The global psychedelic drugs market size was estimated to be USD 1.81 billion in 2023 and is expected to reach at USD 6.39 billion by 2034 with a CAGR of 12.17% during the forecast period 2024-2034. Rising prevalence of mental health disorders, increased demand for managing heightened stress, anxiety, & other mental conditions, growing awareness regarding the treatment of mental disorders, surge in research & development efforts, rising acceptance of psychedelic drugs for depression, an escalating incidence of substance addiction, increase in the number of clinical trial products, growing awareness initiatives conducted by both private & government institutes are some of the key factors boosting the market growth.
Growing awareness initiatives conducted by both private & government institutes is predicted to boost the market growth during the forecast period. Psychedelic drugs encompass a range of chemical substances, such as lysergic acid diethylamide (LSD) and compounds derived from plants. These substances possess the capacity to alter or intensify sensory perceptions, cognitive processes, and energy levels, and there are reports suggesting their role in facilitating spiritual experiences. For instance, in May 2022, The Mental Health Foundation organized Mental Health Awareness Week with a focus on the theme of 'loneliness.' The intention was to delve into the phenomenon of loneliness, its impact on mental health, and to encourage collective efforts in communities to diminish feelings of loneliness.
By drug type, psilocybin was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a substantial quantity of clinical trials being conducted on psilocybin to assess its therapeutic efficacy. Additionally, ketamine is predicted to grow at the fastest CAGR during the forecast period owing to the increasing utilization of ketamine for depression treatment and the rising introduction of innovative therapeutic alternatives. For instance, in October 2022, Numinus Wellness Inc, a company dedicated to advancing mental health care through innovative treatments and safe, evidence-based psychedelic-assisted therapies, has initiated the Ketamine for Chronic and Serious Medical Illness Program. This newly launched program is expected to be initially implemented at Numinus' clinics located in Utah, British Columbia, and Quebec. The company has plans to extend the program to additional clinics in the subsequent months.
By source, synthetic psychedelic drugs was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a significant demand for this source attributed to the selective generation of compounds & active pharmaceutical products, facilitating the creation of innovative drug formulations, and increased collaboration among prominent market players. For instance, in January 2022, Dalriada Drug Discovery has entered into a collaboration with atai Life Sciences to create advanced small molecule therapies derived from psychedelics and related compounds, specifically for mental health disorders. The collaboration aims to build a varied pipeline of new chemical entities (NCE) that surpass current compounds in both clinical and preclinical stages of development, targeting the enhancement of treatments for these disorders. The initial phase of the company's efforts will concentrate on developing innovative compounds directed at the serotonin 5-HT2A receptor, with subsequent attention on additional central nervous system (CNS) targets. Additionally, natural psychedelic drugs is predicted to grow at the fastest CAGR during the forecast period owing to the rising fascination with natural sources and the potential advantages they offer. The exploration of natural sources for their therapeutic potential in addressing mental health disorders like depression, anxiety, and post-traumatic stress disorder (PTSD) is becoming more prevalent.
By route of administrations, oral was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 as it is more convenient and involves less invasiveness compared to injectable administration. Additionally, injectable is predicted to grow at the fastest CAGR during the forecast period owing to the increasing use of injectables is observed in situations requiring immediate effects, accompanied by a rising number of treatment options in the development pipeline. For instance, in December 2023, MAPS Public Benefit Corp. submitted an application to the U.S. Food and Drug Administration seeking approval for the use of the psychedelic drug MDMA, commonly known as Ecstasy, in combination with therapy for the treatment of post-traumatic stress disorder. If approved, this would mark the inaugural instance of such a treatment.
