Psychedelic Drugs Market Overview and Analysis:
The Psychedelic Drugs Market is currently valued at USD 4.8 billion in the year 2022, registering a CAGR of 14.5% over the forecast period, 2023-2030.
Get Complete Analysis Of The Report - Download Free Sample PDF
Psychedelic drugs involve various types of chemical substances including lysergic acid diethylamide (LSD) and chemicals extracted from plants. These drugs can change or enhance sensory perceptions, thought processes, and energy levels and have also been reported to facilitate spiritual experiences. These drugs have wide applications in the treatment of major depressive disorder, post-traumatic stress disorder, panic disorder, treatment-resistant depression, and opiate addiction among others. Psychedelic drugs are also known by several other names such as lysergic acid derivative (LSD) which is also known as a blotter, dots, sugar, acid, trips, and window pane, ketamine is also known as vitamin K, bump, green, K/special K, purple and super acid, PCP is also known as angel/angel dust, boat/love boat, peace, killer weed, supergrass, and ozone.
Psychedelic Drugs Market Latest Trends:
Most recent research on psychedelic therapy has used psilocybin or ayahuasca. Patients spend most of the acute period of the drug's activity lying down with eyeshades listening to music selected beforehand and exploring their inner experience.
Segmentation:
The Psychedelic Drugs Market,
By Source :
- Synthetic
- Natural
By Type :
- Empathogens
- Dissociatives
- Others
Application :
- Narcolepsy
- Treatment Resistant Depression
- Major Depressive Disorder
- Opiate Addiction
- Post-Traumatic Stress Disorder
- Others
Route of Administration :
- Ora
- Inhalation
- Injectable
End User :
- Hospitals
- Specialty Clinics
- Homecare
- Others
Distribution Channel :
- Hospitals Pharmacy
- Retail Pharmacy
- Online Pharmacy
Geography :
- North America
- Europe
- Asia-Pacific
- Rest of the World
The market sizes and forecasts are provided in terms of value in USD billion for all the above segments.
For Detailed Market Segmentation - Download Free Sample PDF
Drivers:
Growing Acceptance of Psychedelic Drugs for Treating Depression.
Over the last decade, psychedelics have experienced a remarkable resurgence in popularity. This resurgence is primarily attributed to their perceived potential in healing and therapeutic practices, particularly their ability to aid in mental well-being. An increasing number of researchers and scientists have embarked on endeavors to unlock the therapeutic properties of psychedelic compounds. Their aim is to introduce new avenues for individuals struggling with depression and related mental health issues. The continued commitment to researching and developing psychedelic drugs has profoundly shaped the way society views and accepts these substances as potential therapeutic tools. The promising outcomes emerging from the use of psychedelic drugs have sparked a surge in their adoption, particularly in the United States and various other regions. Consequently, this growing interest and demand for psychedelic drugs are expected to act as catalysts, driving the market's growth. This growth signifies a shifting paradigm in our approach to mental health and well-being.
Increasing Prevalence of Depression and Mental Disorders
Mental disorders, also referred to as mental illnesses, encompass conditions that impact an individual's emotions, mood, thought processes, and behavior. These conditions can manifest as chronic, persisting over extended periods, or they may be episodic, with occurrences coming and going. Depression and various other mental disorders have the potential to disrupt an individual's ability to carry out their daily tasks effectively. A multitude of distinct mental disorders exist, each characterized by unique symptoms and effects on an individual's mental and emotional well-being. The factors contributing to the global increase in depression and mental disorders are multifaceted. These factors encompass a combination of genetic predisposition, family history, exposure to trauma or chronic stress, biological components, substance abuse, and the use of alcohol or recreational drugs, among others. Moreover, the elevated consumption of illicit substances has further exacerbated the prevalence of depression and mental disorders on a global scale. Consequently, the growing incidence of these conditions has amplified the demand for psychedelic drugs. This heightened demand, in turn, is anticipated to serve as a driving force propelling the market's growth. It underscores the evolving landscape in the treatment of mental health issues, with an increasing focus on alternative therapies and interventions.
Rising Awareness of Mental Health.
The profound impact of mental illness on individuals' daily functioning underscores the critical need for raising awareness about its various causes, associated disorders, and available treatment options. These debilitating conditions have prompted concerted efforts by organizations and companies to launch campaigns and adoption initiatives aimed at increasing public awareness. These initiatives empower patients to explore effective treatment options that align with the underlying causes of their condition and the symptoms they experience. The deployment of advertising, awareness campaigns, and other educational efforts has played a pivotal role in enhancing the understanding of psychedelic drugs. These awareness campaigns have motivated individuals to make informed choices regarding treatment procedures for their mental health issues, consequently driving up the demand for psychedelic drugs. As a result, the growing awareness surrounding mental health concerns is anticipated to serve as a driving force behind the market's growth, ultimately paving the way for improved mental health care and support.
