CAGR: 13.7%Current Market Size: USD 2,400 MillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global psychedelic drugs market is expected to grow from USD 2,400 million in 2022 to USD 6703.3 million by 2030, at a CAGR of 13.7% during the Projection period 2023-2030. The growth of the psychedelic drugs market is mainly driven by the increase in consumer consumption patterns in the food and beverages sector.
Lysergic acid diethylamide (LSD) and chemical substances derived from plants are just a few of the chemical compounds used in psychedelic medications. These substances have the power to alter or improve sensory perceptions, intellectual processes, energy levels, and there are reports that they can also increase spiritual experiences. The psychedelic substances can be divided into serotonergic (traditional hallucinogens) and empathogens (dissociative drugs), including PCP and LSD. Dissociative drugs, which include both forms of psychedelics, can cause a person to feel separated from their body or environment and induce hallucinations and sensations. According to the source, there are two sorts of psychedelic drugs: natural and synthetic. Major depressive disorder, post-traumatic stress disorder, panic disorder, treatment-resistant depression, and opiate addiction are just a few of the conditions that these medications are used to treat. Lysergic acid derivative (LSD), also known as blotter, dots, sugar, acid, trips, and window pane, ketamine, also known as vitamin K, bump, green, K/special K, purple, and super acid, and PCP, also known as angel/angel dust, boat/love boat, peace, killer weed, super grass, and ozone, are some of the additional names for psychedelic drugs.
Sample Request: - Global Psychedelic Drugs Market
Market Dynamics:
Drivers:
Due to their role in human mental healing and treatment procedures as well as their capacity for mind-healing, psychedelics have experienced a significant increase in popularity in the past ten years. Growing numbers of academics and scientists are looking at the therapeutic potential of psychedelic substances and their constituents, which may provide a new depression therapy option. The acceptability of psychedelic substances as medicine has risen as a result of ongoing study and development. Because of the potential benefits of psychedelic drugs, their use has increased throughout the United States and other countries, which has increased demand for them. As a result, these factors are anticipated to be key growth drivers for the market.
Restraints:
The market for psychedelic drugs will increase slowly because of the high price of these medications. The market will also face additional difficulties over the Projection period due to strict laws and regulations
Opportunities:
Indigenous medical practises have employed psychedelic herbs and fungus for millennia. Albert Hofmann started doing research into the creation of new psychedelic substances in 1938. He created the first lysergic acid diethylamide (LSD-25), and five years later, he was acknowledged as the first person to take LSD. Hofmann was ignorant of the serious consequences and threats that particular product posed. In the 1950s and 1960s, there was a growing phase of cultural and scientific discovery, but after that, the study of psychedelic drugs slowed to almost a standstill. Increased spending on psychedelic drug research and development is opening up new business prospects. Thus, the market's expansion is being facilitated by the expansion of psychedelic drug R&D.
Challenges:
The market for psychedelic drugs is constrained in its expansion by a number of issues, including the government's rigorous restrictions and the general acceptance of non-pharmacological therapy over pharmaceutical ones.
Segmentation Analysis:
The global psychedelic drugs market has been segmented based on drug type, patient type and region.
By Drug Type
The drug type segment is Phencyclidine, Etamine, 3,4-MethylEnedioxyMethamphetamine (Ecstasy), Lysergic Acid Diethylamide (LSD), Gamma Hydroxybutyric Acid (GHB), Ayahuasca, Salvia, Psilocybin, and Others. The Gamma Hydroxybutyruc Acid (GHB) segment led the largest share of the psychedelic drugs market with a market share of around 30% in 2022. As Xyrem from Jazz Pharmaceutical is one of the oldest psychedelic drugs on the market, with a sizable percentage of the market, and belongs to the drug class, the gamma-hydroxybutyric acid sector will be the most well-liked. It is a Schedule III restricted substance, therefore a doctor must prescribe it and strictly supervise its use. GHB is used to treat excessive daytime drowsiness in its prescription form. In a small number of individuals, gamma-hydroxybutyric acid is also used to treat alcoholism and drug withdrawal. GHB is used to treat narcolepsy and, less frequently, alcoholism medically, but it is not yet known how effective it is compared to other pharmacotherapies for alcoholism. Fibromyalgia is occasionally treated with it off-label.
