Press release
Psychedelic Drugs Market Poised for 16.9 % Growth, Set to Hit $37.23 Billion by 2029
Psychedelic Drugs
The surge of mental health issues is projected to fuel the expansion of the psychedelic drugs market. Mental health problems refer to conditions causing alterations in feelings, cognition, or behaviour and may include distress or post-traumatic stress disorder. Psychedelic drugs, used in the treatment of depression and post-traumatic stress disorder, can reduce the incidence of mental illnesses through regular use. For example, the National Centre for Social Research, a UK-based social research institution, noted in November 2022 that the percentage of 17- to 19-year-olds suspected to have a mental disorder rose from 17.4% in 2021 to 25.7% in 2022. Consequently, the escalating incidence of mental health disorders is propelling the psychedelic drugs market's growth.
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How will the growth rate of the psychedelic drugs market shape industry trends by 2034?
The market size of psychedelic drugs has experienced a swift expansion in the last few years. It is projected to surge from $5.56 billion in 2024 to $6.39 billion in 2025, marking a compound annual growth rate (CAGR) of 14.9%. Factors contributing to this notable growth during the historical period include the evolving regulatory environment, heightened awareness regarding mental health, and a shift in public opinion.
A swift expansion is predicted in the psychedelic drugs market in the upcoming years, with its value projected to rise to approximately $11.93 billion by 2029, registering a compound annual growth rate of 16.9%. This estimated growth during the forecast period can be attributed to various factors such as advancements in the development of these drugs, the broadening of their therapeutic applications, growing acceptance within the medical fraternity, shifts in public policy and responses to mental health crises. The forecast period will witness a primary focus on promoting education and public awareness, legal and regulatory advancements, a range of various psychedelic substances, and patient-focused treatment strategies.
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What trends are poised to drive the future success of the psychedelic drugs market?
Leading firms in the psychedelic drugs market are concentrating on innovating new products like ketamine to augment therapeutic results for mental health disorders, increase patient access to care, and investigate new uses for psychedelic substances in fields such as depression, anxiety, PTSD, and substance misuse. Ketamine is recognized for its dissociative attributes and is used as an anesthetic and painkiller, and it is currently being probed for its swift antidepressant impacts in treating severe depression and PTSD. For example, a conventional company based in the US, Husch Blackwell, inaugurated the Psychedelics and Emerging Therapies Practice Group in March 2022. This practice group is structured to aid innovators in investigating, fabricating, and commercializing new therapies derived from psychedelics. This group includes a multi-disciplinary team of lawyers proficient in maneuvering the complicated legal field related to these substances, often categorised as Schedule I controlled substances under US federal law, which poses substantial regulatory barriers that could potentially obstruct research and development initiatives.
Which primary segments of the psychedelic drugs market are driving growth and industry transformations?
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, Opi*ate 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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Which geographical regions are pioneering growth 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.
Who are the influential players reshaping the psychedelic drugs market landscape?
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
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What Is Covered In The Psychedelic Drugs Global Market Report?
•Market Size Forecast: Examine the psychedelic drugs market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the psychedelic drugs market for a structured understanding.
•Key Players Overview: Analyze major players in the psychedelic drugs market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the psychedelic drugs market.
•Segment Contributions: Evaluate how different segments drive overall growth in the psychedelic drugs market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the psychedelic drugs market.
•Industry Challenges: Identify potential risks and obstacles affecting the psychedelic drugs market.
•Competitive Landscape: Review strategic developments in the psychedelic drugs market, including expansions, agreements, and new product launches.
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