Psychedelic Drugs Market Size, Share, Trends & & Opportunity Outlook 2023-2033

Global Psychedelic Drugs Market Size, Forecast, and Trend Highlights Over 2023 - 2033

The global psychedelic drugs market is estimated to garner a revenue of ~USD 5 Billion by the end of 2033 by growing at a CAGR of ~8% over the forecast period, i.e., 2023 – 2033. Further, the market generated a revenue of ~USD 2 Billion in the year 2022. The growth of the market can be attributed to the growing awareness about mental health, and the increasing prevalence of mental illness or disorders due to various factors such as genetics, trauma, and painful life events. A higher prevalence of depression and other mental disorders across the world is expected to boost the growth of the global psychedelic drugs market during the forecast period. According to the World Health Organization, an estimated 264 million people are affected by depression globally. The rising acceptance of medical help for mental disorders, and the focus on conducting several awareness campaigns and initiatives by many organizations, are estimated to drive market growth.

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Moreover, the busy, competitive, and stressful life of people, triggers several health problems including mental disorders; such a lifestyle is further anticipated to drive market growth. Furthermore, an increasing dependency of people on fast foods, and unhealthy diets, is also projected to boost the market growth during the forecast period. By then the increasing stress of people in the world to reach targets, business people to make more profits rising is rising pressure on their mental health. There are many foods that contain adequate drugs which make people crave more. Even the chocolates that we eat can cause addiction owing to the stimulation of opioid receptors in the body. It is believed that praying gets adequate to some kinds of food and drinks which include alcohol, and fast food. The brain receptors crave the same making it an addiction. It is reported that more than 80% of families in America preferred to eat outside in fast food restaurants once in a week.

Global Psychedelic Drugs Market: Growth Drivers and Challenges

Growth Drivers

Increasing Incidence of Depression, Anxiety, and Monetary Stress Globally – As per the reports about 33% of people in the U.S. are suffering from depression rising from 285 in 2020 with 1 in 3 American adults facing the issue.
Rising Geriatric Population with Problems of Dementia – The percentage of elder people with 65 years and above affected by dementia in 2020 was over 6 million in the United States.
Increasing Awareness about the Importance of Mental Health – Mental Health is as important as physical health mental health can impact the daily life of the person in many ways. It is very important to maintain mental balance from mental illness as soon as possible. This may even lead to depression and many psychiatric conditions. Also, it is estimated that the risk of cardiovascular diseases in these people is over 35%. Depression, anxiety, and mental stress are some of the leading causes of mental illness in people. A college student, job holder, or any elderly can be affected by mental illness.
Growing Incidences of PTSD and Addictions – Psychedelic drug substances can read post-traumatic stress disorder, depression, and addiction. The addiction to alcohol, smoking, and any drugs can be treated with psilocybin-assisted therapy. According to the reports over 50% of patients tested negative for the diagnosis of PTSD after two sessions of MDMA (3,4-Methylenedioxymethamphetamine) in 2019 in the U.S. people.

Challenges

Side effects of psychedelic drugs – psychological drugs or barely addictive and not psychologically safe as they may cause unknown deaths and taking an overdose of the drugs can cause serious mental disorders. As these drugs provide fuel struggle fear, anxiety, and mental stress people tend to use them even after the prescription expired. This misuse will lead to many side effects which hinder the market growth during the forecast period.
Uncertainty about Getting the FDA Approval
Stigma of Using Psychedelic Drugs

Market Segmentation

The global psychedelic drugs market is segmented and analyzed for demand and supply by route of administration into oral, inhalation, and injectable, out of which, the oral segment is expected to hold the notable share in the global psychedelic drugs market on account of patients’ comfort, convenience, and acceptance towards the oral route of administration. Moreover, oral medication is the most commonly used route of administration in the treatment of most diseases due to the cost-effectiveness, and ease of production of oral dosage forms. Such factors are projected to boost segment growth in the forecast period. The injectable psychotropic drugs are illegally used by many teenagers for fun or to escape the reality of their lives. Psychedelic drugs come under the narcotic category in pharmaceuticals, hence, these drugs should be used as per doctor’s advice to keep balanced behavioural health. It is estimated that in the United States in 2019 more than 5 million people used hallucinogens which is an increase from about 2% of the total population age 12 and above in 20002 to over 2% in 2019.

