The global psychedelic medicine market is expected to witness a market value of US$ 3.1 billion in 2023 and is expected to accumulate a market value of US$ 14.2 billion by registering a CAGR of 16.3% in the forecast period 2023 to 2033. The Psychedelic Medicine market registered a CAGR of 5.2% in the historical period 2018 to 2022. Factors such as the increasing awareness of potential therapeutic benefits of psychedelic drugs, as well as the growing prevalence of mental health conditions, are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Psychedelic Medicine has been flourished. One of the major factors that is expected to accelerate market growth includes the increasing acceptance of psychedelic drugs as potential treatments for a range of mental health conditions. In recent years, there has been a growing body of research demonstrating the potential of psychedelic drugs such as psilocybin, LSD, and MDMA in treating conditions such as depression, anxiety, post-traumatic stress disorder (PTSD), and addiction. This research has led to increased interest from pharmaceutical companies, investors, and regulators in exploring the therapeutic potential of these drugs.
Additionally, there is a growing demand for alternative treatments for mental health conditions due to the limitations of current treatments. Many existing treatments for mental health conditions are associated with side effects, are ineffective for some patients, or have a high risk of addiction. Psychedelic drugs offer a potentially more effective and safer alternative for treating these conditions.
Furthermore, the regulatory environment for psychedelic drugs is evolving rapidly. In recent years, several countries have made changes to their drug laws to allow for increased research into the therapeutic potential of psychedelic drugs. In the United States, for example, the Food and Drug Administration (FDA) has granted breakthrough therapy status to several psychedelic drug candidates, which allows for expedited development and review of these drugs.
The increasing number of partnerships and collaborations between pharmaceutical companies, research institutions, and psychedelic therapy providers is anticipated to escalate the market growth in the near future. These partnerships are focused on developing new psychedelic drug candidates, conducting clinical trials, and commercializing approved drugs.
Besides, the growing public interest and acceptance of psychedelic drugs is likely to create lucrative opportunities for the market growth. In recent years, there has been a surge in media coverage and public discussion about the potential of these drugs, which has helped to reduce the stigma associated with their use and increase awareness of their therapeutic potential.
On the regional end, the Psychedelic Medicine market in North America is expected to account for the maximum share during the analysis period. One of the primary drivers of the market in North America is the growing acceptance of psychedelic drugs as potential treatments for mental health conditions. In recent years, there has been a surge of interest in psychedelic drugs as a result of the growing body of research demonstrating their potential in treating conditions such as depression, anxiety, PTSD, and addiction. This has led to increased investment and research into the development of new psychedelic drug candidates.
On the other hand, the Psychedelic Medicine Market in Asia Pacific is witnessing significant growth in recent years, driven by factors such as the increasing awareness of the potential therapeutic benefits of psychedelic drugs, the changing regulatory environment, and the growing demand for alternative treatments for mental health conditions in the region.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Psychedelic Medicine are expected to create lucrative opportunities for the market growth over the analysis period.
For instance, in May 2021, Cybin announced that it had completed a reverse takeover of Clarmin Explorations, a move that would allow the company to go public and raise additional capital for its research and development efforts.
Subsequently, in April 2021, MindMed announced that it had completed a Phase 1 clinical trial for its LSD-based therapy for anxiety disorders.
Data Points
Key Statistics
Expected Market Value in 2023
US$ 3.1 billion
Projected Market Value in 2033
US$ 14.2 billion
Growth Rate (2023 to 2033)
16.3% CAGR
Psychedelic medicines also called as hallucinogenics, are a group of substances including chemicals, such as LSD, and plants that are used in the treatment of various mental disorders such as resistant depression, panic disorder, opiate addiction, etc.
These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Psychedelic medicines have been used experimentally for psychological treatment to control the mind or maintain peace.
Global psychedelic medicine market is growing rapidly due to the increasing number of depression cases and rising special designation from the regulatory authorities to the company to expedite the development process of medicines.
The outbreak of novel coronavirus is believed to have a severe impact on the global psychedelic medicine market. There has been a disruption in the supply chain resulting in a significant shortage in the supply of psychedelic medicine across the world.
The import of several API from china has been stopped affecting the production of psychedelic medicines. Manufacturing industries are being shuttered around the world due to lockdown causing an unprecedented technology and business model transformation.
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Psychedelic Medicine Market: Drivers and Restraints
The psychedelic medicine market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the psychedelic medicine market.
The treatment for psychedelic drugs dependency is also expected to boost the psychedelic market growth. Apart from drivers, there are some factors that restrain the growth of the psychedelic medicine market such as wider acceptance of non-therapeutics therapies over pharmacological therapies, strict regulations imposed by the government to commercialize psychedelic medicines.
Psychedelic Medicine Market: Overview
Based on the drug type, the Lysergic Acid Diethylamide (LSD) is expected to hold a major share in the psychedelic medicine market. Based on the route of administration, the oral route is expected to dominate the psychedelic medicine market, followed by injectables and inhalation. Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global psychedelic medicine market.
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Psychedelic Medicine Market: Region-wise Outlook
North America is expected to dominate the global psychedelic medicine market, owing to the higher adoption of psychedelic medicines in the region. North America to be followed by Europe, due to the increasing number of psychiatric disorders.
Asia-Pacific is expected to have a significant growth in the global psychedelic medicine market over the forecast period, due to the changing lifestyle and increasing environmental stress that is rising the demand of psychedelic medicine in the region.
Many companies are entering the psychedelic medicine market with their innovations and development. The first psychedelic medicine to gain FDA Breakthrough Therapy designation was SPRAVATO (esteketamine) nasal spray developed by Johnson & Johnson to treat resistant depression.
Numinus Wellness Inc., recently became the first publicly-traded company to be granted a licence by Health Canda for extracting psilocybin from mushrooms. MindMed, a neuro-pharmaceutical, is a front-runner moving through clinical trials that are based on LSD, and Ayahuasaca’s active ingredient.
Psychedelic Medicine Market: Key Market Participants
Some of the market participants in the global psychedelic medicine market identified across the value chain include:
Roche Holding AG
Pfizer Inc.
The Emmes Company
LLC
COMPASS Group plc
Merck & Co. Inc.
AstraZeneca PLC
AbbVie Inc.
Mylan N.V.
Alkermes plc
Dr. Reddy’s Laboratories
The Takeda Pharmaceutical Company Limited
H. Lundbeck A/S
Jonhson & Johnson
Numinus Wellness
Mota Ventures Corp.
Mind medicine (MindMed) Inc.
Eli Lilly and Company
Teva Pharmceuticals Industries Ltd.
Novartis International AG
GlaxoSmithKline plc Sanofi
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The report covers exhaust analysis on
Psychedelic medicine Market Segments
Psychedelic medicine Market Dynamics
Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies involved
Technology
Value Chain
Regional analysis includes
North America (USA, Canada)
Latin America (Mexico. Brazil)
Western Europe (Germany, Italy, France, United Kingdom, Spain)
Eastern Europe (Poland, Russia)
Asia Pacific (India, ASEAN, Australia & New Zealand)
China
Japan
Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