By application, post-traumatic stress disorder was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to the growing awareness of the effectiveness of psychedelic drugs in alleviating symptoms associated with PTSD and other mental health issues, coupled with an expansion in research and development activities. For instance, in March 2022, Researchers from the University of California shared findings and follow-up information from a phase 3 clinical trial involving a psychedelic substance, 3,4 methylenedioxymethamphetamine (MDMA), in conjunction with psychotherapy for addressing PTSD. The initial data indicated the efficacy of the therapy, even among challenging cases like individuals with substance use disorders. Additionally, treatment resistant depression is predicted to grow at the fastest CAGR during the forecast period owing to the increasing number of clinical trials and studies underway to investigate the potential of psychedelic drugs, reflecting shifting lifestyle trends and a rising prevalence of major depression disorders.
By distribution channel, hospital pharmacy was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to the growing awareness of mental health issues among the public, a surge in the prescription of psychedelic drugs by medical practitioners, and an increasing trend of collaborations among market players. For instance, in July 2022, Havn Life has partnered with the Canadian non-profit TheraPsil and the UK-based organization Drug Science to embark on the most extensive medical psilocybin and data initiative to date. This project aims to offer a secure supply of psilocybin to patients with medical requirements. Additionally, retail pharmacy is predicted to grow at the fastest CAGR during the forecast period owing to the increase in awareness about psychedelic drugs, accompanied by a growing utilization of these substances for specific medical indications.
By end-user, mental health center was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a widespread adoption of psychedelic drugs in mental health centers for the treatment of mental illnesses, along with a significant increase in company expansions and the establishment of psychedelic treatment centers. For instance, in March 2022, Delic Corporation, headquartered in Canada, has extended the reach of its Ketamine Wellness Centers (KWC) to include new locations in Salt Lake City and Reno. These centers offer treatment options that incorporate their FDA-approved SPRAVATO (esketamine). Additionally, hospitals is predicted to grow at the fastest CAGR during the forecast period owing to the growing influx of patients seeking mental health treatment at hospitals, coupled with a rising number of prescribed medications.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of mental health disorders, a surge in the demand for psychedelic drugs, and a growing awareness of mental health issues that necessitate treatment with psychedelic drugs. For instance, in October 2022, The Canadian Government organized Mental Illness Awareness Week, a nationwide campaign designed to educate and inform Canadians about the actualities of mental illness. This initiative provides an opportunity for the public to dispel misconceptions surrounding mental health and enhance overall understanding of the subject. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rise in the research and development activities related to psychedelic drugs, an increasing number of clinical trial procedures, and a surge in government initiatives in this field. For instance, in July 2023, In Australia, medications containing psychedelic substances like psilocybin and MDMA can only be prescribed by a licensed psychiatrist for specific disorders. The Therapeutic Goods Administration (TGA) is anticipated to authorize the prescription of MDMA specifically for post-traumatic stress disorder treatment.
Growing awareness initiatives conducted by both private & government institutes is predicted to boost the market growth during the forecast period. Psychedelic drugs encompass a range of chemical substances, such as lysergic acid diethylamide (LSD) and compounds derived from plants. These substances possess the capacity to alter or intensify sensory perceptions, cognitive processes, and energy levels, and there are reports suggesting their role in facilitating spiritual experiences. For instance, in May 2022, The Mental Health Foundation organized Mental Health Awareness Week with a focus on the theme of 'loneliness.' The intention was to delve into the phenomenon of loneliness, its impact on mental health, and to encourage collective efforts in communities to diminish feelings of loneliness.
By drug type, psilocybin was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a substantial quantity of clinical trials being conducted on psilocybin to assess its therapeutic efficacy. Additionally, ketamine is predicted to grow at the fastest CAGR during the forecast period owing to the increasing utilization of ketamine for depression treatment and the rising introduction of innovative therapeutic alternatives. For instance, in October 2022, Numinus Wellness Inc, a company dedicated to advancing mental health care through innovative treatments and safe, evidence-based psychedelic-assisted therapies, has initiated the Ketamine for Chronic and Serious Medical Illness Program. This newly launched program is expected to be initially implemented at Numinus' clinics located in Utah, British Columbia, and Quebec. The company has plans to extend the program to additional clinics in the subsequent months.
