What is the global market size of Psychedelic Drugs Market?

Psychedelic Drugs Market size was valued at USD 2386.72 million in 2021 and is poised to grow from USD 2706.71 million in 2022 to USD 6401.95 million by 2030, growing at a CAGR of 13.3% in the forecast period (2023-2030).

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

Q: Which region accounted for the largest share in Global Psychedelic Drugs Market?

North America is expected to continue to dominate the global psychedelic drugs market during the forecast period. The FDA's recognition of advanced drug fusion portfolios obtained from psychedelic drugs has aided the growth of the North American market. Furthermore, the presence of key market players in this region, as well as increased investment in research and development activities, are supporting market growth. The European Union is the second-largest market after North America in terms of psychedelic drug market share.

Report ID: SQMIG35I2114 | Region: Global | Published Date: February, 2024
Pages: 242 | Tables: 200 | Figures: 80

Psychedelic Drugs Market News

In October 2022, Numinous Wellness Inc, a mental health care company that advances innovative treatments and evidence-based psychedelic-assisted therapies, has launched the Ketamine for Chronic and Serious Medical Illness Program. This new programmer will most likely begin in Numinous clinics in Utah, British Columbia, and Quebec. In the coming months, the company plans to expand the programmer to other clinics.

In March 2022, the results and follow-up data from a phase 3 clinical trial of a psychedelic drug, 3,4 methylenedioxymethamphetamine (MDMA), combined with psychotherapy for the treatment of PTSD University of California researchers reported the findings. Their preliminary findings indicated that the therapy is effective even in difficult-to-treat patients, such as those with drug or alcohol use disorders.

Psychedelic Drugs Market Report Snapshots

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Psychedelic Drugs Market size was valued at USD 2386.72 million in 2019 and is poised to grow from USD 2706.71 million in 2023 to USD 6401.95 million by 2031, growing at a CAGR of 13.3% in the forecast period (2024-2031).

The major players are actively implementing growth strategies, such as product launches, acquisitions, and collaborations, to contribute to the market's growth. For instance, Cybin, a biotechnology company focused on progressing psychedelic therapeutics, announced the launch of the EMBARK psychedelic facilitatory training course in October 2021. This program offers the foundational training required for psychedelic clinical trial facilitators to provide skilled and ethical care to participants receiving psychedelic treatment. 'COMPASS Pathways', 'Mind Medicine (MindMed) Inc.', 'Field Trip Health Ltd.', 'Eleusis Ltd.', 'Psyched Wellness Ltd.', 'Cybin Corp.', 'Entheon Biomedical Corp.', 'Numinus Wellness Inc.', 'Havn Life Sciences Inc.', 'Red Light Holland Corp.', 'Silo Wellness Inc.', 'Revive Therapeutics Ltd.', 'Seelos Therapeutics Inc.', 'Mydecine Innovations Group Inc.', 'Awakn Life Sciences Corp.', 'Novamind Inc.', 'Tryp Therapeutics Inc.', 'Mind Cure Health Inc.', 'BetterLife Pharma Inc.', 'Mindset Pharma Inc.'

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.

The hospital pharmacy segment is expected to grow over the forecast period due to factors such as increased public awareness of mental health, psychedelic drugs requiring a medical practitioner's prescription, and the use of psychedelic drugs for specific indications, which are driving the growth of hospital pharmacies as distribution channels.

North America is expected to continue to dominate the psychedelic drugs market during the forecast period. The FDA's recognition of advanced drug fusion portfolios obtained from psychedelic drugs has aided the growth of the North American market. Furthermore, the presence of key market players in this region, as well as increased investment in research and development activities, are supporting market growth. The European Union is the second-largest market after North America in terms of psychedelic drug market share.

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