Psychedelic Drugs Market (By Drug Type: Psilocybin, Ketamine; By Application: Treatment Resistant Depression, Opiate Addiction; By Distribution Channel) - Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook and Forecast 2024-2033

The global psychedelic drugs market size was estimated at around USD 1.83 billion in 2023 and it is projected to hit around USD 5.77 billion by 2033, growing at a CAGR of 12.17% from 2024 to 2033. Factors contributing to the market's growth during the forecast period include the rising incidence of mental health disorders and the growing understanding of the need of treating mental health concerns.

Psychedelic Drugs Market Size 2024 to 2033

Key Pointers

  • North America region led the market with the largest market share in 2023.
  • By Drug Type, the psilocybin segment generated the maximum market share in 2023.
  • By Application, the treatment-resistant depression segment contributed the largest market share in 2023.

Psychedelic Drugs Market Overview

The psychedelic drugs market has experienced a notable paradigm shift, transitioning from historical stigma to a burgeoning field of research and therapeutic exploration. This overview delves into the key facets of the market, encompassing its historical roots, current research landscape, regulatory dynamics, market players, and the potential challenges and opportunities that lie ahead.

Psychedelic Drugs Market Growth

The growth of the psychedelic drugs market is propelled by a confluence of factors fostering a paradigm shift in societal attitudes and therapeutic approaches. Firstly, the expanding body of scientific research demonstrating the potential efficacy of psychedelic substances in treating mental health disorders, including depression and PTSD, has ignited a surge in interest and investment. Additionally, evolving regulatory landscapes in various jurisdictions are opening avenues for responsible exploration and clinical trials, creating a more conducive environment for market development. The endorsement of psychedelic therapies by reputable institutions and influential figures is contributing to destigmatization, paving the way for broader acceptance. Moreover, the collaboration between pharmaceutical companies, startups, and research organizations is driving innovation and the development of standardized protocols for psychedelic-assisted therapies. As the market gains momentum, its growth is further propelled by a shift in societal perspectives, emphasizing the potential for these substances to address unmet mental health needs and redefine treatment modalities.

Report Scope of the Psychedelic Drugs Market

Report Coverage Details
Growth rate from 2024 to 2033 CAGR of 12.17%
Market Size in 2023 USD 1.83 billion
Revenue Forecast by 2033 USD 5.77 billion
Base Year 2023
Forecast Period 2024 to 2033
Market Analysis (Terms Used) Value (US$ Million/Billion) or (Volume/Units)

 

Psychedelic Drugs Market Dynamics

Drivers

Increasing Research and Clinical Trials:

  • Growing scientific interest and a surge in research initiatives exploring the therapeutic potential of psychedelic drugs are driving market growth.
  • Positive outcomes in clinical trials for mental health disorders contribute to increased acceptance and investment in this field.

Changing Regulatory Environment:

  • Progressive changes in regulatory frameworks in certain regions are creating opportunities for the legal exploration of psychedelic drugs in controlled settings.
  • Collaborations between industry stakeholders and regulatory bodies are facilitating the development of guidelines for responsible research and clinical use.

Restraints

Stigma and Public Perception:

  • Lingering societal stigma surrounding psychedelic drugs, rooted in historical associations with counterculture movements, may impede broader acceptance and adoption of these therapies.
  • Public misperceptions and lack of awareness may limit patient willingness to explore psychedelic treatments.

Safety Concerns and Lack of Standardization:

  • Ensuring the safety and efficacy of psychedelic therapies requires rigorous standardization in dosing, administration, and patient monitoring.
  • Lack of standardized protocols and potential adverse effects may raise safety concerns among both healthcare professionals and patients.

Opportunities

  • Therapeutic Innovation and Mental Health Solutions: The exploration of psychedelic drugs presents an opportunity to innovate mental health treatments, offering potential breakthroughs for conditions resistant to traditional therapies.
  • Expansion of Treatment Options: Psychedelic drugs provide a new class of treatment options, offering alternatives for patients who have not responded well to existing pharmaceuticals or therapeutic approaches.