COVID-19 Impact on Psychedelic Drugs Market :
The COVID-19 pandemic left a profound impact on the market for psychedelic drugs. When governments worldwide swiftly enforced lockdown measures in response to the pandemic, there was a noticeable upsurge in the demand for psychedelic drugs. People across the globe grappled with severe depression and stress as a result. To illustrate, according to the World Health Organization's update in March 2022, the COVID-19 pandemic triggered a 25% increase in the prevalence of anxiety and depression on a global scale. The pandemic's repercussions were extensive: many individuals lost their jobs and found themselves confined to their homes, intensifying the challenges to their mental health and, in turn, fueling the demand for psychedelic drugs. Presently, as restrictions are gradually lifted, some of the issues related to mental health have been alleviated. However, the market is expected to continue growing, primarily owing to the heightened awareness of mental health issues that warrant treatment with psychedelic drugs and the increased focus on research and development in this field. This underscores a shift in the approach to mental health care, signifying a brighter future for those in need of support and treatment.
Segmental Analysis:
Synthetic Drug Segment is Expected to Witness Significant growth Over the Forecast Period.
Synthetic psychedelic drugs represent a burgeoning field of pharmaceuticals and research, offering promising avenues for mental health treatment and exploration of altered states of consciousness. These substances are synthesized chemically to replicate the effects of naturally occurring psychedelics, such as psilocybin (found in magic mushrooms) and lysergic acid diethylamide (LSD), while providing greater control over dosages and purity. This innovation has spurred considerable interest and research into their therapeutic potential. Some synthetic psychedelics are designed as analogs of psilocybin, the psychoactive compound in magic mushrooms. They mimic the effects of psilocybin, offering therapeutic potential for mood disorders, addiction, and post-traumatic stress disorder (PTSD). Thus, the segment is expected to witness significant growth over the forecast period.
The Dissociatives Segment is Expected to Witness Significant growth Over the Forecast Period
Dissociative psychedelic drugs offer a unique pathway into altered states of consciousness, where users may explore the boundaries of their perception and self. While recreational use exists, there is a growing interest in the therapeutic potential of these substances, particularly ketamine, which may offer new hope for individuals struggling with mental health conditions. Ketamine, in particular, has shown promise in clinical settings for treating mental health conditions. It is administered under controlled conditions and has been associated with rapid and significant reductions in depressive symptoms. Thus, owing to such advantages the segment is expected to witness significant growth over the forecast period.
Post Traumatic Stress Disorder Segment is Expected to Witness Significant growth Over the Forecast Period
Post-Traumatic Stress Disorder (PTSD) is a debilitating mental health condition that can develop after a person has experienced a traumatic event. It is characterized by intrusive and distressing memories, nightmares, hypervigilance, and emotional numbing. For many individuals with PTSD, conventional treatments such as psychotherapy and medication provide limited relief. This has led to a growing interest in the potential therapeutic use of psychedelic drugs to address this challenging condition. Psilocybin, the active compound in magic mushrooms, has demonstrated promise in clinical trials for the treatment of PTSD. It is believed to work by altering the patient's perception and thought patterns, allowing them to confront and process traumatic memories in a novel and less distressing way. Thus, the segment is expected to witness significant growth over the forecast period.
The Injectable Segment is Expected to Witness Significant growth Over the Forecast Period
Injectable psychedelic drugs represent a promising frontier in mental health care, offering a new approach to addressing complex psychological issues. As research advances and therapeutic protocols evolve, these innovative treatments have the potential to revolutionize mental health therapies, providing hope and healing for individuals grappling with various mental health disorders. Thus, owing to such advances the region is expected to witness significant growth over the forecast period.
Hospitals Segment is Expected to Witness Significant growth Over the Forecast Period
Hospitals are at the forefront of clinical research into the therapeutic potential of psychedelic drugs. They provide controlled environments for conducting studies on the safety and efficacy of these substances in treating various mental health conditions. Hospitals offer the ideal settings for administering psychedelic-assisted psychotherapy. These therapies are often conducted by experienced therapists, ensuring patient safety and psychological support throughout the treatment. Moreover, Hospitals have access to a range of medical and psychiatric professionals who play crucial roles in the administration of psychedelic treatments. This interdisciplinary approach ensures that patients receive comprehensive care. Thus, the region is expected to witness significant growth over the forecast period.
North America Region is Expected to Witness Significant growth Over the Forecast Period.
