A recent report shows a steady growth in the psychedelic drug market, however the report represents a much more conservative projection compared to past reports, which have blown that projection by almost three times as much by the same year.
The Guardian and peer-reviewed journals call it the “Psychedelic Rennaisance.” The psychedelic drug market is projected to rise from $3.6 billion USD in 2022 to reach $4.6 billion USD by 2030, according to a new report released by Virginia-based MarketDigits. This projected growth represents a compound annual growth rate (CAGR) of 13.5%.
The report was announced April 26 in a press release and found a similar trajectory as similar reports, but with a more conservative number for its total projection.
“In recent years, there has been a resurgence of interest in psychedelic drugs as potential treatments for various mental health conditions, including depression, anxiety, PTSD, and substance use disorders,” the report reads. “Psychedelic substances such as psilocybin (found in certain mushrooms), MDMA (commonly known as ecstasy), and LSD (lysergic acid diethylamide) have shown promising results in clinical trials, demonstrating their potential to alleviate symptoms, promote emotional healing, and induce transformative experiences.”
The reasons for the market’s growth are complex but represent a steady rise in popularity.
“As the field of psychedelic medicine continues to evolve, driven by factors such as shifting societal attitudes, advances in neuroscience, and growing demand for alternative mental health treatments, the psychedelic drugs market is experiencing renewed interest and investment, reshaping the landscape of mental healthcare and therapeutic innovation.
The “major players” the report lists are: Jazz Pharmaceuticals, Inc., Janssen Pharmaceuticals, Pfizer Inc., Verrian, Avadel, Celon Pharma S.A., COMPASS, F. Hoffmann-La Roche Ltd, Hikma Pharmaceuticals PLC, NeuroRx, Inc., PharmaTher Inc., Mind Medicine, Inc., Cybin Corp., GABA Therapeutics, Inc., EmpathBio, DemeRx and Others.
MarketDigits’ report broke down psychedelic drugs into natural and synthetic, and divided up drug types as the following:
- Gamma Hydroxybutyric Acid (GHB)
- Ketamine
- Psilocybin
- Lysergic Acid Diethylamide (LSD)
- 3,4-MethylEnedioxyMethamphetamine
- Others
The report also breaks down drugs by indication, or the conditions drugs are used for; form or in capsule, liquid, or table; and also by route of administration, end-user, distribution channel, and region.
“In conclusion, the psychedelic drugs market represents a paradigm shift in mental healthcare, offering novel approaches to treating mental health disorders, promoting emotional healing, and fostering personal growth and transformation,” the report reads. “By harnessing the therapeutic potential of psychedelic substances and psychedelic-assisted therapy approaches, the psychedelic drugs market has the potential to revolutionize how mental illness is understood, treated, and experienced by individuals and communities. As the field of psychedelic medicine continues to evolve, driven by advances in neuroscience, clinical research, and regulatory frameworks, the psychedelic drugs market is poised for significant growth and innovation, reshaping the landscape of mental healthcare and therapeutic innovation. By embracing collaboration, innovation, and advocacy, stakeholders in the psychedelic drugs market can unlock new opportunities and drive meaningful advancements in mental health treatment, patient care, and societal well-being.”
What Other Reports Project for the Psychedelic Drug Market
In a separate report, Brandessence Market Research found that the same market could reach nearly $12 billion USD by the same year, however that report is based on a slightly larger current market under their definition of psychedelic drugs. Aligning with MarketDigits’ report, Brandessence Market Research arrived at a nearly identical CAGR rate based on their research, however.
The global market for psychedelic drugs including psilocybin, ketamine, and LSD is expected to grow to nearly $12 billion per year before 2030, according to data from a recent market analysis. In a report released last Thursday, Brandessence Market Research revealed that the psychedelic drug market is anticipated to reach a valuation of $11.82 billion by 2029, growing from an estimated $4.87 billion in 2022.
The report shows the global market for psychedelic drugs expanding at a CAGR of 13.49% over the next six years. The market includes several psychedelic drugs being used or researched as treatments for a wide range of mental health disorders, including psilocybin, LSD, ketamine, MDMA, GHB, and others.
“Additionally, the rising prevalence of depression and other mental disorders worldwide and increasing demand for treatment, are the key factors supplementing the growth of the psychedelic drugs market,” Brandessence Market Research wrote in the report published in November. “Furthermore, changes in lifestyle and the desire for a higher and better quality of life [are] expected to contribute toward the market growth. And also increase in R&D initiatives in the sector of psychedelic medicine is projected to drive market expansion during the forecast period.”
Both reports show no signs of the psychedelic drug market slowing down, bolstered by a constant flow of research showing the potential for treatment in numerous areas.
Benjamin M. Adams
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