Psychedelic Drugs Market is valued at USD 4.87 Billion in 2022 and expected to reach USD 11.82 Billion by 2029 with a CAGR of 13.49% over the forecast period.
Psychedelic Drugs Market Size, Trends, Competitive, Historical & Forecast Analysis to 2022-2029, Increasing mental health disorders and illness which result in rising adoption of treatment measures drive the growth of the Global Psychedelic Drugs Market.
Psychedelic is a class of hallucinogenic drugs that trigger non-ordinary states of consciousness. It involves many types of chemical substances including LSD and chemicals extracted from plants. Additionally, it has the ability to change or enhance sensory perceptions, thought processes, energy levels and has been reported to facilitate spiritual experiences. Psychedelic drugs is categorized into two drugs which are empathogens and dissociative drugs such as PCP and serotonergic such as LSD. These drugs are also used in the treatment of major depressive disorders, treatment-resistant depression, panic disorder, post-traumatic stress disorder, and opiate addiction among others.
During the outbreak of the Covid-19 pandemic, the restriction on mobility, trapping individuals in homes, subsequently started a high level of trauma and stress in the form of sadness and loneliness. As a result, people across the globe are suffering from mental disorders such as sadness, depression, and anxiety. This has increased the scope of psychedelic medications which drives the psychedelic drugs.
The Global Psychedelic Drugs market is segmented on the basis of product type, application, end-user and region & country level. On the basis of product type, the global psychedelic drugs market is classified as lysergic acid diethylamide, 3,4-methylenedioxymethamphetamine, phencyclidine, gamma-hydroxybutyric acid, etamine, ayahuasca, salvia, psilocybin and others. Based on application, the market is segmented as major depressive disorder, resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction, and others. Based on end-user, the global psychedelic drugs market is segmented as hospitals, homecare, specialty clinics and others.
The regions covered in the Psychedelic Drugs market report are North America, Europe, Asia-Pacific, Latin America, and the Rest of the World. On the basis of country level, the market of Global Psychedelic Drugs is subdivided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, India, Japan, South East Asia, Middle East Asia (Saudi Arabia, UAE, Egypt) GCC, Africa, etc.
Dalriada Drug Discovery Collaborated with atai Life Sciences' New Platform Company to Discover Next-Generation Therapies for Mental Health
On January 27th, 2022; Dalriada Drug Discovery collaborated with atai Life Sciences' to develop next-generation small molecule therapies based on psychedelics and related compounds for mental health disorders. The goal of the partnership is to establish a diversified pipeline of new chemical entities (NCE) designed to improve upon current compounds in clinical and preclinical development to treat these disorders. Initial work of company going to focuses on designing novel compounds aimed at the serotonin 5-HT2A receptor with another central nervous system (CNS) targets to follow. In addition to the creation of the pipeline, the collaboration critically includes the creation of a substantial pharmacology platform that will enable the deep interrogation of known and novel compounds at a target level.
Filament Health subsidiary Psilo Scientific Received License in Psilocybin Production
On January 26th, 2022; Filament Health Corp. a clinical-stage natural psychedelic drug development company has been included in Health Canada's list of licensed psilocybin producers. The list of approved psilocybin producers is intended to support researchers looking to access psilocybin for the purpose of conducting clinical trials in Canada and practitioners looking for psilocybin for emergency treatment of a patient under the Special Access Program (SAP).
Next Frontier Pharmaceuticals' Subsidiary Benuvia Signed Agreement with Global Wellness' Shanti Therapeutics
On January 20th, 2022; Benuvia Manufacturing, Inc., entered into the global psychedelic drug development and Active Pharmaceutical Ingredient (API) market by signing an agreement with Global Wellness Strategies Inc. and Shanti Therapeutics Pty Ltd for management of their novel psychedelic development program using MDMA. Benuvia, based in Round Rock, Texas, is a leading drug developer and provider of cannabinoid and psychedelic APIs. Benuvia will develop and file intellectual property on formulations of MDMA, and will provide full toxicology, and chemistry, manufacturing and controls, or CMC, and full data analysis.
