Psychedelic Drugs Market Forecast to Reach $6.4 Billion by 2034: Psilocybin and Ketamine Therapies Gain Traction, Driving the Market at 12.17% CAGR
Global Psychedelic Drugs Market
Dublin, Jan. 24, 2024 (GLOBE NEWSWIRE) -- The "Global Psychedelic Drugs Market Analysis & Forecast to 2024-2034" report has been added to ResearchAndMarkets.com's offering.
With the global psychedelic drugs market projected to exhibit a steady growth trajectory, reaching upwards of USD 6.39 billion by 2034, this comprehensive analysis sheds light on the pivotal factors propelling its expansion.
A significant rise in mental health disorders and the progressive acceptance of psychedelic drugs for therapeutic applications contribute to the escalating market growth. Hinging on a compound annual growth rate (CAGR) of 12.17% from 2024 to 2034, the sector is buoyed by increasing research and development, alongside greater awareness of mental health treatments.
Segmental Insights Into the Psychedelic Drugs Market
An in-depth segmentation of the market demonstrates the prominence of psilocybin, particularly in 2023, driven by the substantial amount of research centered around its potential. Furthermore, ketamine therapies promise even greater advancements, as they are likely to experience the fastest CAGR within the forecast period due to broader adoption for depression treatments and the introduction of novel therapeutic methodologies.
When delving into the source of these drugs, synthetic psychedelics held the largest market share, benefiting from the strategic collaboration between industry players to develop advanced pharmaceutical-grade compounds. Simultaneously, natural psychedelic drugs are expected to witness the speediest growth, emphasizing the ongoing interest in naturally occurring psychoactive substances for their therapeutic benefits.
Rising Market Opportunities across Various Segments:
By route of administration, oral intake remains the most prevalent, offering patients ease of use and noninvasive treatment options.
The injectable segment is set to surge, spurred by the necessity of rapid onset of action for certain mental health treatments.
Targeting applications, post-traumatic stress disorder (PTSD) garners the lion's share in the market due to validated efficacy of psychedelic therapy, while treatment-resistant depression is on track to exhibit the fastest surge, reflecting an uptick in ongoing clinical trials.
Pharmacy Sales and Revenue Streams
Hospital pharmacies stood out as leading distribution channels, highlighting the emphasis on prescription psychedelic drugs in clinical settings. Meanwhile, retail pharmacies are predicted to burgeon the fastest, signaling an increased consumer awareness and acceptance to fulfill medical prescriptions.
End-user Adoption and Geographic Market Dynamics
The burgeoning use of these drugs in mental health centers has underpinned their status as the top end-users in the market landscape. Contrastingly, hospitals are anticipated to register swifter CAGR, indicative of the expanding patient base seeking mental health services in these institutions.
Geographically, North America dominates the market, mirroring the growing prevalence of mental health disorders and an entrenched approach to treating them with psychedelic interventions. On the horizon, the Asia Pacific region promises the most dynamic growth, thanks to a rise in R&D activities, an increasing number of clinical trials, and intensified government initiatives.
Comprehensive Analysis Illuminates Psychedelic Drug Advancements
The market analysis delves into crucial factors that underscore the rising psychedelic drugs market size, highlighting trends and breakthroughs in the ever-evolving healthcare landscape. This includes key drivers, such as augmented research efforts, heightened awareness around mental disorders, and an uptick in substance addiction incidences which collectively bolster market growth.
The burgeoning interest in psychedelic science has direct implications for mental health care, pharmaceutical innovation, and the overall health and wellbeing of populations worldwide.
Key Attributes
Report Attribute | Details |
No. of Pages | 200 |
Forecast Period | 2023-2034 |
Estimated Market Value (USD) in 2023 | $1.81 Billion |
Forecasted Market Value (USD) by 2034 | $6.39 Billion |
Compound Annual Growth Rate | 12.1% |
Regions Covered | Global |
Companies Mentioned
Medtronic
Changzhou Ankang Medical Instruments
Locamed
Johnson & Johnson
Frankenman International Ltd.
Zhejiang Geyi Medical Instrument
Infiniti Medical
Reach Surgical
Surkonmed
For more information about this report visit https://www.researchandmarkets.com/r/g99jmg
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