New York, United States, March 13, 2024 (GLOBE NEWSWIRE) -- The Global Psychedelic Drugs Market Size is to Grow from USD 2.9 Billion in 2023 to USD 8.7 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 11.61% during the projected period.
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A family of hallucinogenic drugs known as "psychedelics" creates strange states of consciousness. It includes a diverse spectrum of chemicals, such as plant-derived substances and LSD. It also affects or enhances cognitive functions, energy levels, and feelings of sensation. It has also been shown to assist with spiritual experiences. Empathogens, or psychoactive compounds, include both dissociative drugs such as PCP and serotonergic drugs such as LSD. These drugs are used to treat many illnesses, including opiate addiction, panic disorder, post-traumatic stress disorder, severe depressive disorders, and treatment-resistant depression. The global psychedelic drug market is gaining popularity due to their ability to cure the mind and their role in mental health treatment. Organizations and businesses are raising awareness through campaigns. Researchers are exploring potential therapeutic benefits for treating depression, increasing the acceptability of these medications.
Browse key industry insights spread across 200 pages with 110 Market data tables and figures & charts from the report on the "Global Psychedelic Drugs Market Size, Share, and COVID-19 Impact Analysis, By Drug Type (Psilocybin, LSD, MDMA, DMT & Ketamine), By Application (Alzheimer Dementia, Anorexia and Obesity, Anxiety, Cluster Headaches, Depressive Disorders & Others), By Distribution Channel (Hospital Pharmacies, Retail Pharmacies & Online Pharmacies), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The psilocybin segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period.
Based on drug type, the global psychedelic drugs market is divided into psilocybin, LSD, MDMA, DMT and ketamine. Among these, the psilocybin segment is expected to hold the largest share of the global psychedelic drugs market during the forecast period. Psilocybin, a naturally occurring substance used to treat mental health issues, is expected to grow due to the construction of research centers and increased product approvals.
The depressive disorders segment is expected to hold the largest share of the global psychedelic drugs market during the estimated timeframe.
On the basis of the application, the global psychedelic drugs market is divided into hospital pharmacies, retail pharmacies and online pharmacies. Among these, the hospital pharmacies segment is expected to hold the largest share of the global psychedelic drugs market during the estimated timeframe. Due to factors such as depression, affecting 3.8% of the global population, is boosting market growth, with over 280 million individuals affected, according to a 2023 WHO report.
The hospital pharmacies segment is expected to hold the largest share of the global psychedelic drugs market during the anticipated period.
On the basis of the distribution channel, the global psychedelic drugs market is divided into hospital pharmacies, retail pharmacies and online pharmacies. Among these, the hospital pharmacies segment is expected to hold the largest share of the global psychedelic drugs market during the anticipated period. The growth of psychedelic medications as mental health treatments is driven by increased understanding, acceptance, and collaboration among researchers, pharmacists, and medical professionals, which promotes market expansion and assimilation into conventional medical procedures.
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North America is anticipated to hold the largest share of the global psychedelic drugs market over the predicted timeframe.
North America is anticipated to hold the largest share of the global psychedelic drugs market over the predicted timeframe. The United States Food and Drug Administration's authorization of complex pharmaceutical fusion portfolios developed from psychedelic substances has boosted the North American sector. The presence of key players in this sector in this region, as well as increased R&D investments, are also helping to drive market expansion. Furthermore, the area's sophisticated healthcare system and research ecology create an ideal environment for the usage and development of psychedelic chemicals.
Asia-Pacific is expected to grow at the fastest rate throughout the forecast period. Sales of psychedelic drugs approved by the FDA have stimulated more study around the country. The country's rising trend of large pharmaceutical companies creating ketamine-based psychedelic drugs and cancer treatments is expected to pave the path for the medicinal use of these substances.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Psychedelic Drugs Market include, Compass Pathways, MindMed, Field, Trip Health, Cybin Inc., Atai Life Sciences, Numinus Wellness, Eleusis, Mydecine Innovations Group, HAVN Life Sciences, Silo Pharma, Revive Therapeutics, NeonMind Biosciences, Entheon Biomedical, Tryp Therapeutics, Beckley Psytech, GH Research, Psyched Wellness and Others.
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Recent Developments
- In September 2023, a strategic partnership between Cybin Inc. and Fluence, a pioneer in psychedelic treatment continuing education, was recently revealed. The purpose of this partnership is to facilitate the expansion of the EMBARK training initiative for the CYB003 phase 3 study.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the Global Psychedelic Drugs Market based on the below-mentioned segments:
Global Psychedelic Drugs Market, By Drug Type
- Psilocybin
- LSD
- MDMA
- DMT
- Ketamine
Global Psychedelic Drugs Market, By Application
- Alzheimer Dementia
- Anorexia and Obesity
- Anxiety
- Cluster Headaches
- Depressive Disorders
- Others
Global Psychedelic Drugs Market, By Distribution Channel
- Hospital Pharmacies
- Retail Pharmacies
- Online Pharmacies
Global Psychedelic Drugs Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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