Psychedelic Drugs Market By Drug Type (Ketamine, Psilocybin, Others), By Application (Mental Health, Abuse Disorder, Others), By End User (Hospitals, Mental Health Center, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

List of Tables

The Psychedelic Drugs Market was valued for $752.30 million in 2022 and is estimated to reach $2,614.10 million by 2032, exhibiting a CAGR of 13.4% from 2023 to 2032.

Psychedelic drugs, also known as hallucinogens, are a class of substances that can profoundly alter an individual's perception, thoughts, and feelings. Psychedelic drugs are renowned for their ability to induce altered states of consciousness, often characterized by vivid sensory experiences, unusual thoughts, and a heightened sense of connection to the world. Some well-known psychedelics include LSD (lysergic acid diethylamide), psilocybin, mescaline, and DMT (dimethyltryptamine). These substances primarily work by affecting the brain's serotonin receptors, which play a crucial role in mood regulation and perception.

The psychedelic drugs market is expected to register significant growth owing to increasing social acceptance toward psychedelics, surge in investment in the research and development of psychedelic drugs, and rise in mental health crisis. The shifting societal attitude toward psychedelics has emerged as a major driver for the psychedelic drugs market in recent years. Psychedelics were previously stigmatized and largely associated with counterculture movements and illegal activities, but psychedelics are now undergoing a significant transformation in public perception. According to 2020 report by Proceedings of the National Academy of Sciences (PNAS), a peer reviewed journal of the National Academy of Sciences (NAS), it was reported that past research suggests that use of psychedelic substances such as Lysergic acid diethylamide (LSD) or psilocybin may have positive effects on mood and feelings of social connectedness.

The scientific validation, coupled with changing cultural norms, has led to a reevaluation of psychedelics as more than just recreational substances. Moreover, high-profile endorsements from influential figures in various fields, including healthcare professionals, entrepreneurs, and even celebrities, have played a pivotal role in reshaping the narrative surrounding psychedelics. As a result, an increasing number of governments and regulatory bodies are revisiting their policies, decriminalizing or legalizing psychedelic substances for medical and even recreational use in some regions. Thus, the rise in social acceptance toward psychedelics is expected to drive the growth of the market.

Furthermore, the psychedelic drugs market has witnessed a remarkable surge in investment in research and development (R&D) activities, emerging as a major driver for growth and transformation of the market. The surge in investment in psychedelic drugs can be attributed to growing recognition within the medical and scientific communities of the therapeutic potential of psychedelics, particularly in the treatment of mental health disorders such as depression, anxiety, and post-traumatic stress disorder.

Promising clinical trials and studies have showcased the efficacy of substances like psilocybin and 3,4-Methylenedioxymethamphetamine, prompting increased interest and funding for further exploration. For instance, in February 2023, Transcend Therapeutics, a biotechnology company that develops medicines to treat neuropsychiatric diseases, including post-traumatic stress disorder (PTSD), announced that it closed its Series A funding round of $40 million. The funding round will enable Transcend to launch multiple clinical trials, including a phase II study, with its next-generation psychoactive compound. Transcend has raised nearly $42 million as of February 2023. Thus the rise in the investment in research and development of psychedelic drugs is expected to significantly contribute in the growth of the psychedelic drugs market.

In addition, the rise in the mental health crisis has emerged as a major driver for the psychedelic drugs market, signaling a paradigm shift in the way society perceives and addresses mental health disorders. In recent years, the global burden of mental health conditions, including depression, anxiety, post-traumatic stress disorder (PTSD), and addiction, has reached unprecedented levels. For instance, according to World Health Organization, a specialized agency of the United Nations responsible for international public health, as of March 2023, an estimated 3.8% of the population experience depression.

Conventional treatments such as antidepressants and therapy have not always been effective for everyone, leading to a growing demand for alternative approaches. Psychedelic substances, including psilocybin (found in magic mushrooms) and 3,4-Methylenedioxymethamphetamine (commonly known as ecstasy), have garnered significant attention for their potential to offer breakthrough therapies. According to 2023 report by National Library of Medicine, world's largest biomedical library and a leader in research in computational health informatics, some types of psychedelic drugs, such as psilocybin and 3,4-Methylenedioxymethamphetamine (ecstasy), have shown promise as therapies for treatment-resistant depression and post-traumatic stress disorder.