The region is expected to witness significant growth over the forecast owing to a high number of mental case disorders reported in the region and the presence of major players in the region which is leading to technological developments in the region. For instance, in August 2020, Janssen Pharmaceuticals, Inc. received approval for its Spravato nasal spray indicated for the treatment of suicidal people. As approximately 11% to 12% of Americans suffer from major depressive disorder that leads them to commit suicide, this approval provided these patients with a remarkable therapy and paved the way for the company to generate more revenue.
Also, the recent update published by the Government of Canada in 2021, reported that mental illness is experienced by 1 in 3 Canadians during their lifetime. Many Canadians are affected by it either directly or indirectly through family, friends, or colleagues. Thus, high instances of mental health cases is driving the growth of the studied market over the forecast period.
Thus, owing to the above-mentioned reasons the region is expected to witness significant growth over the forecast period.
Get Complete Analysis Of The Report - Download Free Sample PDF
Psychedelic Drugs Market Competitive Landscape:
The Psychedelic Drugs Market is highly competitive due to the presence of many major players present globally and regionally. The major companies that are dealing in the market are:
Key Players :
- Jazz Pharmaceuticals, Inc.
- Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.)
- Hikma Pharmaceuticals PLC
- COMPASS
- Verrian
- Pfizer Inc.
- F. Hoffmann-La Roche Ltd
- Avadel
- Celon Pharma SA.
- Cybin Corp.
- GH Research
- Entheon Biomedical Corp
- PharmaTher Holdings Ltd.
- NRx Pharmaceuticals, Inc.
Recent Developments:
1. October 2022: Numinus Wellness Inc., a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, launched its Ketamine for Chronic and Serious Medical Illness Program. This new program is likely to be introduced first in Numinus' clinics in Utah, British Columbia, and Quebec. The Company intends to expand the program to other clinics in later months.
2. March 2022: Scientists from the University of California reported the results and follow-up data from a phase 3 clinical trial of a psychedelic drug, 3,4 methylenedioxymethamphetamine (MDMA), combined with psychotherapy for the treatment of PTSD. Their preliminary data suggested that the therapy works even in hard-to-treat patients, such as those with drug or alcohol use disorders.
Frequently Asked Questions (FAQ) :
Q1. What is the current Psychedelic Drugs Market size?
The Psychedelic Drugs Market is currently valued at USD USD4.8 billion.
Q2. What is the Growth Rate of the Mango Market?
Psychedelic Drugs Market is registering a CAGR of 14.5% over the forecast period.
Q3. What segments are covered in the Psychedelic Drugs Market Report?
By Source, By type, By Application, By Route of Administration, By Distribution Channel, End User & Geography are the segments covered in the Psychedelic Drugs Market Report.
Q4. Which Region is expected to hold the highest Market share?
North America Region is expected to hold the highest Market share.
Request for TOC
Data Library Research are conducted by industry experts who offer insight on industry structure, market segmentations technology assessment and competitive landscape (CL), and penetration, as well as on emerging trends. Their analysis is based on primary interviews (~ 80%) and secondary research (~ 20%) as well as years of professional expertise in their respective industries. Adding to this, by analysing historical trends and current market positions, our analysts predict where the market will be headed for the next five years. Furthermore, the varying trends of segment & categories geographically presented are also studied and the estimated based on the primary & secondary research.
In this particular report from the supply side Data Library Research has conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and SOFT) of the companies that active & prominent as well as the midsized organization
FIGURE 1: DLR RESEARH PROCESS
Extensive primary research was conducted to gain a deeper insight of the market and industry performance. The analysis is based on both primary and secondary research as well as years of professional expertise in the respective industries.
In addition to analysing current and historical trends, our analysts predict where the market is headed over the next five years.
It varies by segment for these categories geographically presented in the list of market tables. Speaking about this particular report we have conducted primary surveys (interviews) with the key level executives (VP, CEO’s, Marketing Director, Business Development Manager and many more) of the major players active in the market.
Secondary ResearchSecondary research was mainly used to collect and identify information useful for the extensive, technical, market-oriented, and Friend’s study of the Global Extra Neutral Alcohol. It was also used to obtain key information about major players, market classification and segmentation according to the industry trends, geographical markets, and developments related to the market and technology perspectives. For this study, analysts have gathered information from various credible sources, such as annual reports, sec filings, journals, white papers, SOFT presentations, and company web sites.
Market Size EstimationBoth, top-down and bottom-up approaches were used to estimate and validate the size of the Global market and to estimate the size of various other dependent submarkets in the overall Extra Neutral Alcohol. The key players in the market were identified through secondary research and their market contributions in the respective geographies were determined through primary and secondary research.
Forecast Model
