Press release
Psychedelic Drugs Market Size, Share, Industry, Forecast and outlook (2024-2031)
DataM Intelligence.com
Global Psychedelic Drugs Market Surges, Expected to Reach USD 9.9 Billion by 2030
The Global Psychedelic Drugs Market has witnessed substantial growth, soaring from USD 3.9 billion in 2022 to a projected value of USD 9.9 billion by 2030. This impressive trajectory is attributed to a Compound Annual Growth Rate (CAGR) of 12.6% during the forecast period of 2023-2030.
The market's resurgence is fueled by a renewed interest in psychedelic drugs, driven by expanded research into their therapeutic potential, especially in addressing mental health disorders. Noteworthy developments include the emergence of companies dedicated to developing and commercializing psychedelic-based treatments, coupled with evolving regulatory attitudes that facilitate research and medical applications in certain regions.
Key Market Drivers
The Psychedelic Drugs Market is propelled by factors such as the growing acceptance of psychedelic-assisted therapy, escalating mental health concerns, heightened awareness of mental health issues, expansive research and development efforts in exploring novel treatments, and advancements in technology.
Market Scope and Metrics
CAGR: 12.6%
Size Available for Years: 2021-2030
Forecast Period: 2023-2030
Data Availability: Value (USD)
Segments Covered: Drug Type, Application, Distribution Channel, and Region
Regions Covered: North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Fastest Growing Region: Asia-Pacific
Largest Region: North America
Report Insights Covered: Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter's Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights.
For More Insights, Download Sample:https://www.datamintelligence.com/download-sample/psychedelic-drugs-market
Psychedelic Drugs Market Dynamics
Increasing Acceptance of Psychedelic-Assisted Therapy
Evidence from clinical trials and research studies underscores the therapeutic benefits of psychedelics in treating mental health conditions, leading to increased acceptance and investment in psychedelic-based treatments. Notably, global leader Field Trip Health & Wellness recently launched Field Trip Online Therapy, leveraging contemporary talk therapy and integrative wellness tools.
Rising Mental Health Concerns
A surge in mental health disorders has created a demand for innovative treatments, positioning psychedelic drugs as a potential alternative. Initiatives like the University of California, Davis' Institute for Psychedelics and Neurotherapeutics aim to advance knowledge and translate it into effective treatments.
Side Effects of Psychedelic Drugs
Safety concerns surrounding side effects and associated risks may result in stricter regulations, impeding clinical trials and product development. Overcoming the perception of psychedelics as illicit drugs is crucial for public acceptance and industry support.
Market Segment Analysis
Psilocybin Segment to Dominate Market Share
The psilocybin segment is projected to dominate the market, holding 41.2% in 2022. Psilocybin's therapeutic potential in treating mental health disorders, as evidenced by ongoing clinical trials, continues to attract interest and investment.
Geographical Share
North America Leads with 40.3% Market Share
North America, particularly the United States, dominates the market with a 40.3% share, fueled by advanced research, clinical trials, and technological advancements in psychedelic drugs and treatments.
Major Companies
Major players in the global psychedelic drugs market include Compass Pathways, MindMed, Hikma Pharmaceuticals, Celon Pharmaceuticals, Cybin Corp, Pfizer Inc., Jazz Pharmaceuticals Inc., Atai Life Sciences N.V., PharmaTher Holdings Ltd, and GH Research PLC.
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