Thus, the rise in mental health crisis and emergence of psychedelic drugs as promising treatment for depression, anxiety, and post-traumatic stress disorder are expected to drive the growth of the psychedelic drugs market. However, safety concerns represent a significant restraint on the growth of the psychedelic drugs market. While there is a growing body of research suggesting the therapeutic potential of psychedelics, there are also inherent risks associated with their use. One of the primary concerns is the potential for adverse psychological reactions, which can include intense anxiety, paranoia, or even hallucinations that may lead to dangerous behavior.

Moreover, the use of psychedelics in unsupervised or recreational settings can significantly increase the risk of harm, as individuals may not be adequately prepared or have the necessary support to navigate the often intense and unpredictable experiences induced by these substances. The psychedelic drugs market is segmented on the basis of drug type, application, end user, and region. By drug type, the market is categorized into ketamine, psilocybin, and other drug types.

As per application, the market is categorized into mental health, abuse disorders, and other applications. On the basis of end user, the market is categorized into hospitals, mental health center, and other. Region-wise, the market is analyzed across North America (the U.S., Canada, and Mexico), Europe (Germany, France, the UK, Italy, Spain, and rest of Europe), Asia-Pacific (Japan, China, Australia and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, and rest of LAMEA).

Major key players that operate in the global psychedelic drugs market are Johnson & Johnson, Numinus, Field Trip Health, Enveric Biosciences, Havn Life, PharmaTher, Psyched Wellness, Ceruvia Lifesciences, Apex Labs, and Braxia Scientific

Key Benefits For Stakeholders

This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the psychedelic drugs market analysis from 2022 to 2032 to identify the prevailing psychedelic drugs market opportunities.
The market research is offered along with information related to key drivers, restraints, and opportunities.
Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
In-depth analysis of the psychedelic drugs market segmentation assists to determine the prevailing market opportunities.
Major countries in each region are mapped according to their revenue contribution to the global market.
Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
The report includes the analysis of the regional as well as global psychedelic drugs market trends, key players, market segments, application areas, and market growth strategies.

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New Product Development/ Product Matrix of Key Players
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Expanded list for Company Profiles
Historic market data
Key player details (including location, contact details, supplier/vendor network etc. in excel format)
SWOT Analysis

Key Market Segments

By Application

Mental Health
Abuse Disorder
Others

By End User

Hospitals
Mental Health Center
Others

By Drug Type

Ketamine
Psilocybin
Others

By Region

North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- Australia
- Rest of Asia-Pacific
LAMEA
- Brazil
- South Africa
- Rest of LAMEA

Key Market Players:

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

Product Code: A12068

CHAPTER 1: INTRODUCTION

1.1. Report description
1.2. Key market segments
1.3. Key benefits to the stakeholders
1.4. Research methodology
- 1.4.1. Primary research
- 1.4.2. Secondary research
- 1.4.3. Analyst tools and models

CHAPTER 2: EXECUTIVE SUMMARY

2.1. CXO Perspective

CHAPTER 3: MARKET OVERVIEW

3.1. Market definition and scope
3.2. Key findings
- 3.2.1. Top impacting factors
- 3.2.2. Top investment pockets
3.3. Porter's five forces analysis
- 3.3.1. Low bargaining power of suppliers
- 3.3.2. Low threat of new entrants
- 3.3.3. Low threat of substitutes
- 3.3.4. Low intensity of rivalry
- 3.3.5. Low bargaining power of buyers
3.4. Market dynamics
- 3.4.1. Drivers
  - 3.4.1.1. Rise in investment for the research and development of psychedelic drugs.
  - 3.4.1.2. Increased social acceptance of psychedelic drugs.
  - 3.4.1.3. Rise in prevalence of mental illness.
- 3.4.2. Restraints
  - 3.4.2.1. Safety concerns regarding the use of psychedelic drugs
- 3.4.3. Opportunities
  - 3.4.3.1. Rise in awareness about mental health

CHAPTER 4: PSYCHEDELIC DRUGS MARKET, BY DRUG TYPE

4.1. Overview
- 4.1.1. Market size and forecast
4.2. Ketamine
- 4.2.1. Key market trends, growth factors and opportunities
- 4.2.2. Market size and forecast, by region
- 4.2.3. Market share analysis by country
4.3. Psilocybin
- 4.3.1. Key market trends, growth factors and opportunities
- 4.3.2. Market size and forecast, by region
- 4.3.3. Market share analysis by country
4.4. Others
- 4.4.1. Key market trends, growth factors and opportunities
- 4.4.2. Market size and forecast, by region
- 4.4.3. Market share analysis by country

CHAPTER 5: PSYCHEDELIC DRUGS MARKET, BY APPLICATION

5.1. Overview
- 5.1.1. Market size and forecast
5.2. Mental Health
- 5.2.1. Key market trends, growth factors and opportunities
- 5.2.2. Market size and forecast, by region
- 5.2.3. Market share analysis by country
5.3. Abuse Disorder
- 5.3.1. Key market trends, growth factors and opportunities
- 5.3.2. Market size and forecast, by region
- 5.3.3. Market share analysis by country
5.4. Others
- 5.4.1. Key market trends, growth factors and opportunities
- 5.4.2. Market size and forecast, by region
- 5.4.3. Market share analysis by country

CHAPTER 6: PSYCHEDELIC DRUGS MARKET, BY END USER

6.1. Overview
- 6.1.1. Market size and forecast
6.2. Hospitals
- 6.2.1. Key market trends, growth factors and opportunities
- 6.2.2. Market size and forecast, by region
- 6.2.3. Market share analysis by country
6.3. Mental Health Center
- 6.3.1. Key market trends, growth factors and opportunities
- 6.3.2. Market size and forecast, by region
- 6.3.3. Market share analysis by country
6.4. Others
- 6.4.1. Key market trends, growth factors and opportunities
- 6.4.2. Market size and forecast, by region
- 6.4.3. Market share analysis by country

CHAPTER 7: PSYCHEDELIC DRUGS MARKET, BY REGION

7.1. Overview
- 7.1.1. Market size and forecast By Region
7.2. North America
- 7.2.1. Key market trends, growth factors and opportunities
- 7.2.2. Market size and forecast, by Drug Type
- 7.2.3. Market size and forecast, by Application
- 7.2.4. Market size and forecast, by End User
- 7.2.5. Market size and forecast, by country
  - 7.2.5.1. U.S.
  - 7.2.5.1.1. Market size and forecast, by Drug Type
  - 7.2.5.1.2. Market size and forecast, by Application
  - 7.2.5.1.3. Market size and forecast, by End User
  - 7.2.5.2. Canada
  - 7.2.5.2.1. Market size and forecast, by Drug Type
  - 7.2.5.2.2. Market size and forecast, by Application
  - 7.2.5.2.3. Market size and forecast, by End User
  - 7.2.5.3. Mexico
  - 7.2.5.3.1. Market size and forecast, by Drug Type
  - 7.2.5.3.2. Market size and forecast, by Application
  - 7.2.5.3.3. Market size and forecast, by End User
7.3. Europe
- 7.3.1. Key market trends, growth factors and opportunities
- 7.3.2. Market size and forecast, by Drug Type
- 7.3.3. Market size and forecast, by Application
- 7.3.4. Market size and forecast, by End User
- 7.3.5. Market size and forecast, by country
  - 7.3.5.1. Germany
  - 7.3.5.1.1. Market size and forecast, by Drug Type
  - 7.3.5.1.2. Market size and forecast, by Application
  - 7.3.5.1.3. Market size and forecast, by End User
  - 7.3.5.2. France
  - 7.3.5.2.1. Market size and forecast, by Drug Type
  - 7.3.5.2.2. Market size and forecast, by Application
  - 7.3.5.2.3. Market size and forecast, by End User
  - 7.3.5.3. UK
  - 7.3.5.3.1. Market size and forecast, by Drug Type
  - 7.3.5.3.2. Market size and forecast, by Application
  - 7.3.5.3.3. Market size and forecast, by End User
  - 7.3.5.4. Italy
  - 7.3.5.4.1. Market size and forecast, by Drug Type
  - 7.3.5.4.2. Market size and forecast, by Application
  - 7.3.5.4.3. Market size and forecast, by End User
  - 7.3.5.5. Spain
  - 7.3.5.5.1. Market size and forecast, by Drug Type
  - 7.3.5.5.2. Market size and forecast, by Application
  - 7.3.5.5.3. Market size and forecast, by End User
  - 7.3.5.6. Rest of Europe
  - 7.3.5.6.1. Market size and forecast, by Drug Type
  - 7.3.5.6.2. Market size and forecast, by Application
  - 7.3.5.6.3. Market size and forecast, by End User
7.4. Asia-Pacific
- 7.4.1. Key market trends, growth factors and opportunities
- 7.4.2. Market size and forecast, by Drug Type
- 7.4.3. Market size and forecast, by Application
- 7.4.4. Market size and forecast, by End User
- 7.4.5. Market size and forecast, by country
  - 7.4.5.1. China
  - 7.4.5.1.1. Market size and forecast, by Drug Type
  - 7.4.5.1.2. Market size and forecast, by Application
  - 7.4.5.1.3. Market size and forecast, by End User
  - 7.4.5.2. Japan
  - 7.4.5.2.1. Market size and forecast, by Drug Type
  - 7.4.5.2.2. Market size and forecast, by Application
  - 7.4.5.2.3. Market size and forecast, by End User
  - 7.4.5.3. Australia
  - 7.4.5.3.1. Market size and forecast, by Drug Type
  - 7.4.5.3.2. Market size and forecast, by Application
  - 7.4.5.3.3. Market size and forecast, by End User
  - 7.4.5.4. Rest of Asia-Pacific
  - 7.4.5.4.1. Market size and forecast, by Drug Type
  - 7.4.5.4.2. Market size and forecast, by Application
  - 7.4.5.4.3. Market size and forecast, by End User
7.5. LAMEA
- 7.5.1. Key market trends, growth factors and opportunities
- 7.5.2. Market size and forecast, by Drug Type
- 7.5.3. Market size and forecast, by Application
- 7.5.4. Market size and forecast, by End User
- 7.5.5. Market size and forecast, by country
  - 7.5.5.1. Brazil
  - 7.5.5.1.1. Market size and forecast, by Drug Type
  - 7.5.5.1.2. Market size and forecast, by Application
  - 7.5.5.1.3. Market size and forecast, by End User
  - 7.5.5.2. South Africa
  - 7.5.5.2.1. Market size and forecast, by Drug Type
  - 7.5.5.2.2. Market size and forecast, by Application
  - 7.5.5.2.3. Market size and forecast, by End User
  - 7.5.5.3. Rest of LAMEA
  - 7.5.5.3.1. Market size and forecast, by Drug Type
  - 7.5.5.3.2. Market size and forecast, by Application
  - 7.5.5.3.3. Market size and forecast, by End User

