Global Psychedelic Drugs Market Report 2023: Increase in the Cases of Mental Illnesses is Expected to Propel Growth

Rhea-AI Summary

The global psychedelic drugs market witnessed growth, expanding from $4.2 billion in 2022 to $4.83 billion in 2023, at a CAGR of 14.9%. This market is poised to reach $8.31 billion by 2027, with a CAGR of 14.5%. The report comprises essential market insights, detailing a variety of players including Johnson & Johnson, Pfizer, COMPASS Pathways PLC (CMPS), and others. Mental health conditions, particularly depression and PTSD, are major focus areas driving growth. Additionally, the introduction of innovative treatments such as nasal sprays is becoming a trend. The report also discusses the impact of global factors like COVID-19, inflation, and geopolitical issues on the market expansion.

Positive

• Psychedelic drugs market grew from $4.2 billion in 2022 to $4.83 billion in 2023.
• Projected market size of $8.31 billion by 2027 at a CAGR of 14.5%.
• Major players include established companies like Johnson & Johnson, Pfizer, and COMPASS Pathways PLC.

Negative

• None.

DUBLIN, April 20, 2023 /PRNewswire/ -- The "Psychedelic Drugs Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.

This report provides strategists, marketers and senior management with the critical information they need to assess the market.

The global psychedelic drugs market grew from $4.2 billion in 2022 to $4.83 billion in 2023 at a compound annual growth rate (CAGR) of 14.9%. The psychedelic drugs market is expected to grow to $8.31 billion in 2027 at a CAGR of 14.5%.

Major players in the psychedelic drug market are Johnson & Johnson, Pfizer, Hikma Pharmaceuticals PLC, Roche Holding AG, Merck & Co Inc., Jazz Pharmaceuticals plc, COMPASS Pathways PLC, Celon Pharma S.A., Numinus Wellness Inc., AbbVie, Mylan N.V., Avadel, NeuroRx Inc., Klarisana, AstraZeneca, Dr. Reddy's Laboratories Ltd., Takeda Pharmaceutical Company Limited, Allergan Inc., Mota Ventures Corp., Seelos Therapeutics, Emmes Company, and Novatris International AG.

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Psychedelic drug refers to a group of psychoactive drugs that alter perception, mood, and thought processes. All of the senses are affected by psychedelics, which change a person's thinking, perception of time, and emotions. These include chemicals such as Lysergic acid diethylamid (LSD) and plants such as peyote. These medications are used to treat a variety of brain conditions.

The main types of psychedelic drugs are lysergic acid diethylamid, ketamine, phencyclidine, gamma-hydroxybutyric acid (GHB), and salvia. Lysergic Acid Diethylamide (LSD) is also known colloquially as acid. LSD is manufactured in crystalline form and then mixed with other inert ingredients or diluted as a liquid to produce an ingestible form.

The various disease indications include depression and PTSD, which could be natural or synthetic. The numerous applications include treatment-resistant depression, opiate addiction, post-traumatic stress disorder, narcolepsy, and panic disorders, and are distributed through various channels such as hospital pharmacies, retail pharmacies, and online pharmacies.

The introduction of "depression spray" is the key trend gaining popularity in the psychedelic drug market. Major companies operating in the psychedelic drug market are introducing nasal spray drugs for major depressive disorders to sustain their position in the market. For instance, in August 2021, Hikma Pharmaceuticals plc, a UK based pharmaceutical company, launched KLOXXADO. KLOXXADO is an 8 mg nasal spray containing naloxone HCl. This spray is used for the immediate care of patients, both adults and children, with known or suspected opioid overdoses, as shown by respiratory depression and/or central nervous system depression.

In April 2022, Numinus, a Canada-based company that manufactures psychedelic medicine with holistic, integrated psychotherapy, acquired Novamind for a deal amount of $20.77 million. With this acquisition, Numinus is expected to expand its psychotherapy clinics in the US and develop advanced psychedelic programs. Novamind is a US-based mental health company and manufacturer of psychedelic medicine.

North America was the largest region in the psychedelic drug market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the psychedelic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The countries covered in the psychedelic drug market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drug market going forward. Mental illnesses refer to health conditions involving changes in emotion, thinking, or behavior. Mental illnesses include conditions such as distress and post-traumatic stress disorder. Psychedelic drugs are used to treat depression and post-traumatic stress disorder, and their regular usage decreases mental illnesses. 

The psychedelic drug market consists of sales of psilocybin, PCP, cannabis, and ecstasy. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Key Topics Covered:

1. Executive Summary

2. Psychedelic Drugs Market Characteristics

3. Psychedelic Drugs Market Trends And Strategies

4. Psychedelic Drugs Market - Macro Economic Scenario
4.1 COVID-19 Impact On Psychedelic Drugs Market
4.2 Ukraine-Russia War Impact On Psychedelic Drugs Market
4.3 Impact Of High Inflation On Psychedelic Drugs Market

5. Psychedelic Drugs Market Size And Growth
5.1. Global Psychedelic Drugs Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Psychedelic Drugs Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market

6. Psychedelic Drugs Market Segmentation
6.1. Global Psychedelic Drugs Market, Segmentation By Type, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Lysergic Acid Diethylamid (LSD)
• Ketamine
• Phencyclidine
• Gamma Hydroxybutyric Acid (GHB)
• Salvia

6.2. Global Psychedelic Drugs Market, Segmentation By Disease Indication, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Depression
• PTSD

6.3. Global Psychedelic Drugs Market, Segmentation By Origin, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Natural
• Synthetic

6.4. Global Psychedelic Drugs Market, Segmentation By Application, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Treatment Resistant depression
• Opiate addiction
• Post- Traumatic stress disorder
• Narcolepsy
• Panic Disorders

6.5. Global Psychedelic Drugs Market, Segmentation By Distribution Channel, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

• Hospitals Pharmacy
• Retail Pharmacy
• Online Pharmacy

7. Psychedelic Drugs Market Regional And Country Analysis
7.1. Global Psychedelic Drugs Market, Split By Region, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion
7.2. Global Psychedelic Drugs Market, Split By Country, Historic and Forecast, 2017-2022, 2027F, 2032F, $ Billion

For more information about this report visit https://www.researchandmarkets.com/r/24edt7

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FAQ

What is the current size of the CMPS psychedelic drugs market?

The psychedelic drugs market is currently valued at $4.83 billion in 2023.

What is the projected growth rate for the psychedelic drugs market?

The market is expected to grow at a CAGR of 14.5% and reach $8.31 billion by 2027.

Which companies are key players in the psychedelic drugs market?

Key players include Johnson & Johnson, Pfizer, Hikma Pharmaceuticals PLC, and COMPASS Pathways PLC (CMPS).

What are the main factors driving the growth of the psychedelic drugs market?

The increase in mental illness cases, particularly depression and PTSD, is driving market growth.