Psychedelic Drugs Market Size & Share, by Source (Synthetic, Natural); Drug Type (Lysergic Acid Diethylamide,Phencyclidine,3,4-Methylenedioxymethamphetamine, Ketamine, Gamma Hydroxybutyric Acid, Salvia); Distribution Channel (Hospital Pharmacies, Retailer Pharmacies, Online Pharmacies); Application (Treatment Resistant Depression, Opiate Addiction, Post-Traumatic Stress Disorder, Narcolepsy, Panic Disorders) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 4153
  • Published Date: Feb 23, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Psychedelic Drugs Market size is expected to cross USD 23 Billion by the end of 2036, growing at a CAGR of 17% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of psychedelic drugs was over USD 3 Billion. The market is anticipated to develop at a faster rate due to the rising frequency of mental health disorders throughout the analysis period. According to estimates from the World Health Organization (WHO), 1 in 4 persons worldwide will experience mental illness at some point in their lives. Around 350 million individuals globally experience depression.

Moreover, the landscape of regulations surrounding psychedelic substances is changing quickly. Several nations have modified their drug regulations in recent years to facilitate further investigation into the possible medicinal applications of psychedelic substances. For instance, the Food and Drug Administration (FDA) in the United States has given numerous psychedelic drug candidates breakthrough treatment classifications, allowing for accelerated research and approval of these medications.


Psychedelic Drugs Market
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Psychedelic Drugs Sector: Growth Drivers and Challenges

Growth Drivers

  • Growing Recognition of Psychedelic Substances in the Treatment of Depression- Due to their ability to heal the mind and their role in mental health and treatment procedures for humans, psychedelics have become very popular in the past ten years. Researchers and scientists are delving into the potential therapeutic benefits of psychedelic drugs and their constituents, which may offer a fresh approach to treating depression in patients. The acceptance of psychedelic medications has increased due to ongoing study and development in 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 psychedelic drugs market expansion.
  • Increasing Number of Partnerships and Collaborations Between Companies- Shortly, it is expected that the growing number of alliances and partnerships between pharma companies, academic institutions, and providers of psychedelic therapy will accelerate market growth. The goals of these collaborations are to create novel psychedelic drug candidates, carry out clinical trials, and market authorized medications. 970 million individuals worldwide suffered from a mental illness in 2019, with anxiety and depression being the most prevalent.
  • Growing Understanding of Mental Health- Since mental illness has a detrimental effect on people's capacity to perform daily tasks, it is critical to raise public awareness of the various causes of mental illness, the disorders it can lead to, and the available treatment options for this life-threatening condition. Many businesses and groups are starting adoption campaigns and efforts to increase awareness. In turn, this enables patients to select an appropriate course of treatment based on the reported symptoms and etiology of the disease. The public's understanding of psychedelic drugs has grown thanks to advertisements, awareness campaigns, and other initiatives. Due to the encouragement provided by awareness efforts to choose suitable therapy for mental problems, there is a growing market for psychedelic medications. 970 million individuals worldwide suffered from a mental illness in 2019, with anxiety and depression being the most prevalent.

Challenges

  • Stringent regulatory policies- The main barriers preventing the widespread manufacture of synthetic psychedelic substances are strict regulatory laws. Complex reforms about psychedelic drug laws and policies are producing varying types of enforcement in various geographic locations. Product launches are predicted to be delayed as a result of changes to the laws governing the approval of natural psychoactive substances. One of the main obstacles to the dissociative psychedelic drug business is rigid laws.
  • Since the market for dissociative psychedelic medications is still in its infancy, investing in it carries some risk. Certain psychedelic chemicals, like MDMA and psilocybin, are classified as schedule-controlled substances under federal law, which carries several criminal penalties.
  • One of the issues that limit the market for psychedelic drugs is the increased acceptance of non-therapeutic therapies relative to pharmaceutical therapies.

Psychedelic Drugs Market: Key Insights

Base Year

2023

Forecast Year

2024 – 2036

CAGR

~17%

Base Year Market Size (2022)

~USD 3 billion

Forecast Year Market Size (2035)

~USD 23 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)
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Psychedelic Drugs Segmentation

Distribution Channel (Hospital Pharmacies, Retailer Pharmacies, Online Pharmacies)

Based on the distribution channel, the hospital pharmacies segment in the psychedelic drugs market is projected to hold the largest revenue share of about 48% during the forecast period. Hospital pharmacies are becoming more and more popular as distribution channels for psychedelic drugs due to factors like rising mental health awareness, the need for a prescription from a doctor, and the use of psychedelic drugs for certain medical conditions.
Managing mental health has become necessary for a higher standard of living due to the rising incidence of depression and other mental illnesses among people worldwide. Growth in the market is anticipated to be driven by the use of psychedelic drugs in the treatment of such mental illness issues. For instance, the Mental Health America 2022 research estimates that 3.6 million Texans were impacted by mental disease in 2022. The likelihood of taking psychedelic drugs rises with the amount of people suffering from mental illnesses like anxiety or depression, which fuels the market's expansion. Customers frequently go to hospital pharmacies in search of approved and safe medications, which contributes to the expansion of these pharmacies' distribution networks.

