The global psychedelic drugs market is estimated to be around US $487.5 Mn in 2021. according to the fact. According to MR’s estimates, synthetic production of psychedelic drugs accounted for a substantial share of over 71% in 2020. According to this detailed analysis, the psychedelic drugs market is poised to experience significant growth at a CAGR of 7.8% by 2031.
Rigorous regulatory policies are the primary deterrent factor associated with the humble production of synthetic psychedelic drugs. Reforms involving psychedelic drug laws and policies are complex and result in variable forms of enforcement in different geographies.
Changes in regulations for the approval of natural psychedelic drugs are expected to delay the launch of the products. Inflexibility in regulations is a major restraint for the market for disruptive psychedelic drugs.
In addition to these problems, one of the most challenging restrictions related to regulations is the risk associated with rescheduling and drug classification in most Western countries. For example, the U.S. In the U.S., nearly all psychedelic substances are classified under Schedule I drugs, which makes them inaccessible for use in a medical context because they are known to have a high propensity for abuse.
The demand for dissociative psychedelic drugs is in a nascent space, and thus, may invite risks related to investing in low market caps. Under federal law, types of psychedelic drugs, such as psilocybin and MDMA, are Schedule I controlled substances, subject to various criminal penalties.
Researchers need to obtain approval from the Federal Drug Enforcement Administration (DEA) if they want to study Schedule I controlled substances that are not currently approved for medical use.
For more information https://www.factmr.com/report/laboratory-information-management-system-market
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