PSYCHEDELIC DRUGS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The Global Psychedelic Drugs Market is estimated to be valued at USD 3.41 Bn in 2024 and is expected to reach USD 8.32 Bn by 2031, growing at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031. The global psychedelic drugs market has witnessed significant growth in the past few years due to the increasing acceptance of psychedelic-assisted psychotherapy for the treatment of mental health conditions. Psychedelic drugs such as lysergic acid diethylamide (LSD), psilocybin, 3,4-methylenedioxymethamphetamine (MDMA), ketamine, and dissociative drugs are used to alter users' perceptions, thoughts, and consciousness levels. Increasing prevalence of depression and other mental disorders as well as growing number of clinical research to evaluate the efficacy of psychedelic drugs for treatment of various mental health disorders is primarily driving the market growth. Moreover, favorable regulatory reforms by several governments across North America and Europe have positively impacted the adoption of psychedelic therapeutics for treatment of conditions such as treatment-resistant depression.
Market Dynamic:
The global psychedelic drugs market growth is primarily driven by factors such the increasing prevalence of mental disorders, ongoing drug development and clinical research related to psychedelic drugs, and growing acceptance of psychedelic-assisted psychotherapy among physicians and patients. According to the WHO estimates, over 264 million people suffer from depression globally. Psychedelic drugs such as psilocybin, LSD, and MDMA have shown potential for the treatment of major depressive disorder as well as other mental health conditions. The growing number of clinical studies to evaluate the therapeutic effects of these drugs for conditions like treatment-resistant depression (TRD) and post-traumatic stress disorder (PTSD) is fostering the market growth. Additionally, supportive regulatory framework in several developed economies is enabling the commercialization of psychedelic medicines. However, strict regulations regarding the clinical and commercial use of these drugs pose potential challenges for the market. Moreover, risk of legalized recreational use can restrain the therapeutic adoption of psychedelic drugs. Meanwhile, the development of evidence-based treatment paradigms by facilitating research and innovation represents an opportunity for stakeholders in this market.
Key features of the study:
- This report provides an in-depth analysis of the global psychedelic drugs market and provides market size (USD Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global psychedelic drugs market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include MindMed, Compass Pathways, Cybin Inc., Atai Life Sciences, Field Trip Health Ltd., Havn Life Sciences, Revive Therapeutics, NeonMind Biosciences, Numinus Wellness, PharmaTher Holdings Ltd., Jazz Pharmaceuticals, Seelos Therapeutics, NRx Pharmaceuticals Inc., Psyched Wellness Ltd., and Silo Wellness,
- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
- The global psychedelic drugs market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global psychedelic drugs market.
Market Segmentation
Market Segmentation
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