By source, synthetic psychedelic drugs was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a significant demand for this source attributed to the selective generation of compounds & active pharmaceutical products, facilitating the creation of innovative drug formulations, and increased collaboration among prominent market players. For instance, in January 2022, Dalriada Drug Discovery has entered into a collaboration with atai Life Sciences to create advanced small molecule therapies derived from psychedelics and related compounds, specifically for mental health disorders. The collaboration aims to build a varied pipeline of new chemical entities (NCE) that surpass current compounds in both clinical and preclinical stages of development, targeting the enhancement of treatments for these disorders. The initial phase of the company's efforts will concentrate on developing innovative compounds directed at the serotonin 5-HT2A receptor, with subsequent attention on additional central nervous system (CNS) targets. Additionally, natural psychedelic drugs is predicted to grow at the fastest CAGR during the forecast period owing to the rising fascination with natural sources and the potential advantages they offer. The exploration of natural sources for their therapeutic potential in addressing mental health disorders like depression, anxiety, and post-traumatic stress disorder (PTSD) is becoming more prevalent.
By route of administrations, oral was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 as it is more convenient and involves less invasiveness compared to injectable administration. Additionally, injectable is predicted to grow at the fastest CAGR during the forecast period owing to the increasing use of injectables is observed in situations requiring immediate effects, accompanied by a rising number of treatment options in the development pipeline. For instance, in December 2023, MAPS Public Benefit Corp. submitted an application to the U.S. Food and Drug Administration seeking approval for the use of the psychedelic drug MDMA, commonly known as Ecstasy, in combination with therapy for the treatment of post-traumatic stress disorder. If approved, this would mark the inaugural instance of such a treatment.
By application, post-traumatic stress disorder was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to the growing awareness of the effectiveness of psychedelic drugs in alleviating symptoms associated with PTSD and other mental health issues, coupled with an expansion in research and development activities. For instance, in March 2022, Researchers from the University of California shared findings and follow-up information from a phase 3 clinical trial involving a psychedelic substance, 3,4 methylenedioxymethamphetamine (MDMA), in conjunction with psychotherapy for addressing PTSD. The initial data indicated the efficacy of the therapy, even among challenging cases like individuals with substance use disorders. Additionally, treatment resistant depression is predicted to grow at the fastest CAGR during the forecast period owing to the increasing number of clinical trials and studies underway to investigate the potential of psychedelic drugs, reflecting shifting lifestyle trends and a rising prevalence of major depression disorders.
By distribution channel, hospital pharmacy was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to the growing awareness of mental health issues among the public, a surge in the prescription of psychedelic drugs by medical practitioners, and an increasing trend of collaborations among market players. For instance, in July 2022, Havn Life has partnered with the Canadian non-profit TheraPsil and the UK-based organization Drug Science to embark on the most extensive medical psilocybin and data initiative to date. This project aims to offer a secure supply of psilocybin to patients with medical requirements. Additionally, retail pharmacy is predicted to grow at the fastest CAGR during the forecast period owing to the increase in awareness about psychedelic drugs, accompanied by a growing utilization of these substances for specific medical indications.
By end-user, mental health center was the highest revenue-grossing segment in the global psychedelic drugs market in 2023 owing to a widespread adoption of psychedelic drugs in mental health centers for the treatment of mental illnesses, along with a significant increase in company expansions and the establishment of psychedelic treatment centers. For instance, in March 2022, Delic Corporation, headquartered in Canada, has extended the reach of its Ketamine Wellness Centers (KWC) to include new locations in Salt Lake City and Reno. These centers offer treatment options that incorporate their FDA-approved SPRAVATO (esketamine). Additionally, hospitals is predicted to grow at the fastest CAGR during the forecast period owing to the growing influx of patients seeking mental health treatment at hospitals, coupled with a rising number of prescribed medications.
