The Psychedelic Drugs Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2024-2033).
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The analysis presented in The Business Research Company’s Psychedelic Drugs Global Market Report 2024 underscores the remarkable growth trajectory of the psychedelic drugs market. Over recent years, this market segment has demonstrated robust expansion, with projections indicating a noteworthy escalation from $4.88 billion in 2024 to $5.62 billion in 2024, showcasing a notable compound annual growth rate (CAGR) of 15.1%. This surge in market value during the historical period stems from dynamic shifts within the regulatory landscape, heightened awareness surrounding mental health issues, and evolving societal attitudes.
Looking ahead, the outlook for the psychedelic drugs market remains highly promising, with forecasts anticipating accelerated growth to reach $10.2 billion by 2028, boasting a CAGR of 16.1%. This projected expansion in the forecast period is fueled by a confluence of factors, including notable advancements in drug development methodologies, an expanded scope of therapeutic applications, increased acknowledgment within the medical fraternity, progressive policy reforms, and a concerted response to the prevailing mental health crisis. Noteworthy trends set to shape the future landscape encompass a strategic emphasis on educational initiatives and public outreach, pivotal legal and regulatory advancements, diversification strategies pertaining to psychedelic compounds, and a shift towards patient-centric treatment modalities.
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.
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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
Top 5 Major Players:
Furthermore, key players within the psychedelic drugs market are strategically leveraging collaborative ventures to innovate and consolidate their market positions. These partnerships serve as conduits for synergistic exchange of expertise, pooling of resources, and concerted research endeavors, thereby expediting the development of cutting-edge therapeutic interventions and fostering a more nuanced understanding of psychedelics’ therapeutic potential. A case in point is the recent collaboration between SciSparc Ltd., an Israel-based biopharmaceutical entity, and Clearmind Medicine Inc., a Canada-based pharmaceutical firm. Their collaborative efforts, initiated in March 2022, aim to explore the development of novel psychedelic compounds with enhanced efficacy and safety profiles for the treatment of mental health disorders. Through joint pre-clinical studies and shared aspirations, both entities envision the prospect of further deepening their collaborative efforts towards the advancement of psychedelic-derived therapeutics. This strategic alliance epitomizes the burgeoning interest and investment within the psychedelic pharmaceutical sector, driven by the promise of transformative treatments and the imperative to address unmet healthcare needs.
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
…..
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
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Psychedelic Drugs Market, Segmentation By Type, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Psychedelic Drugs Market, Segmentation By disease Indication, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Psychedelic Drugs Market, Segmentation By Origin, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
…..
Table 76: Pfizer Inc. Financial Performance
Table 77: Johnson & Johnson Financial Performance
Table 78: Merck & Co. Inc. Financial Performance
Table 79: AbbVie Inc. Financial Performance
Table 80: Novartis International AG Financial Performance
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