The Global Psychedelic Therapeutics Market size was valued at US$ 3.61 Billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 13.2% from 2022 to 2028. Psychedelic medicines are also referred to as hallucinogenic. Psychedelic medicines are a group of substances, including chemicals, such as LSD, and plants used to treat multiple mental disorders, including resistant depression, opiate addiction, and panic disorder, among others. This medicine changes and enhances sensory perceptions, thought processes, and energy levels and facilitates favorable experiences.
The Global psychedelic therapeutics market is proliferating owing to the increasing incidence of depression cases across the world. Additionally, changed lifestyles and quality of living are supporting the growth of psychedelic medicine market. In addition, the market is anticipated to expand lucratively as a result of the growing need for medicines to treat psychological drug dependency. On the other hand, a greater acceptance of non-therapeutic treatments over allopathic therapies and tight rules implemented by various governments to commercialize psychedelic medications may inhibit the market growth.
In 2021, North America led the market. Major determinants, such as the increase in the frequency of depression and other mental diseases and the rapid advancement of research, are driving the market growth. The population's increased awareness of anxiety and mental health is anticipated to stimulate regional growth further. The Asia-Pacific region is anticipated to see a considerable growth rate over the projected period as a result of the growing awareness of mental diseases and the expansion of healthcare infrastructure.
The global psychedelic therapeutics market is segmented on the basis of Origin of Psychedelic Substance, Type of Psychedelic Substance, Target Therapeutic Area and region. Based on the Origin of Psychedelic Substance, the market is divided into Synthetic Substances and Natural Substances. On the basis of Type of Psychedelic Substance, the market is divided in to GHB, Ketamine, MDMA and Psilocybin. On the basis of Target Therapeutic Area, the market is divided into Depression and Anxiety Disorders, Pain Disorders, Sleep-Related Disorders and Trauma. Based on region, the market is studied across North America, Asia-Pacific, Europe, and LAMEA. Among that Europe held the largest share of the market, followed by America and Asia Pacific. On the other hand, North America is expected to dominate the market during the analysis of forecast period.
The key players of this market include Celon Pharma S.A., MAPS Public Benefit, MindMed, Janssen Pharmaceuticals, iX Biopharma Ltd, Jazz Pharmaceutical, Avadel, Pharmaceuticals plc, NeuroRx, Inc., Douglas Pharmaceuticals Limited, The Emmes, Company, LLC, CaaMTech, COMPASS Pathways plc, Eleusis Benefit Corporation, AWAKN Life Sciences Inc, Psilera Bioscience, Braxia Scientific Corp., Mindset Pharma, BetterLife Pharma, Cybin, CB Therapeutics, Numinus Wellness, Mydecine Innovations Group, Optimi Health, PharmaTher, Field Trip Health, ATAI Life Sciences, GH Research, Seelos Therapeutics, Small Pharma, Bright Minds Biosciences, Incannex Health, PsyBio Therapeutics, Universal Ibogaine, Levitee Labs, Mind Cure Health, Novamind, Clearmind Medicine, MYND Life Science, Wesana Health, Psyched Wellness, HAVN Life Sciences, Tryp Therapeutics, Psyence Group, Silo Pharma, Core One Labs, M2Bio Sciences, Neonmind Biosciences, Delic Corp, Nova Mentis Life Science, Beckley Psytech, Delix Therapeutics, Diamond Therapeutics, Tactogen, Psygen Labs Inc., Bexson Biomedical, Eleusis Biotech, Psilera Biosceince, Octarine Bio, Heading Health, MAPS Public Benefit Corporation (PBC), Aphrodite Health, Terran Biosciences, Mycrodose Therapeutics, Reset Pharma, Clerkenwell Health, Alvarius Pharmaceuticals, Ceruvia Lifesciences, and Other Prominent Player.
Global Psychedelic Therapeutics Market Revenue (US$ Mn) Based on Type of Psychedelic Substance
