Psychedelic Drugs Market to Reach $2,614.1 Million, by 2032 at 13.4% CAGR: Allied Market Research

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Nov 28, 2023, 10:20 ET

Psychedelic drugs, also known as hallucinogens, are a class of substances that can profoundly alter one's perception, thoughts, and feelings. These substances induce vivid sensory experiences, often characterized by hallucinations, intense emotions, and a distorted sense of reality.

PORTLAND, Ore., Nov. 28, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Psychedelic Drugs Market by Drug Type (Ketamine, Psilocybin, and Others), Application (Mental Health, Abuse Disorders, and Other), and End User (Hospitals, Mental Health Center, and Other): Global Opportunity Analysis and Industry Forecast, 2023–2032.". According to the report, the global psychedelic drugs market was valued at $752.3 million in 2022 and is projected to reach $2,614.1 million by 2032, registering a CAGR of 13.4% from 2023 to 2032.

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Prime determinants of growth

The psychedelic drugs market has experienced significant growth due to surge in prevalence of the mental health crises, rise in the research and development of psychedelics to evaluate the therapeutic effect of the psychedelics, and rise in social acceptance of the psychedelics.

Report coverage & details:

Report Coverage	Details
Forecast Period	2023–2032
Base Year	2022
Market Size in 2022	$752.3 million
Market Size in 2032	$2,614.1 million
CAGR	13.4 %
No. of Pages in Report	240
Segments covered	Drug Type, Application, End User, and Region.
Drivers	Rise in prevalence of mental illness. Rise in investment for the research and development of psychedelic drugs. Increased social acceptance of psychedelic drugs.
Opportunities	Rise in awareness about mental health.
Restraints	Safety concerns regarding the use of psychedelic drugs.

Economic Downturn Analysis: Impact of Recession in 2023 on the Psychedelic Drugs Market

The global recession has significant impact on the psychedelic drugs market.
The high inflation rate and the economic uncertainty has impacted the potential investment for the new product development and research activities.
However, market for psychedelic drugs market is expected to recover owing to rise in prevalence of mental illness.

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The ketamine segment to maintain its leadership status throughout the forecast period

Based on drug type, the ketamine segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue, owing to high adoption of ketamine for treatment of depression.

The mental health segment to maintain its leadership status throughout the forecast period

Based on application, the mental health segment held the highest market share in 2022, accounting for more than half of the psychedelic drugs market revenue. This is attributed to high prevalence of mental illness.

The mental health center segment to maintain its leadership status throughout the forecast period

Based on end user, the mental health center segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue. This is attributed to high prevalence of neurological conditions globally.

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The North America segment to maintain its leadership status throughout the forecast period

Based on region, the North America segment held the highest market share in 2022, accounting for more than one third of the psychedelic drugs market revenue. This is attributed to the rise in prevalence of depression and presence of major key players.

Leading Market Players:

Numinus Wellness Inc
Enveric Biosciences
Field Trip Health
Johnson And Johnson (J&J)
Havn Life
Pharmather
Psyched Wellness
Apex Labs
Ceruvia Lifesciences
Braxia Scientific

The report provides a detailed analysis of these key players in the psychedelic drugs market. These players have adopted different strategies such as collaboration, product approval, acquisition, funding, and partnership to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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About Allied Market Research:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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