Mindset Pharma Entered Manufacturing Agreement with Leading CDMO to Produce Pharmaceutical Grade Batches of Next-Generation Psilocybin Drug Candidate
On January 25th, 2021; Mindset Pharma Inc. a drug discovery and development company focused on creating optimized and patentable next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet medical needs, it had entered into a pharmaceutical manufacturing agreement with leading contract development and manufacturing organization (CDMO), for the production of pharmaceutical-grade batches of Mindset’s next-generation psilocybin drug candidate, MSP-1014.
Rising awareness regarding mental health disorders and illness leads to higher adoption of treatment measures pertaining to psychological ailments by the general population across the globe. This awareness is being supported through numerous campaigns and initiatives by various organizations and companies. The campaigns of awareness have inspired people to select the appropriate treatment for mental disorders procedures and professionals which leads to rise the demand of psychedelic drugs. Additionally, the rising prevalence of depression and other mental disorders worldwide and increasing demand for treatment, are the key factors supplementing the growth of the psychedelic drugs market. Furthermore, changes in lifestyle and the desire for a higher and better quality of life leads to expected to contribute toward the market growth. And also increase in R&D initiatives in the sector of psychedelic medicine is projected to drive market expansion during the forecast period.
However, strict regulatory policies are the primary restraining factors associated with the submissive production of synthetic psychedelic drugs. Additionally, changes associated with psychedelic drug laws and policies are complicated and are resulting in changeable forms of application across different geographical areas. Continuous changes in rules and regulations for the agreement of natural psychedelic drugs are expected to cause delays in the launch of products in the market. Inflexibility in rules and regulations by the government is a major restraint for the dissociative psychedelic drugs market. In spite of that, an increase in research and development expenditure in this field may offer more opportunities for the further growth of the global psychedelic drugs market.
North America is expected to dominate the global psychedelic drugs market and is estimated to continue the same within the forecast period. The growth of the North American market is fostered by the recognition of advanced drug fusion portfolios obtain from psychedelic drugs by the U.S. FDA. Additionally, the presence of key market players in this region and increasing investment in research and development activities are also supplementing the market growth. European Union is the second-largest market after North America which has high market shares in the psychedelic drug market.
Germany is having the highest share in the European market for psychedelic drugs, with a share of around 18%. People's desire and ability to spend on wellness has increased which resulted in a significant shift in healthcare spending in the European region. Additionally, the approved sales by FDA for psychedelic drugs for medical indications are expected to increase the demand growth of psychedelic drugs in the country.
The Asia Pacific is also expected to have stagnant growth in the psychedelic drugs market. FDA-approved psychedelic drugs sales in the country has led to increasing research activities. Rising spike of key pharmaceutical players in the country for oncology associated treatment and ketamine psychedelic drugs is expected to open the gateway to psychedelic drug development for medicinal purposes.
|Historical data||2016 - 2021|
|Forecast Period||2022 - 2029|
|Market Size in 2022:||USD 4.87 Billion|
|Base year considered||2021|
|Forecast Period CAGR %:||
|Market Size Expected in 2029:||USD 11.82 Billion|
|Tables, Charts & Figures:||175|
|Psychedelic Drugs Companies||Janssen Pharmaceuticals, Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, Celon Pharma S.A., NeuroRx, Inc.,Seelos Therapeutics. Inc, Mind Medicine (MindMed) Inc., HAVN Life Sciences Inc, Numinus Wellness Inc, Atai Life Sciences N.V., others.|
|Segments Covered||By Product Types, By Applications Type, By End-User|
|Regional Analysis||North America, U.S., Mexico, Canada, Europe, UK, France, Germany, Italy, Asia Pacific, China, Japan, India, Southeast Asia, South America, Brazil, Argentina, Columbia, The Middle East and Africa, GCC, Africa, Rest of the Middle East and Africa|