By Patient Type
The patient type segment is Resistant depression, Major Depressive Disorder, Post-traumatic stress disorder, Panic disorder, Narcolepsy, Opiate Addiction, and Others. The narcolepsy segment led the largest share of the psychedelic drugs market with a market share of around 35% in 2022. owing to Xyrem from Jazz Pharmaceuticals, which is the market's biggest investor and is used to treat the illness. Daytime fatigue and sleep episodes are hallmarks of the chronic sleep condition narcolepsy. Narcoleptics have trouble staying up for extended periods of time under any circumstance. Numerous problems might arise in your daily life if you have narcolepsy. Despite the fact that narcolepsy is not a fatal condition, it can cause mishaps, injuries, and even situations when life is in danger. Due to episodes of extreme daytime drowsiness, people with narcolepsy may find it difficult to maintain relationships, do well in school, or hold their jobs.
Global Psychedelic Drugs Market - Sales Analysis.
The sale of the psychedelic drugs market expanded at a CAGR of 12.7% from 2016 to 2022.
Growing public awareness of mental health diseases and illnesses has led to a rise in the use of psychological treatment methods by the general public worldwide. Numerous projects and campaigns to raise awareness of this are being supported by different groups.
According to the U.S.'s strictest drug regulation classification, schedule I drugs include psychedelic substances. These schedule I medicines have historically only been perceived as having a high potential for abuse.
The development of Jannsen's Spravato, an esketamine nasal spray for the treatment of resistant depression, has sparked the ground-breaking idea of using alternative medications for particular conditions. Growing clinical investigations that support the effectiveness of synthetic psychedelic drugs as medical agents have contributed to the increase in demand for these substances. The future perspective offers room for expansion, but safety and monitoring of the effects of psychedelic medicines after administration continue to be issued.
Thus, owing to the aforementioned factors, the global psychedelic drugs market is expected to grow at a CAGR of 13.7% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the psychedelic drugs market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the psychedelic drugs market and held a 39% share of the market revenue in 2022.
Global Psychedelic Drugs Market - Country Analysis:
Germany's psychedelic drugs market size was valued at USD 20.1 million in 2022 and is expected to reach USD 25.3 million by 2030, at a CAGR of 2.9% from 2023 to 2030. The enormous potential for income creation is due to regulators' recent willingness to support and embrace novel methods for studying the therapeutic effects of psychedelic substances.
China’s psychedelic drugs market size was valued at USD 32.7 million in 2022 and is expected to reach USD 44.4 million by 2030, at a CAGR of 3.9% from 2023 to 2030. This is a result of the high frequency of mental diseases in the region, and the market is being helped by quick research development.
India's psychedelic drugs market size was valued at USD 29.4 million in 2022 and is expected to reach USD 38.7 million by 2030, at a CAGR of 3.5% from 2023 to 2030. Depression and other mental problems have grown as illegal drug use has increased. Thus, as depression and other mental diseases are becoming more common, so is the need for psychedelic substances, which is predicted to fuel market expansion in the region.
Key Industry Players Analysis:
To increase their market position in the global psychedelic drugs market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
13.7% |
Market Size |
2,400 million in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Drug Type, By Patient Type, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Hikma Pharmaceuticals PLC, COMPASS, Verrian, Pfizer Inc., F. Hoffmann-La Roche Ltd., Jazz Pharmaceuticals Inc., PharmaTher Inc., Avadel, NeuroRx, Inc., Celon Pharma S.A., Red Light Holland, usonainstitute.org, Celon Pharma S.A., Entheon Biomedical, Novamind, and Neonmind Biosciences. |
By Drug Type |
|
By Patient Type |
|
Regional scope |
|
Scope of the Report
Global Psychedelic Drugs Market By Drug Type:
Global Psychedelic Drugs Market By Patient Type:
Global Psychedelic Drugs Market By Region:
Global psychedelic drugs market is expected to reach USD 6703.0 million by 2030.
