Global Psychedelic Drugs Market Insights Forecasts to 2033.

• The Global Psychedelic Drugs Market Size was Valued at USD 2.9 Billion in 2023.
• The Market Size is Growing at a CAGR of 11.61% from 2023 to 2033.
• The Worldwide Psychedelic Drugs Market Size is Expected to Reach USD 8.7 Billion by 2033.
• Asia-Pacific is expected to Grow the fastest during the forecast period.

 

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The Global Psychedelic Drugs Market Size is Anticipated to Exceed USD 8.7 Billion by 2033, Growing at a CAGR of 11.61% from 2023 to 2033.

 

Market Overview

A class of hallucinogenic medications known as "psychedelics" induces unusual states of awareness. It involves a wide range of compounds, including molecules derived from plants and LSD. It also alters or improves thinking processes, energy levels, and sensory perceptions. It has also been known to assist with spiritual experiences. Dissociative drugs like PCP and serotonergic drugs like LSD are classified as empathogens, or psychoactive substances. Along with other conditions, these medications are used to treat opiate addiction, panic disorder, post-traumatic stress disorder, severe depressive disorders, and treatment-resistant depression. In addition, in recent years, there has been a growing interest in psychedelic substances among researchers, physicians, and the general public. This has led to an explosion in the study of psychedelic substances' therapeutic potential as well as the creation of novel medications and treatments in this area. The increasing recognition and legality of certain substances for therapeutic and medicinal purposes is a new development in the psychedelic drug market. For instance, psilocybin has been made legal or decriminalized in a number of US states, while MDMA-assisted PTSD therapy has been identified by the FDA as a ground-breaking treatment.

 

Report Coverage

This research report categorizes the market for the global psychedelic drugs market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global psychedelic drugs market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global psychedelic drugs market.

 

Driving factor

The global psychedelic drugs market is driven by various factors, including the increasing global acceptance of psychological disease treatment protocols as a result of growing understanding of mental health illnesses and diseases. Numerous organizations and businesses are supporting this awareness through their campaigns and activities. Due to their ability to cure the mind and their role in mental health and treatment procedures for humans, psychedelics have become quite popular in the past ten years. Researchers and scientists are delving into the potential therapeutic benefits of psychedelic substances and their constituents, which provide a fresh approach to treating depression in patients. The acceptability of psychedelic medications has risen due to ongoing study and development of these medicines. The U.S. and other areas have seen a rise in the use of psychedelic drugs due to their promising effects, which has raised demand for them. As a result, these factors are anticipated to fuel the market's expansion. In addition, mental diseases come in a wide variety of distinct forms. Due to a number of variables, including genetics and family history, abuse or stress, biological factors, alcohol or recreational drug use, and many more, the prevalence of depression and mental illnesses has grown internationally.

 

Restraining Factors

Many psychedelic substances are prohibited for recreational use in many countries and are rigorously regulated for use in research or medicine as Schedule I medications. Changing laws and regulations to allow research and medicinal usage is a major issue.

 

Market Segmentation

The Global Psychedelic Drugs Market share is classified into drug type, application, and distribution channels.

• The psilocybin segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period.   

Based on the drug type, the global psychedelic drugs market is divided into psilocybin, LSD, MDMA, DMT and ketamine. Among these, the psilocybin segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period. A naturally occurring substance called psilocybin is used to treat a variety of mental health issues. Over the course of the forecast period, the construction of psychedelic drug research centers and a rise in product approvals are anticipated to propel market expansion. For instance, the University of Wisconsin–Madison established a new research center in August 2021 to oversee continuing studies and outreach about psychedelic substances.

 

• The depressive disorders segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period.   

Based on the application, the global psychedelic drugs market is divided into Alzheimer dementia, anorexia and obesity, anxiety, cluster headaches, depressive disorders & others. Among these, the depressive disorders segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period. Globally rising depression cases are expected to fuel market expansion. For instance, the WHO report from 2023 estimates that 3.8% of the population suffers from depression; this includes 5.7% of individuals over 60 and 5% of adults (4% of males and 6% of women). Depression affects over 280 million individuals globally. Such elements are boosting market growth.

 

• The hospital pharmacies segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period.   

Based on the distribution channel, the global psychedelic drugs market is divided into hospital pharmacies, retail pharmacies and online pharmacies. Among these, the hospital pharmacies segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period. Mostly driven by the growing understanding and acceptance of psychedelic medications as a kind of mental health treatment. In addition, the growth of the category is anticipated to be supported by a rise in the number of individuals seeking mental health care in hospitals. Additionally, the cooperation of researchers, pharmacists, and medical professionals creates a favorable atmosphere for the assimilation of psychedelic therapies into conventional medical procedures, which in turn promotes market expansion.     

 

Regional Segment Analysis of the Global Psychedelic Drugs Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

  

North America is anticipated to hold the largest share of the global psychedelic drugs market over the predicted timeframe.

 

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North America is anticipated to hold the largest share of the global psychedelic drugs market over the predicted timeframe. The U.S. FDA's acceptance of complex medication fusion portfolios derived from psychedelic drugs has stimulated the expansion of the North American industry. Furthermore supporting the market's growth are the major companies in this industry's presence in this area as well as rising investments in R&D. Furthermore, the area's developed healthcare system and research ecosystem offer a conducive atmosphere for the use and development of psychedelic substances.

 

Asia-Pacific is expected to grow the fastest during the forecast period. Sales of psychedelic medications with FDA approval have prompted more research being done in the nation. It is anticipated that the country's growing trend of major pharmaceutical companies developing ketamine-based psychedelic medications and treating cancer will pave the way for the development of these substances for medical use.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global psychedelic drugs along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

• Compass Pathways
• MindMed
• Field Trip Health
• Cybin Inc.
• Atai Life Sciences
• Numinus Wellness
• Eleusis
• Mydecine Innovations Group
• HAVN Life Sciences
• Silo Pharma
• Revive Therapeutics
• NeonMind Biosciences
• Entheon Biomedical
• Tryp Therapeutics
• Beckley Psytech
• GH Research
• Psyched Wellness
• Others.

 

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

 

Recent Developments

• In September 2023, a strategic partnership between Cybin Inc. and Fluence, a pioneer in psychedelic treatment continuing education, was recently revealed. The purpose of this partnership is to facilitate the expansion of the EMBARK training initiative for the CYB003 phase 3 study.

 

• In October 2022, prominent mental health care provider Numinus Wellness Inc. launched a ground-breaking program that provides Ketamine for the treatment of severe and chronic medical conditions. Initially, Numinus' clinics in Utah, British Columbia, and Quebec used this innovative method.

 

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Psychedelic Drugs Market based on the below-mentioned segments: 

 

Global Psychedelic Drugs Market, By Drug Type

• Psilocybin
• LSD
• MDMA
• DMT
• Ketamine

 

Global Psychedelic Drugs Market, By Application

• Alzheimer Dementia
• Anorexia and Obesity
• Anxiety
• Cluster Headaches
• Depressive Disorders
• Others

 

Global Psychedelic Drugs Market, By Distribution Channel

• Hospital Pharmacies
• Retail Pharmacies
• Online Pharmacies

 

Global Psychedelic Drugs Market, By Region

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • Uk
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa