The Business Research Company’s report on the Psychedelic Drugs Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
Which emerging drivers are set to accelerate the growth of the psychedelic drugs market further?
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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What are the key factors influencing the forecasted market size of the psychedelic drugs industry?
The psychedelic drugs market size has grown rapidly in recent years. It will grow from $5.56 billion in 2024 to $6.39 billion in 2025 at a compound annual growth rate (CAGR) of 14.9%. 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 $11.93 billion in 2029 at a compound annual growth rate (CAGR) of 16.9%. 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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Who are the leading competitors in the psychedelic drugs market?
Major companies operating in the psychedelic drugs market include Atai Life Sciences, Cybin Inc., Mind Medicine Inc., Compass Pathways, Seelos Therapeutics, Numinus Wellness Inc., GH Research, Revive Therapeutics, Havn Life Sciences, PharmaTher Holdings, Field Trip Health, Small Pharma, Incannex Healthcare, Optimi Health, NeonMind Biosciences, Entheon Biomedical, Mydecine Innovations Group, Red Light Holland, Eleusis, MAPS Public Benefit Corporation, Beckley Psytech, Awakn Life Sciences, Psygen Industries, Enveric Biosciences, Filament Health, Tactogen, Bexson Biomedical, BetterLife Pharma, Clairvoyant Therapeutics, Universal Ibogaine
Which emerging trends are set to transform the psychedelic drugs market landscape?
Major companies operating in the psychedelic drugs market are focusing on innovative products, such as ketamine, to enhance therapeutic outcomes for mental health conditions, improve patient accessibility to treatment, and explore new applications for psychedelic compounds in areas like depression, anxiety, PTSD, and substance use disorders. Ketamine is a medication used as an anesthetic and analgesic, known for its dissociative properties. It is also being explored for its rapid antidepressant effects in treating conditions like severe depression and PTSD. For instance, in March 2022, Husch Blackwell, a US-based traditional company, launched the Psychedelics and Emerging Therapies Practice Group. The practice group is designed to assist innovators in researching, developing, and commercializing novel therapies based on psychedelics. It comprises an interdisciplinary team of lawyers who are well-versed in navigating the complex legal landscape surrounding these substances, which are often classified as Schedule I controlled substances under U.S. federal law. This classification presents significant regulatory challenges that can hinder research and development efforts.
How do different geographies compare in terms of market share and growth potential in the psychedelic drugs market?
North America was the largest region in the psychedelic drugs market in 2024. 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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Which major segments of the psychedelic drugs market are experiencing the fastest growth?
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
Subsegments:
1) By Lysergic Acid Diethylamide (LSD): LSD Tablets, LSD Liquid, LSD Blotters
2) By Ketamine: Ketamine Infusion, Ketamine Nasal Spray, Ketamine Injectable
3) By Phencyclidine (PCP): PCP Powder, PCP Tablets, PCP Liquid
4) By Gamma Hydroxybutyric Acid (GHB): GHB Liquid, GHB Powder, GHB Capsules
5) By Salvia: Salvia Extract, Salvia Dried Leaves, Salvia Tinctures
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How is the psychedelic drugs market defined?
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.
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