Psychedelic Therapeutics Market: By Source (Natural Psychedelic Substance, Synthetic Psychedelic Substance), By Drug Type (Gamma Hydroxybutyric Acid, Ketamine, Psilocybin, Lysergic Acid Diethylamide, 3,4-MethylEnedioxyMethamphetamine, Others), By Application (Treatment-Resistant Depression, Opiate Addiction, Post-traumatic Stress Disorder, Narcolepsy, and Panic Disorder, Others), By Distribution Channel (Hospitals Pharmacy, Retail Pharmacy, Online Pharmacy), and Geography

Psychedelic Therapeutics Market was valued at USD 2,840.6 million in 2023 and is poised to grow at a 13.9% CAGR from 2024 to 2030. 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.  

Psychedelic Therapeutics Market Key Developments:

• In 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.
• In July 2020, Aleafia Health was Approved by Janssen Pharmaceuticals to Administer the Antidepressant SPRAVATO®. SPRAVATO® (esketamine) nasal spray uses the first new mechanism of action in decades to treat treatment-resistant depression disorder.