Drug Type Insights

The psychedelic drugs market is categorized by drug type, with segments including Gamma Hydroxybutyric Acid (GHB), Ketamine, Psilocybin, Lysergic Acid Diethylamide (LSD), 3,4-methylenedioxymethamphetamine, and other drug types. As of 2023, the psilocybin segment has emerged as the market leader. Psilocybin, a naturally occurring compound, is utilized in the treatment of various mental health conditions. The market is anticipated to experience growth, driven by factors such as increased product approvals and the establishment of research centers dedicated to psychedelic drugs. Notably, the University of Wisconsin–Madison initiated a new research center in August 2021, aiming to coordinate ongoing studies and educational efforts focused on psychedelic compounds.

Application Insights

The psychedelic drugs market is segmented by application, including categories such as treatment-resistant depression, opiate addiction, post-traumatic stress disorder, narcolepsy, panic disorders, and other applications. As of 2023, the dominant segment in the market is treatment-resistant depression. The prevalence of depression worldwide is on the rise, contributing to the growth of the market. Notably, a 2023 report by the World Health Organization (WHO) reveals that approximately 3.8% of the global population, encompassing 5% of adults (4% in men and 6% in women), and 5.7% of adults aged over 60, are affected by depression. The report estimates that around 280 million people globally are grappling with depression. These statistics are expected to be key drivers for the continued expansion of the psychedelic drugs market.

Distribution Channel Insights

The psychedelic drugs market is divided based on distribution channels, with segments including hospital pharmacies, retail pharmacies, and other distribution channels. The hospital pharmacy segment is poised for substantial growth, primarily driven by the growing awareness and acceptance of psychedelic drugs in mental health treatment. The segment is expected to benefit from the rising number of patients seeking mental health treatment in hospital settings. Additionally, collaborative efforts between pharmacists, researchers, and healthcare professionals are creating an environment conducive to the integration of psychedelic treatments into mainstream medical practices, thereby contributing to the overall growth of the market.

Regional Insights

North America region dominated the market with the largest market share in 2023. The region's heightened awareness of mental health issues and the prevalent occurrence of mental disorders have led to an increased demand for diagnostics based on psychedelic drugs. Notably, a report by Mental Health America (MHA) in 2022 revealed that 19.86% of adults in North America, approximately 50 million Americans, experienced a mental illness. The well-established research ecosystem and robust healthcare infrastructure in the region create a conducive environment for the adoption and development of psychedelic drugs. Furthermore, the growing acceptance of these drugs by mental health professionals and the broader medical community has solidified their integration into treatment protocols, fostering an upsurge in demand. Significant investments and collaborations within the pharmaceutical and biotech sectors are driving research and development efforts, with a focus on unlocking the therapeutic potential of psychedelic drugs for innovative therapies.

Key Companies

  • Jazz Pharmaceuticals, Inc. (U.S.),
  • Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.) (U.S.)
  • Hikma Pharmaceuticals PLC (U.K.)
  • COMPASS (U.S.)
  • Verrian (Germany)
  • Pfizer Inc. (U.S.)
  • F. Hoffmann-La Roche Ltd (Switzerland)
  • Avadel (Ireland)
  • Celon Pharma SA.(Poland)
  • Cybin Corp. (Canada)
  • GH Research (Ireland)
  • Entheon Biomedical Corp (Canada)
  • PharmaTher Holdings Ltd. (India)
  • NRx Pharmaceuticals, Inc. (U.S.)
  • usonainstitute.org (U.S.)

Psychedelic Drugs Market Segmentations:

By Drug Type

  • Gamma Hydroxybutyric Acid
  • Psilocybin
  • Ketamine
  • Lysergic Acid Diethylamide
  • Other

By Application

  • Treatment Resistant Depression
  • Opiate Addiction
  • Post-Traumatic Stress Disorder
  • Narcolepsy
  • Panic Disorders
  • Other

By Distribution Channel

  • Hospital Pharmacies
  • Retail Pharmacies
  • Other

By Region

  • North America 
  • Europe
  • Asia-Pacific  
  • Middle East And Africa 
  • South America  

Frequently Asked Questions

The global psychedelic drugs market size was reached at USD 1.83 billion in 2023 and it is projected to hit around USD 5.77 billion by 2033.