Drug Type (Lysergic Acid Diethylamide (LSD), Phencyclidine, 3,4-methylenedioxymethamphetamine, Ketamine, Gamma Hydroxybutyric Acid (GHB), Salvia)

Based on drug type, the lysergic acid diethylamide (LSD) segment is anticipated to dominate the psychedelic drugs market with a 30% revenue share. The likelihood of taking psychedelic substances rises with the amount of people suffering from mental illnesses like anxiety or depression, which fuels the market's expansion. Customers frequently go to hospital pharmacies in search of approved and safe medications, which contributes to the expansion of these pharmacies' distribution networks.

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

          Source

  • Synthetic
  • Natural

          Drug Type

  • Lysergic Acid Diethylamide (LSD)
  • Phencyclidine
  • 3,4-Methylenedioxymethamphetamine
  • Ketamine
  • Gamma Hydroxybutyric Acid (GHB)
  • Salvia

           Route of Administration

  • Oral
  • Injectable
  • Inhalation

           Distribution Channel

  • Hospital Pharmacies
  • Retailer Pharmacies
  • Online Pharmacies

           Application

  • Treatment-Resistant Depression
  • Opiate Addiction
  • Post-Traumatic Stress Disorder
  • Narcolepsy
  • Panic Disorders

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Psychedelic Drugs Industry - Regional Synopsis

North American Market Forecast

North America is predicted to lead the global psychedelic drugs market with a 35% revenue share owing to the region's greater psychedelic drugs acceptance. the surge in psychedelic drugs research and development, growing public awareness of the need to treat mental health concerns, and the rising incidence and prevalence of mental disorder problems have all contributed to the growth of the global market for psychedelic drugs. For instance, 19.86% of people experience a mental illness, according to the Adult Prevalence of Mental Illness (AMI) 2022 figures. comparable to around 50 million Americans. 4.91% of people suffer from a serious mental illness. In New Jersey, the state prevalence of adult mental illness is 16.37%; in Utah, it is 26.86%. As a result, the high frequency of these mental illnesses causes serious health problems, which in turn raises demand for psychedelic medications and fuels the market's rise throughout the projected timeframe.

European Market Statistics

The psychedelic drugs market in the European region is attributed to holding the second-largest market share of about 28% during the forecast period. Europe has invested much in psychedelic research and has been more receptive to learning about the medicinal uses of these substances. These regions might have a more developed market for psychedelic medications, with more clinical trials conducted and a better level of acceptance among patients and medical professionals.

Research Nester
Psychedelic Drugs Market Size
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Companies Dominating the Psychedelic Drugs Landscape

top-features-companies
    • Jazz Pharmaceuticals, Inc.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Hikma Pharmaceuticals PLC
    • Pfizer Inc.
    • PharmaTher Holdings Ltd.
    • NRx Pharmaceuticals, Inc.
    • Avadel
    • F. Hoffman-La Roche Ltd
    • Entheon Biomedical Corp
    • Janssen Global Services, LLC
    • Numinus Wellness Inc.

In-the-news

In The News

  • Ketamine for Chronic and Serious Medical Illness Program was introduced by Numinus Wellness Inc., a mental health care organization that advances safe, evidence-based psychedelic-assisted therapies and new treatments. It is anticipated that Numinus' clinics in British Columbia, Utah, and Quebec will be the first to implement this new approach. In subsequent months, the company plans to extend the concept to additional clinics.
  • The supplemental new drug application (sNDA) for SPRAVATO® (ketamine) CIII nasal spray, taken in conjunction with an oral antidepressant, has been approved by the U.S. Food and Drug Administration (FDA) to treat depressive symptoms in adults with major depressive disorder (MDD) who have acute suicidal ideation or behavior, according to a statement released today by the Janssen Pharmaceutical Companies of Johnson & Johnson.1. Up until a more extensive, long-term treatment plan can be implemented, SPRAVATO® is the only licensed medication that has been demonstrated to significantly lessen depressed symptoms in less than a day.

Author Credits:  Radhika Gupta, Shivam Bhutani


  • Report ID: 4153
  • Published Date: Feb 23, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rising frequency of mental health disorders and acceptance of psychedelic drugs are the major factors driving the growth of the psychedelic drugs market.

The market size of psychedelic drugs is anticipated to attain a CAGR of 17% over the forecast period, i.e., 2024-2036.

The major players in the market are Hikma Pharmaceuticals PLC, Pfizer Inc., PharmaTher Holdings Ltd., NRx Pharmaceuticals, Inc., Avadel, F. Hoffman-La Roche Ltd, Entheon Biomedical Corp, Janssen Global Services, LLC, Numinus Wellness Inc., and others.

The hospital pharmacies segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in the North American region is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Psychedelic Drugs Market Report Scope
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