Psychedelic Drugs Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s psychedelic drugs market report forecasts the psychedelic drugs market size to grow to $8.31 Billion by 2027, with a CAGR (compound annual growth rate) of more than 14%.
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Psychedelic Drugs Market Size Forecast
The global psychedelic drugs market is expected to grow from $4.2 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The psychedelic drugs market size is expected to grow to $8.31 billion in 2027 at a CAGR of 14.5%.
North America held the largest psychedelic drugs market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Psychedelic Drugs Market Driver – Increase In The Cases Of Mental Illnesses
According to the National Alliance on Mental Illness (NAMI), a mental health organisation based in the United States, 21% of adults in America, or 52.9 million people, suffered from mental illness in 2020. As a result, an increase in mental illness cases is propelling the psychedelic drug market forward.
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Key Psychedelic Drugs Market Trend – Introducing Depression Spray
To maintain their market position, major psychedelic drug companies are introducing nasal spray drugs for major depressive disorders. Hikma Pharmaceuticals plc, a UK-based pharmaceutical company, for example, will launch KLOXXADO in August 2021. KLOXXADO is a naloxone HCl nasal spray containing 8 mg. This spray is used to treat patients, both adults and children, who have respiratory depression and/or central nervous system depression as a result of an opioid overdose.
Psychedelic Drugs Market Segment
1) By Type: Lysergic Acid Diethylamid (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, Opiate addiction, Post- Traumatic Stress Disorder, Narcolepsy, Panic Disorders
5) By Distribution Channel: Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy
Psychedelic Drugs Market Major Players and Strategies
Major players in the psychedelic drugs market are Johnson & Johnson, Pfizer, Hikma Pharmaceuticals PLC, Roche Holding AG, Merck & Co Inc., Jazz Pharmaceuticals plc, COMPASS Pathways PLC, Celon Pharma S.A., Numinus Wellness Inc., AbbVie, Mylan N.V., Avadel, NeuroRx Inc., Klarisana, AstraZeneca, Dr. Reddy’s Laboratories Ltd., Takeda Pharmaceutical Company Limited, Allergan Inc., Mota Ventures Corp., Seelos Therapeutics, Emmes Company, and Novartis International AG.
Numinus, a Canadian company that manufactures psychedelic medicine with holistic, integrated psychotherapy, paid $20.77 million for Novamind in April 2022. Numinus expects to use this acquisition to expand its psychotherapy clinics in the United States and develop advanced psychedelic programs. Novamind is a psychedelic medicine manufacturer based in the United States.
The Psychedelic Drugs Global Market Report 2023 covers regional data on the psychedelic drugs market size, psychedelic drugs market trends and drivers, opportunities, strategies, and psychedelic drugs market competitor analysis. The countries covered in the psychedelic drugs market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
A psychedelic drug is a psychoactive drug that alters perception, mood, and thought processes. Psychedelics alter a person’s thinking, perception of time, and emotions by affecting all of the senses. Examples include chemicals such as lysergic acid diethylamid (LSD) and plants such as peyote. These drugs are used to treat a variety of neurological conditions.
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