The global psychedelic drugs market is growing at a compound annual growth rate (CAGR) of 12.17% from 2024 to 2033.

The North America region has accounted for the largest psychedelic drugs market share in 2023.

Chapter 1. Introduction

1.1. Research Objective

1.2. Scope of the Study

1.3. Definition

Chapter 2. Research Methodology

2.1. Research Approach

2.2. Data Sources

2.3. Assumptions & Limitations

Chapter 3. Executive Summary

3.1. Market Snapshot

Chapter 4. Market Variables and Scope 

4.1. Introduction

4.2. Market Classification and Scope

4.3. Industry Value Chain Analysis

4.3.1. Raw Material Procurement Analysis 

4.3.2. Sales and Distribution Drug Type Analysis

4.3.3. Downstream Buyer Analysis

Chapter 5. COVID 19 Impact on Psychedelic Drugs Market 

5.1. COVID-19 Landscape: Psychedelic Drugs Industry Impact

5.2. COVID 19 - Impact Assessment for the Industry

5.3. COVID 19 Impact: Global Major Government Policy

5.4. Market Trends and Opportunities in the COVID-19 Landscape

Chapter 6. Market Dynamics Analysis and Trends

6.1. Market Dynamics

6.1.1. Market Drivers

6.1.2. Market Restraints

6.1.3. Market Opportunities

6.2. Porter’s Five Forces Analysis

6.2.1. Bargaining power of suppliers

6.2.2. Bargaining power of buyers

6.2.3. Threat of substitute

6.2.4. Threat of new entrants

6.2.5. Degree of competition

Chapter 7. Competitive Landscape

7.1.1. Company Market Share/Positioning Analysis

7.1.2. Key Strategies Adopted by Players

7.1.3. Vendor Landscape

7.1.3.1. List of Suppliers

7.1.3.2. List of Buyers

Chapter 8. Global Psychedelic Drugs Market, By Drug Type

8.1. Psychedelic Drugs Market, by Drug Type, 2024-2033

8.1.1 Gamma Hydroxybutyric Acid

8.1.1.1. Market Revenue and Forecast (2021-2033)

8.1.2. Psilocybin

8.1.2.1. Market Revenue and Forecast (2021-2033)

8.1.3. Ketamine

8.1.3.1. Market Revenue and Forecast (2021-2033)

8.1.4. Lysergic Acid Diethylamide

8.1.4.1. Market Revenue and Forecast (2021-2033)

8.1.5. Other

8.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 9. Global Psychedelic Drugs Market, By Application

9.1. Psychedelic Drugs Market, by Application, 2024-2033

9.1.1. Treatment Resistant Depression

9.1.1.1. Market Revenue and Forecast (2021-2033)

9.1.2. Opiate Addiction

9.1.2.1. Market Revenue and Forecast (2021-2033)

9.1.3. Post-Traumatic Stress Disorder

9.1.3.1. Market Revenue and Forecast (2021-2033)

9.1.4. Narcolepsy

9.1.4.1. Market Revenue and Forecast (2021-2033)

9.1.5. Panic Disorders

9.1.5.1. Market Revenue and Forecast (2021-2033)

Chapter 10. Global Psychedelic Drugs Market, By Distribution Channel 

10.1. Psychedelic Drugs Market, by Distribution Channel, 2024-2033

10.1.1. Hospital Pharmacies

10.1.1.1. Market Revenue and Forecast (2021-2033)

10.1.2. Retail Pharmacies

10.1.2.1. Market Revenue and Forecast (2021-2033)

10.1.3. Other

10.1.3.1. Market Revenue and Forecast (2021-2033)

Chapter 11. Global Psychedelic Drugs Market, Regional Estimates and Trend Forecast

11.1. North America

11.1.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.1.2. Market Revenue and Forecast, by Application (2021-2033)

11.1.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.1.4. U.S.

