- Natural Psychedelic Substance
- Synthetic Psychedelic Substance
Psychedelic Therapeutics Market was valued at USD 2,840.6 million in 2022 and is expected to grow at a 13.9% CAGR from 2023 to 2029. The psychedelic drugs are the drugs which has the ability to change or enhance the sensory perception, energy levels, thought processes, and it has also been reported to facilitate spiritual experiences. The psychedelic drugs have wide applications in the treatment of major depressive disorder, panic disorder, post-traumatic stress disorder, opiate addiction. The psychedelic drugs have shown a large popularity and had a positive impact on human mental healing. Continuous research and development in psychedelic drugs have increased the acceptance of psychedelic medications which is expected to drive the growth of psychedelic therapeutics market over the forecast period.
In addition, increasing prevalence of depression and mental disorders along with increasing awareness of people towards mental health is expected to boost the growth of psychedelic therapeutics market over the forecast period. For instance, in May 2022, Mental Health Foundation conducted mental health awareness program under the theme loneliness, as it is anticipated to explore the experience of loneliness, its effect on mental health, and how people can all play a part in reducing loneliness in the communities. However, the high cost of psychedelic drugs along with the strict rules and regulations regarding the psychedelic drugs are expected to hold back and hinder the growth of psychedelic therapeutics market over the forecast period. Moreover, the growing research and development activities in the development of psychedelic drugs along with the increasing product approvals are expected to provide opportunities to the market players in the growth of psychedelic therapeutics market over the forecast period. For instance, In August 2020, Janssen Pharmaceuticals, Inc. received FDA approval for its Spravato nasal spray indicated for treatment of suicidal people.
In September 2019, Johns Hopkins Medicine launched the center for psychedelic and consciousness research to study how compounds like psilocybin and LSD can be used in the treatment of anorexia, depression, addiction, and other mental health issues.
Fastest Growing Market
The psychedelic therapeutic market is expected to grow over the forecasted period due to the increasing interest and acceptance of alternative therapies for mental health disorders. Traditional pharmaceutical treatment for conditions such as depression, anxiety, and PTSD have limitations and can cause unwanted side effects. As a result, there is a growing demand for alternative treatment which can provide relief without any side effects. In addition, psychedelic drugs such as psilocybin, MDMA-assisted therapy have shown a positive result in the clinical trials for treating these mental disorders which is expected to drive the growth of psychedelic therapeutic market at a significant rate over the forecast period.
The psychedelic therapeutics market was valued at USD 2,840.6 million in 2022 and is expected to grow at a 13.9% CAGR from 2023 to 2029.
The growing interest in alternative drugs and their development in the treatment of mental disorders with less side effects is expected to provide opportunities to the market players in the market growth over the forecast period.
The leading players in the global Psychedelic Therapeutics market are Janssen Global Services LLC, Jazz Pharmaceuticals Inc., Hikma Pharmaceuticals PLC, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd, Avadel, Celon Pharma SA, Cybin Corp, GH Research, Entheon Biomedical Corp, PharmaTher Holdings Ltd., NRx Pharmaceuticals.
The psychedelic therapeutics market is segmented based on source, drug type, application, distribution channel and geography.