The psychedelic drugs market is projected to have a CAGR of 13.7%.
Based on the patient type, the psychedelic drugs market is segmented into Resistant depression, Major Depressive Disorder, Post-traumatic stress disorder, Panic disorder, Narcolepsy, Opiate Addiction, and Others.
Due to their role in human mental healing and treatment procedures as well as their capacity for mind-healing, psychedelics have experienced a significant increase in popularity in the past ten years. Growing numbers of academics and scientists are looking at the therapeutic potential of psychedelic substances and their constituents, which may provide a new depression therapy option.
Based on the drug type, the global psychedelic drugs market has been segmented into Phencyclidine, Etamine, 3,4-MethylEnedioxyMethamphetamine (Ecstasy), Lysergic Acid Diethylamide (LSD), Gamma Hydroxybutyric Acid (GHB), Ayahuasca, Salvia, Psilocybin, and Others.
Political Factors- For the purpose of fostering a cooperative company climate, a transparent governance structure is essential. A number of problems are now affecting psychedelic drugs market as a result of corruption and a lack of openness. The fundamental cause of this lack of openness is the current political unpredictability and volatility. Fraudulent activities are increasing, corporate processes like licencing and contracting have gotten more complicated, and law enforcement has been weaker as a result of corruption, which is hurting stakeholders' faith in commercial enterprises and governmental institutions. In general, increased bureaucratic corruption is slowing economic expansion, which limits prospects for markes like psychedelic drugs market to thrive.
Economic Factors- High financial market efficiency facilitates capital accumulation and the production of goods and services by sharing a strong positive relationship with overall economic growth. So that it may readily amass financial and human resources, psychedelic drugs market must opt for nations with highly efficient financial markets. psychedelic drugs market may effectively stay one step ahead of the competition by keeping an eye on the efficiency of the financial market.
Social factors- When psychedelic drugs market primarily targets young customers with its products/services, two favourable demographic indicators are high population growth and an increasing share of the young population group. psychedelic drugs market should also research the host nation's perspective on immigration since a friendly attitude toward immigrants from various cultural origins is a sign that diversity management strategies should be used. In order to promote diversity and inclusion, psychedelic drugs market should modify its marketing tactics. An optimistic outlook on migration also shows that psychedelic drugs market can hire personnel from a variety of cultural backgrounds with ease. Increased productivity, better innovation, and superior overall business performance are frequently associated with workplace diversity.
Technological Factors- psychedelic drugs market should favour nations with advanced technology infrastructure since these nations make it simpler for businesses to pursue goals like cost reduction, innovation, and value creation. A well-developed technical infrastructure also shows that it will be more difficult for psychedelic drugs market to use technology to gain a sustained competitive advantage because it might be readily duplicated by rivals.
Environmental Factors- Businesses are under pressure to lessen environmental impact due to strict environmental legislation in many different nations. psychedelic drugs market should adopt ethical production methods in response, promote ethical consumption among its target market, work to enhance its brand's sustainability reputation, and ensure full compliance with local and international environmental laws because failure to do so may result in severe, reputation-damaging criticism from relevant stakeholders.
Legal Factors- A broad category of laws protecting employees' rights, including those to a fair salary, equality, justice, inclusion, fairness, and their physical and mental safety, is known as employment law. While some nations lack efficient enforcement of employment laws, others have harsh penalties for violating any of the specified rights of employees. psychedelic drugs market should safeguard the safety of the working environment while entering or operating in such nations. There must be appropriate systems in place to prevent both direct and indirect discrimination. In the continuous competition for talent, effective compliance with employment rules may aid psychedelic drugs market in enhancing its employer brand reputation, which is critical for luring and keeping top personnel in the market.
List of Table
List of Figures