain drugs, like LSD, have high doses that can result in seizures, comas, and even fatalities. Psychological hazards such as anxiety, paranoia, disorientation, and psychosis may also be present. Moreover, these drugs have the ability to awaken dormant mental illnesses like schizophrenia or depression. Psychedelic drugs can also lead to addiction, and some of them can even cause physical dependency or withdrawal symptoms.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the psychedelic drugs market plan acquisitions to improve their brand recognition globally. For instance, in August 2020, for its Spravato nasal spray, which is used to treat suicidal individuals, Janssen Pharmaceuticals, Inc. got approval. Its permission gave these patients a remarkable therapy and opened the door for the business to increase income because 11% to 12% of Americans suffer from major depressive condition, which caused them to commit suicide.
- In October 2022, Ketamine for Chronic and Severe Medical Illness Program was introduced by Numinus Wellness Inc., a mental health care organisation that advances novel treatments and secure, evidence-based psychedelic-assisted therapies. It's likely that Numinus' clinics in Utah, British Columbia, and Quebec will be the first to implement this new approach. Later months, the company plans to extend the concept to additional clinics.
List of Key Players Profiled in the Report
- Jazz Pharmaceuticals, Inc.
- Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.)
- Hikma Pharmaceuticals PLC
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Celon Pharma SA.
- Cybin Corp.
- GH Research
- Entheon Biomedical Corp
- PharmaTher Holdings Ltd
- NRx Pharmaceuticals, Inc.
- The market in North America is expected to gain a huge portion of the global Psychedelic drugs market share in the coming years due of psychedelic drug advances in the area, changes to the law, and an increase in the prevalence of mental diseases like depression.
- In addition, it is expected that evolving attitudes, milder pharmacological side effects, and cost effectiveness will spur market growth.
- In Asia Pacific, the growth in this region is primarily driven by rising desire for alternative treatments for mental health issues in the area, changing legal policies, and growing knowledge of the potential therapeutic uses of psychedelic drugs are all factors.
|Market Size in 2022
|USD 494.6 Million
|Market Forecast in 2030
|USD 763.3 Million
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Source, By Type, By Drugs, By Application, By Route of Administration, By End User, By Distribution Channel and By Geography
|By Route of Administration
|By End User
|By Distribution Channel