North America region is anticipated for the highest revenue share during the forecast period owing to the increasing prevalence of mental health disorders, a surge in the demand for psychedelic drugs, and a growing awareness of mental health issues that necessitate treatment with psychedelic drugs. For instance, in October 2022, The Canadian Government organized Mental Illness Awareness Week, a nationwide campaign designed to educate and inform Canadians about the actualities of mental illness. This initiative provides an opportunity for the public to dispel misconceptions surrounding mental health and enhance overall understanding of the subject. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the rise in the research and development activities related to psychedelic drugs, an increasing number of clinical trial procedures, and a surge in government initiatives in this field. For instance, in July 2023, In Australia, medications containing psychedelic substances like psilocybin and MDMA can only be prescribed by a licensed psychiatrist for specific disorders. The Therapeutic Goods Administration (TGA) is anticipated to authorize the prescription of MDMA specifically for post-traumatic stress disorder treatment.
Segmentation: Psychedelic Drugs Market Report 2023 - 2034
Psychedelic Drugs Market Analysis & Forecast by Drug Type 2023 - 2034 (Revenue USD Bn)
- Gamma Hydroxybutyric Acid (GHB)
- 3,4-MethylEnedioxyMethamphetamine
- Lysergic Acid Diethylamide (LSD)
- Psilocybin
- Ketamine
- Others
Psychedelic Drugs Market Analysis & Forecast by Source 2023 - 2034 (Revenue USD Bn)
- Synthetic Psychedelic Drugs
- Natural Psychedelic Drugs
Psychedelic Drugs Market Analysis & Forecast by Route of Administrations 2023 - 2034 (Revenue USD Bn)
- Nasal
- Oral
- Rectal
- Injectable
- Transdermal
Psychedelic Drugs Market Analysis & Forecast by Application 2023 - 2034 (Revenue USD Bn)
- Treatment Resistant Depression
- Post-traumatic Stress Disorder
- Panic Disorders
- Opiate Addiction
- Narcolepsy
- Others
Psychedelic Drugs Market Analysis & Forecast by Distribution Channel 2023 - 2034 (Revenue USD Bn)
- Retail Pharmacy
- Hospital Pharmacy
- Others
Psychedelic Drugs Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)
- Hospitals
- Mental Health Center
- Others
Psychedelic Drugs Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
Table of Contents
1. Research Methodology
2. Introduction
4. Market Environment Analysis
5. Market Dynamics
7. Psychedelic Drugs Market: Drug Type Estimates & Trend Analysis
8. Psychedelic Drugs Market: Source Estimates & Trend Analysis
9. Psychedelic Drugs Market: Route of Administration Estimates & Trend Analysis
10. Psychedelic Drugs Market: Application Estimates & Trend Analysis
11. Psychedelic Drugs Market: Distribution Channel Estimates & Trend Analysis
12. Psychedelic Drugs Market: End-user Estimates & Trend Analysis
13. Regional Market Analysis
14. North America Psychedelic Drugs Market
15. Europe Global Psychedelic Drugs Market
16. Asia Pacific Global Psychedelic Drugs Market
17. Latin America Global Psychedelic Drugs Market
18. MEA Global Psychedelic Drugs Market
19. Competitor Analysis
20. Company Profiles
Companies Mentioned
- Medtronic
- Changzhou Ankang Medical Instruments
- Locamed
- Johnson & Johnson
- Frankenman International Ltd
- Zhejiang Geyi Medical Instrument
- Infiniti Medical
- Reach Surgical
- Surkonmed
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 200 |
| Published | January 2024 |
| Forecast Period | 2023 - 2034 |
| Estimated Market Value ( USD | $ 1.81 Billion |
| Forecasted Market Value ( USD | $ 6.39 Billion |
| Compound Annual Growth Rate | 12.1% |
| Regions Covered | Global |
| No. of Companies Mentioned | 9 |
