Global Psychedelic Drugs Market

Psychedelic Drugs Market Size, Share, Growth Analysis, By Source (Synthetic, Natural), By Type (Empathogens, Dissociatives), By Drug (Gamma-Hydroxybutyric Acid (GHB), Ketamine), By Application (Narcolepsy, Treatment-Resistant Depression), By Route of Administration, By End-User, By Distribution Channel, By Region - Industry Forecast 2025-2032


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

Psychedelic Drugs Market Insights

Psychedelic Drugs Market size was valued at USD 2706.71 Million in 2023 and is poised to grow from USD 3066.7 Million in 2024 to USD 7253.41 Million by 2032, growing at a CAGR of 13.3% during the forecast period (2025-2032).

The development of psychedelic drugs, as well as increased awareness of the importance of treating mental health issues, are major factors driving market growth over the forecast period. The need to manage excessive stress, anxiety, and other mental disorders is critical to the market growth. Because psychedelic drugs provide new mechanisms for treating mental illness, some have shown promise, while others have been ineffective. Government initiatives, alliances, and mental health awareness programmers are expected to drive market growth during the forecast period.

Mental health issues are one of the major factors driving market growth over the forecast period, as mental health issues such as anxiety and depression, psychosis, and some forms of panic attacks necessitate treatment with psychedelic drugs. According to the State of Mental Health in America 2022 report, the number of youths experiencing a severe major depressive episode (MDE) increased by 197,000 from the 2021 dataset. Thus, an increase in the prevalence of depressive disorders leads to an increase in demand for psychedelic drugs, which boosts market growth over the forecast period.

As a result of increased awareness about the importance of treating mental illnesses, increased research and development of psychedelic drugs, and growing acceptance of psychedelic drugs for depression, the market is expected to grow over the forecast period. However, rising psychedelic drug side effects and a stringent regulatory framework will restrict market growth over the forecast period. While there are still legal and regulatory obstacles to overcome, as well as concerns about safety and potential side effects, the growing interest in psychedelic drugs as a potential new area of growth and investment, indicates that this industry will be one to watch in the coming years.

US Psychedelic Drugs Market is poised to grow at a sustainable CAGR for the next forecast year.

$5,300
BUY NOW GET FREE SAMPLE
Want to customize this report?

Our industry expert will work with you to provide you with customized data in a short amount of time.

REQUEST FREE CUSTOMIZATION

FAQs

Psychedelic Drugs Market size was valued at USD 2706.71 Million in 2023 and is poised to grow from USD 3066.7 Million in 2024 to USD 7253.41 Million by 2032, growing at a CAGR of 13.3% during the forecast period (2025-2032).

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. 'Pfizer Inc. (USA) ', 'Johnson & Johnson (USA) ', 'AbbVie Inc. (USA) ', 'Jazz Pharmaceuticals (Ireland) ', 'COMPASS Pathways (UK) ', 'MindMed (Canada) ', 'Atai Life Sciences (Germany) ', 'Cybin Corp. (Canada) ', 'Field Trip Health (Canada) ', 'GH Research (Ireland) ', 'Beckley Psytech (UK) ', 'Seelos Therapeutics (USA) ', 'Numinus Wellness Inc. (Canada) ', 'Delix Therapeutics (USA) ', 'Mydecine Innovations Group (Canada) ', 'Revive Therapeutics Ltd. (Canada) ', 'Entheon Biomedical (Canada) ', 'Mind Cure Health Inc. (Canada) ', 'PsyBio Therapeutics (USA) ', 'Tryp Therapeutics (USA) '

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 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.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Global Psychedelic Drugs Market

Report ID: SQMIG35I2114

$5,300
BUY NOW GET FREE SAMPLE