CHAPTER 8: COMPETITIVE LANDSCAPE

8.1. Introduction
8.2. Top winning strategies
8.3. Product mapping of top 10 player
8.4. Competitive dashboard
8.5. Competitive heatmap
8.6. Top player positioning, 2022

CHAPTER 9: COMPANY PROFILES

9.1. Numinus Wellness Inc
- 9.1.1. Company overview
- 9.1.2. Key executives
- 9.1.3. Company snapshot
- 9.1.4. Operating business segments
- 9.1.5. Product portfolio
- 9.1.6. Business performance
9.2. Enveric Biosciences
- 9.2.1. Company overview
- 9.2.2. Key executives
- 9.2.3. Company snapshot
- 9.2.4. Operating business segments
- 9.2.5. Product portfolio
9.3. Field Trip Health
- 9.3.1. Company overview
- 9.3.2. Key executives
- 9.3.3. Company snapshot
- 9.3.4. Operating business segments
- 9.3.5. Product portfolio
9.4. Johnson & Johnson (J&J)
- 9.4.1. Company overview
- 9.4.2. Key executives
- 9.4.3. Company snapshot
- 9.4.4. Operating business segments
- 9.4.5. Product portfolio
- 9.4.6. Business performance
- 9.4.7. Key strategic moves and developments
9.5. Havn Life
- 9.5.1. Company overview
- 9.5.2. Key executives
- 9.5.3. Company snapshot
- 9.5.4. Operating business segments
- 9.5.5. Product portfolio
- 9.5.6. Key strategic moves and developments
9.6. PharmaTher
- 9.6.1. Company overview
- 9.6.2. Key executives
- 9.6.3. Company snapshot
- 9.6.4. Operating business segments
- 9.6.5. Product portfolio
- 9.6.6. Key strategic moves and developments
9.7. Psyched Wellness
- 9.7.1. Company overview
- 9.7.2. Key executives
- 9.7.3. Company snapshot
- 9.7.4. Operating business segments
- 9.7.5. Product portfolio
- 9.7.6. Key strategic moves and developments
9.8. Apex Labs
- 9.8.1. Company overview
- 9.8.2. Key executives
- 9.8.3. Company snapshot
- 9.8.4. Operating business segments
- 9.8.5. Product portfolio
9.9. Ceruvia Lifesciences
- 9.9.1. Company overview
- 9.9.2. Key executives
- 9.9.3. Company snapshot
- 9.9.4. Operating business segments
- 9.9.5. Product portfolio
9.10. Braxia Scientific
- 9.10.1. Company overview
- 9.10.2. Key executives
- 9.10.3. Company snapshot
- 9.10.4. Operating business segments
- 9.10.5. Product portfolio
- 9.10.6. Business performance