The global psychedelic drugs market is also segmented and analyzed for demand and supply by application into narcolepsy, treatment resistant depression, post-traumatic stress disorder, and others. Amongst these segments, the narcolepsy segment is expected to garner a significant share. Narcolepsy major disorder way upfront chronic sleep disorder that makes people feel very fatigue during the daytime. Narcoleptics on the pharmaceutical drugs that are used to treat this condition narcolepsy will too many complications in the daily life of a person. The person suffering from narcolepsy has a chronic neurological disorder in the brain which will affect its control over the sleep-wake cycle. These people will fall asleep and feel very drowsy during the daytime. They cannot stay awake for a longer time. Narcolepsy itself doesn’t have any specific treatment but the symptoms can be minimized with the help of drugs and other drugs. According to the estimations, only 20% of patients with narcolepsy receive treatment and there are over 2.8 million people suffering from narcolepsy across the world. Also, more than 60% of patients with narcolepsy reported they feel normal with the use of drugs.

Our in-depth analysis of the global psychedelic drugs market includes the following segments:

By Source	Synthetic Natural
By Type	Empathogens Dissociative Others
By Drugs	Gamma-Hydroxybutyric Acid Ketamine Others
By Application	Narcolepsy Treatment Resistant Depression Post-Traumatic Stress Disorder Others
By Route of Administration	Oral Inhalation Injectable
By End User	Hospitals Specialty Clinics

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Global Psychedelic Drugs Market Regional Synopsis

The North American psychedelic drugs market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2033. The growth of the market can be attributed majorly to the increasing awareness of mental health disorders, surging demand for bipolar disorder therapeutics, and research and development activities in the psychedelic drug sector. Moreover, the high incidence of depression, anxiety & monetary stress particularly among youngsters, is expected to boost the psychedelic drug market growth during the forecast period. For instance, approximately 9.5% of American adults aged 18 years and over, suffer from a depressive illness (major depression, bipolar disorder, or dysthymia) each year. Furthermore, increasing expenditure on the healthcare sector, and the existence of leading pharmaceutical companies in the region is to drive the market growth during the forecast period.

Psychedelic-Drugs-Market-Region

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Top Featured Companies Dominating the Global Psychedelic Drugs Market

COMPASS Pathways plc
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
Silo Pharma, Inc.
Numinus Wellness Inc.
Cybin Inc.
Mind Medicine Inc.
Jazz Pharmaceuticals plc
PharmaTher Holdings Ltd.
Janssen Pharmaceuticals, Inc.
ATAI Life Sciences N.V.
Pfizer Inc.

In The News

Cybin and Kernel announced successful results from kernel flow piloting of a feasibility study measuring ketamine’s effects on the brain.
The Chopra Foundation announces partnership with cybin inc. to increase education and awareness of the potential use of psychedelics in supporting well-being and Mental Health.

Global Economic Impact

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Despite Inflation & Fearing Recession, Businesses Across the Globe Expected to Do Better in 2023:

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

Key Questions Answered in the Report

1) What are the major factors driving the growth of the psychedelic drugs market?

Ans: The major factors driving the growth of market are the increasing prevalence of mental illness, depression and other mental disorders worldwide.

2) What would be the CAGR of psychedelic drugs market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2023 – 2033.

3) What are the challenges affecting the psychedelic drugs market growth?

Ans: Challenges such as uncertainty of getting FDA approval, and the stigma of using psychedelic drugs, are affecting the market growth.

4) Which region will provide more business opportunities for growth of psychedelic drugs market in future?

Ans: The market in the North American region is projected to hold the largest market share by the end of 2033 and provide more business opportunities in the future.

5) Who are the major players dominating the psychedelic drugs market?

Ans: The major players in the market are COMPASS Pathways plc, Silo Pharma, Inc., Numinus Wellness Inc., Cybin Inc., Mind Medicine Inc., Jazz Pharmaceuticals plc, PharmaTher Holdings Ltd., Janssen Pharmaceuticals, Inc, and Pfizer Inc.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in global psychedelic drugs market?

Ans: The market is segmented by source, type, application, drugs, route of administration, end users, and by region.

8) Which segment captures the largest market size in route of administration in global psychedelic drugs market?

Ans: The oral segment is anticipated to garner the largest market size by the end of 2033 and display significant growth opportunities.

Base Year	2022
Forecast Year	2023-2033
CAGR	~8%
Base Year Market Size (2022)	~ USD 2 Billion
Forecast Year Market Size (2033)	~ USD 5 Billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)