Overview and Scope
Psychedelic drug refers to a group of psychoactive drugs that alter perception, mood, and thought processes. All the senses are affected by psychedelics, which change a person’s thinking, perception of time, and emotions. These include chemicals such as Lysergic acid diethylamide (LSD) and plants such as peyote. These medications are used to treat a variety of brain conditions.
Sizing and Forecast
The psychedelic drugs market size has grown rapidly in recent years. It will grow from $4.88 billion in 2023 to $5.62 billion in 2024 at a compound annual growth rate (CAGR) of 15.1%. The growth in the historic period can be attributed to shifting regulatory landscape, increased mental health awareness, changing public perception.
The psychedelic drugs market size is expected to see rapid growth in the next few years. It will grow to $10.2 billion in 2028 at a compound annual growth rate (CAGR) of 16.1%. The growth in the forecast period can be attributed to advancements in drug development, expansion of therapeutic applications, growing acceptance in medical community, public policy shifts, mental health crisis response. Major trends in the forecast period include focus on education and public awareness, legal and regulatory developments, diversification of psychedelic compounds, patient-centric treatment approaches.
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Segmentation & Regional Insights
The psychedelic drugs market covered in this report is segmented –
1) By Type: Lysergic Acid Diethylamide (LSD), Ketamine, Phencyclidine, Gamma Hydroxybutyric Acid (GHB), Salvia
2) By Disease Indication: Depression, PTSD
3) By Origin: Natural, Synthetic
4) By Application: Treatment-Resistant Depression, Opiate addiction, Post- Traumatic Stress Disorder, Narcolepsy, Panic Disorders
5) By Distribution Channel: Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy
North America was the largest region in the psychedelic drugs market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the psychedelic drugs market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drugs market going forward. Mental illnesses refer to health conditions involving changes in emotion, thinking, or behavior. Mental illnesses include conditions such as distress and post-traumatic stress disorder. Psychedelic drugs are used to treat depression and post-traumatic stress disorder, and their regular usage decreases mental illnesses. For instance, in November 2022, according to the National Centre for Social Research, a UK-based social research institute, the proportion of 17- to 19-year-olds with a suspected mental disorder grew from 17.4% in 2021 to 25.7% in 2022. Therefore, an increase in the number of cases of mental illnesses is driving the growth of the psychedelic drugs market.
Key Industry Players
Major companies operating in the psychedelic drugs market report are Pfizer Inc., Johnson & Johnson, Merck & Co Inc., AbbVie Inc., Novartis International AG, AstraZeneca PLC, Roche Holding AG, Takeda Pharmaceutical Company Limited, Mylan N.V., Jazz Pharmaceuticals plc, Dr. Reddy’s Laboratories Ltd, Hikma Pharmaceuticals PLC, Mydecine Innovations Group Inc., Cybin Inc., Silo Wellness Inc., Emmes Company, Celon Pharma S.A., Klarisana, Mota Ventures Corp, BetterLife Pharma Inc., MindMed Inc., Numinus Wellness Inc., Revive Therapeutics Ltd., Field Trip Health Ltd., Red Light Holland Corp, Avadel Pharmaceuticals plc, PsyBio Therapeutics Corp, Eleusian Biosciences Corp, Seelos Therapeutics Inc., COMPASS Pathways plc, NeuroRx Inc.
The psychedelic drugs market report table of contents includes:
1. Executive Summary
2. Psychedelic Drugs Market Characteristics
3. Psychedelic Drugs Market Trends And Strategies
4. Psychedelic Drugs Market – Macro Economic Scenario
5. Global Psychedelic Drugs Market Size and Growth
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32. Global Psychedelic Drugs Market Competitive Benchmarking
33. Global Psychedelic Drugs Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Psychedelic Drugs Market
35. Psychedelic Drugs Market Future Outlook and Potential Analysis
36. Appendix
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