New York, Sept. 12, 2023 (GLOBE NEWSWIRE) -- The global psychedelic drugs market size is predicted to grow at a CAGR of over ~ 14% from 2023 to 2035. The market is projected to garner a revenue of USD 12 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022. in response to the sudden imposition of the COVID-19 lockdown, which resulted in an increase in demand for psychedelic drugs as people increasingly resorted to self-medication owing to the mental health issues caused by the pandemic. The pandemic has caused a great deal of stress, anxiety, and depression for many people due to the uncertainty of the future, loss of jobs and income, social isolation, and fear of virus transmission.
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Also, a scientific brief issued by the World Health Organization (WHO) in March 2022 indicated that the COVID-19 pandemic resulted in an increase of 25% in anxiety and depression rates around the world. This, in turn, created a surge in the demand for psychedelic drugs as people sought out ways to cope with their mental health issues. The increased demand was further exacerbated by the fact that the lockdown measures prevented people from accessing traditional forms of therapy, such as visiting a therapist. Additionally, the pandemic has resulted in reduced costs of production, which has allowed manufacturers to gain higher profit margins and increased the psychedelic drugs market size.
Global Psychedelic Drugs Market: Key Takeaways
- Market in North America to propel highest growth
- Post-traumatic stress disorder segment to garner the highest growth
- Market in Asia Pacific to grow at a highest rate
Intensification of Research and Development in Psychedelic Drugs to Boost Market Growth
In recent years, the potential therapeutic benefits of psychedelics have been well documented, with research suggesting that these compounds can be effective for treating a range of mental health disorders, from depression and anxiety to addiction. Additionally, research has shown that psychedelics may be effective in promoting personal growth and well-being. As a result, many pharmaceutical companies and research institutions have increased their focus on developing psychedelic-based treatments. It was observed that in 2021, nearly USD 2 billion had been invested in the psychedelics sector in over 60 financing events during the past year. This increased research and development expenditure is allowing for more clinical trials and research into the therapeutic potential of psychedelic drugs market. This is creating more awareness of the potential benefits of using these drugs in a clinical setting, and more companies are investing in developing new drugs and treatments for a variety of mental health issues. Moreover, the increasing investment from venture capitalists and the rising number of patent filings for psychedelics-related drugs are expected to further boost the market growth in the upcoming years. Additionally, the increasing number of collaborations between academic institutes and pharmaceutical companies are expected to drive the market growth. For instance, a partnership between CaaMTech and the University of Wyoming was formed in November 2021 to study the use of psychedelics for the treatment of addiction. The partnership seeks to combine CaaMTech's expertise in psychedelic research and the University of Wyoming's experience in addiction studies to explore the potential of psychedelics in treating addiction.
Global Psychedelic Drugs Market: Regional Overview
The global psychedelic drugs market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Increased Prevalence of Mental Illness to Drive Market Growth in North America
The psychedelic drugs market in the North American region is estimated to garner the largest revenue by the end of 2033, owing to the growing prevalence and incidence of mental health issues such as depression, anxiety disorders, schizophrenia, eating disorders, and addictions. For instance, as per the Adult Prevalence of Mental Illness (AMI) 2022 statistics, Americans have a prevalence of mental illness of 19.86%, which is equivalent to nearly 50 million people. The number of people with severe mental illnesses is 4.91%. There is a wide range in the prevalence of adult mental illness in the states, with New Jersey having 16.37% and Utah reporting 26.86%. As mental health issues become more prevalent, people are turning to alternative treatments such as psychedelic drugs to help them cope. These treatments have been shown to have a positive effect on mental health, resulting in an increase in demand for these drugs in the region. Furthermore, the emergence of mental health awareness programs has increased public awareness of the therapeutic benefits of psychedelic drugs, stimulating a higher demand for psychedelic drug products in the region. For instance, a national campaign, Mental Illness Awareness Week, was conducted by the Canadian Government in October 2022. This campaign aimed to educate the public about mental health and the various treatment options available for mental health issues. Moreover, North America is home to some of the leading pharmaceutical companies, which are investing heavily in the research and development of psychedelic drugs market.