11.1.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.1.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.1.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.1.5. Rest of North America

11.1.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.1.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.1.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.2. Europe

11.2.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.2.2. Market Revenue and Forecast, by Application (2021-2033)

11.2.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.2.4. UK

11.2.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.2.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.2.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.2.5. Germany

11.2.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.2.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.2.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.2.6. France

11.2.6.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.2.6.2. Market Revenue and Forecast, by Application (2021-2033)

11.2.6.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.2.7. Rest of Europe

11.2.7.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.2.7.2. Market Revenue and Forecast, by Application (2021-2033)

11.2.7.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.3. APAC

11.3.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.3.2. Market Revenue and Forecast, by Application (2021-2033)

11.3.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.3.4. India

11.3.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.3.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.3.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.3.5. China

11.3.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.3.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.3.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.3.6. Japan

11.3.6.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.3.6.2. Market Revenue and Forecast, by Application (2021-2033)

11.3.6.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.3.7. Rest of APAC

11.3.7.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.3.7.2. Market Revenue and Forecast, by Application (2021-2033)

11.3.7.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.4. MEA

11.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.4.4. GCC

11.4.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.4.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.4.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.4.5. North Africa

11.4.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.4.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.4.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.4.6. South Africa

11.4.6.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.4.6.2. Market Revenue and Forecast, by Application (2021-2033)

11.4.6.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.4.7. Rest of MEA

11.4.7.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.4.7.2. Market Revenue and Forecast, by Application (2021-2033)

11.4.7.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.5. Latin America

11.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.5.4. Brazil

11.5.4.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.5.4.2. Market Revenue and Forecast, by Application (2021-2033)

11.5.4.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

11.5.5. Rest of LATAM

11.5.5.1. Market Revenue and Forecast, by Drug Type (2021-2033)

11.5.5.2. Market Revenue and Forecast, by Application (2021-2033)

11.5.5.3. Market Revenue and Forecast, by Distribution Channel (2021-2033)

Chapter 12. Company Profiles

12.1. Jazz Pharmaceuticals, Inc. (U.S.).

12.1.1. Company Overview

12.1.2. Product Offerings

12.1.3. Financial Performance

12.1.4. Recent Initiatives

12.2. Janssen Global Services, LLC (a subsidiary of Johnson & Johnson Services, Inc.) (U.S.).

12.2.1. Company Overview

12.2.2. Product Offerings

12.2.3. Financial Performance

12.2.4. Recent Initiatives

12.3. Hikma Pharmaceuticals PLC (U.K.).

12.3.1. Company Overview

12.3.2. Product Offerings

12.3.3. Financial Performance

12.3.4. Recent Initiatives

12.4. COMPASS (U.S.).

12.4.1. Company Overview

12.4.2. Product Offerings

12.4.3. Financial Performance

12.4.4. Recent Initiatives

12.5. Verrian (Germany).

12.5.1. Company Overview

12.5.2. Product Offerings

12.5.3. Financial Performance

12.5.4. Recent Initiatives

12.6. Pfizer Inc. (U.S.)

12.6.1. Company Overview

12.6.2. Product Offerings

12.6.3. Financial Performance

12.6.4. Recent Initiatives

12.7. F. Hoffmann-La Roche Ltd (Switzerland).

12.7.1. Company Overview

12.7.2. Product Offerings

12.7.3. Financial Performance

12.7.4. Recent Initiatives

12.8. Avadel (Ireland)

12.8.1. Company Overview

12.8.2. Product Offerings

12.8.3. Financial Performance

12.8.4. Recent Initiatives

12.9. Celon Pharma SA.(Poland).

12.9.1. Company Overview

12.9.2. Product Offerings

12.9.3. Financial Performance

12.9.4. Recent Initiatives

12.10. Cybin Corp. (Canada)

12.10.1. Company Overview

12.10.2. Product Offerings

12.10.3. Financial Performance

12.10.4. Recent Initiatives

Chapter 13. Research Methodology

13.1. Primary Research

13.2. Secondary Research

13.3. Assumptions

Chapter 14. Appendix

14.1. About Us

14.2. Glossary of Terms

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