The Psychedelic Drug Market is to grow at a 15.10 % CAGR, with the United States leading the market through 2030

The Psychedelic Drug Market is expected to reach USD 11.34 Bn by 2030. The Psychedelic Drug Market is driven by more adoption of natural substitutes for synthetic components.

Psychedelic Drug Market to Hit USD 11.34 Bn by 2030

The Psychedelic Drug Market Size was USD 4.23 Bn in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 15.10 % from 2023 to 2030, reaching USD 11.34 Bn by 2030. The market is becoming more and more acknowledged for its ability to treat a variety of mental health issues, including as drug use disorders, PTSD, anxiety, and depression. Patients and medical professionals are drawn to psychedelics like psilocybin (magic mushrooms), MDMA, and LSD because they have demonstrated encouraging outcomes in clinical studies for the treatment of disorders including anxiety, PTSD, and depression. The first state in the US to legalize psilocybin was Oregon in 2020. According to projections, the psychedelic mushroom industry in the United States may reach $4.32 billion at an 11.5% compound annual growth rate.

Psychedelic Drug Market Segmentation

By Type: LSD, the potential of LSD to treat addiction, PTSD, anxiety, and depression has been investigated. Ecstasy or MDMA is used in the treatment of PTSD, anxiety, and depression. PCP is known as an angel dust drug with hallucinogenic and anesthetic properties. GHB is used in the medical field for narcolepsy. Psilocybin is used to treat depression, anxiety, PTSD, and addiction.

By End User: Hospitals are also major players in the psychedelic drug industry, being important suppliers of medical treatment. At-home therapies, such as self-administered psychedelic therapy, are included in the homecare segment. Speciality Clinics provide a customized treatment plan that incorporates psychedelic drugs.

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Psychedelic Drug Market Regional Analysis

The United States is among the biggest markets for psychedelic drugs. While some states, like Colorado, have made efforts to decriminalize psychedelic chemicals, other states, like Oregon, have approved psilocybin for therapeutic use. With major studies being conducted by universities like Johns Hopkins University, NYU, and Imperial College London, the U.S. is a center for psychedelic research.

Europe, Psychedelics are gradually gaining popularity in Europe, especially in nations like the Netherlands, Germany, Switzerland, and the United Kingdom. Institutions such as Imperial College London are prominent in the field of psychedelic research in the United Kingdom. Switzerland has been investigating the therapeutic use of psilocybin and MDMA.

APAC, The Therapeutic Goods Administration (TGA) of Australia authorized the use of MDMA and psilocybin in 2021. Japan and South Korea shows growing interest in mental health and addiction treatment. Psychedelic drugs like psilocybin and cannabis have a long history of spiritual use in India.

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Psychedelic Drug Market Competitive Landscape

Atai Life Sciences: In 2021, Atai acquired Compassionate Care. Atai announced an investment in Kiyota in 2021. Also in 2021, collaboration with Intracellular Therapeutics was part of Atai, and Atai entered into a partnership with Eli Lilly.

Field Trip Health: In 2021, Field Trip Ventures, a division dedicated to psychedelic drug development, was acquired by Field Trip Health, marking a significant acquisition. Also in 2021, A collaboration was formed between Thrive Mental Health and Field Trip Health.

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Conclusion

• The market for psychedelic drugs seems to have a very bright future. Psychedelics will probably become a mainstay in the treatment of mental health conditions as research and legal frameworks develop.
• There are a ton of prospects for expansion in the upcoming years due to the growing awareness of psychedelics' therapeutic potential and their capacity to fill gaps in conventional mental health treatment.

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