Rising Mental Health Awareness to Drive Asia-Pacific Growth
The psychedelic drugs market in the Asia Pacific region is estimated to garner the highest CAGR by the end of 2033, backed by the rising focus of government authorities on the improvement of healthcare infrastructure and the increasing prevalence of mental disorders such as depression in the region. The region's high population density, lack of stress-coping mechanisms, and increasing urbanization are also contributing to the rising prevalence of mental disorders in the region. For instance, there was an estimated 27% prevalence of depression in China. It was also found that 29% of Chinese university students suffer from depression on a regular basis. Psychedelic drugs and therapies have been found to be effective in treating depression by altering a person's state of consciousness and helping them gain insight into their own mental health struggles. Moreover, the growing acceptance of psychedelic drugs to treat mental health issues such as depression and other psychological disorders is being driven by the increasing awareness of mental health and its effects on the community in the region. Additionally, the increasing availability and accessibility of psychedelic drugs, as well as the increasing number of research and clinical trials, are also contributing to the growth of the psychedelic drugs market in the region.
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Global Psychedelic Drugs ,Segmentation by Application
- Narcolepsy
- Treatment Resistant Depression
- Post-Traumatic Stress Disorder
- Others
The post-traumatic stress disorder (PTSD) segment is anticipated to hold the largest revenue by the end of 2033, owing to the increasing awareness regarding the effectiveness of psychedelic drugs in reducing the symptoms of PTSD and other mental health issues. Additionally, in developed nations, the prevalence of PTSD is higher, and PTSD is a major mental illness that can have severe, long-lasting effects on an individual's life. As a result, the segment is expected to grow in the following years. In accordance with the U.S. Department of Veterans Affairs, approximately 5% of Americans suffer from PTSD each year. As of 2020, approximately 13 million Americans suffer from PTSD. The rate of developing PTSD at some point in a person's life is much higher among women than among men, about 8% for women and 4% for men. Additionally, the increasing number of veterans, victims of abuse, and survivors of traumatic events is expected to contribute to the rising demand for psychedelic drugs to treat PTSD. In this line, the growing number of clinical trials and studies being conducted to explore the potential of psychedelic drugs in the treatment of PTSD is expected to drive segment growth.
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Global Psychedelic Drugs, Segmentation by End User
- Hospitals Pharmacies
- Specialty Clinics
The hospitals pharmacies segment is anticipated to hold the largest revenue by the end of 2033 owing to the rising number of hospital visits and the need for specialized treatments of mental health issues, such as depression, anxiety, and PTSD are expected to drive the demand for psychedelic drugs in hospitals. Moreover, a rise in product approvals and the launch of psychedelic drug research centers are expected to drive the growth of the segment throughout the forecast period. For instance, a new research center at the University of Wisconsin–Madison was established in August 2021 aimed at coordinating ongoing research and education on psychedelic compounds as evidence grows for their effectiveness in treating substance abuse and mental illness. Moreover, psychedelic drugs have been found to be effective for treating mental health issues and these drugs have the potential to be prescribed to an increasing number of patients. This would create a larger demand for these drugs, and thus, the hospitals pharmacies segment is expected to experience a boost in growth. Further, an increasing awareness of the benefits of treating mental and neurological disorders with medications like psilocybin, MDMA, and ketamine, which are widely available in hospitals and pharmacies, is projected to augment segment growth in coming years.
Global Psychedelic Drugs, Segmentation by Drugs
- Gamma-Hydroxybutyric Acid
- Ketamine
- Others
Global Psychedelic Drugs, Segmentation by Source
- Synthetic
- Natural
Global Psychedelic Drugs, Segmentation by Route of Administration
- Oral
- Inhalation
- Injectable
Global Psychedelic Drugs, Segmentation by Type
- Empathogens
- Dissociative
- Others
Few of the well-known market leaders in the global psychedelic drugs market that are profiled by Research Nester are COMPASS Pathways plc, Silo Pharma, Inc., Numinus Wellness Inc., Cybin Inc., Mind Medicine Inc., Jazz Pharmaceuticals plc, PharmaTher Holdings Ltd., Janssen Pharmaceuticals, Inc., ATAI Life Sciences N.V., Pfizer Inc., and other key market players.
Recent Development in the Global Psychedelic Drugs Market
- Kernel Flow and Cybin announced that the feasibility study measuring Ketamine's effects on the brain had been successful. The study was conducted to understand how ketamine affects the brain's neurotransmitters and its ability to create new neural pathways. The results showed that ketamine had a significant impact on brain function, which could be used to treat a variety of mental health issues.
- The Chopra Foundation announced a partnership with Cybin Inc. to raise awareness and educate the public about the potential benefits of psychedelics for mental health and well-being. The partnership aims to leverage Cybin’s expertise in psychedelic science and technology to develop evidence-based educational materials, public events, and digital campaigns to raise awareness and understanding of the potential therapeutic benefits of psychedelics.
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