Psychedelic Drugs Market Size, Share, Growth Analysis, By Source(Synthetic and Natural), By Type(Empathogens, Dissociative, Others), By Drugs(Gamma-Hydroxybutyric Acid, Ketamine, Psilocybin, Others), By Application(Narcolepsy, Treatment Resistant Depression, Major Depressive Disorder, Opiate Addiction), By Route of Administration(Oral, Inhalation, Injectable), By End User(Hospital, Speciality Clinics, Homecare), By Distribution Channel(Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy.), By Region - Industry Forecast 2024-2031

Psychedelic Drugs Market Drivers

Acceptance of Psychedelic Drugs for Treating Depression is Growing

• Psychedelics have grown in popularity in the last decade because they are used in human mental healing and treatment practices and have the ability to heal the mind. Researchers and scientists are investigating the therapeutic value of psychedelic drugs and compounds that could be a new treatment option for people suffering from depression. Continuous research and development in psychedelic drugs have increased the medication's acceptance. Psychedelic drugs' promising outcomes have increased their use in the United States and other regions, resulting in rising demand for psychedelic drugs; thus, these factors are expected to act as market drivers.

Depression and mental disorders have increased globally

• Mental disorders (or mental illnesses) can be chronic or episodic, affecting people's feelings, moods, thinking, and behavior. Depression and mental disorders can impair an individual's ability to perform daily tasks. There are numerous types of mental disorders. Depression and mental disorders have increased globally as a result of a variety of factors including family history and genes, abuse or stress, biological factors, alcohol or recreational drug use, and many others.

Psychedelic Drugs Market Restraints

High cost of psychedelic drugs

• The high cost of psychedelic drugs, on the other hand, will limit the market growth rate. Furthermore, stringent rules and regulations will pose additional challenges to the market during the forecast period.