Published by Wanda Rich
Posted on March 26, 2025
High Demand for Natural and Effective Mental Illness Therapies Making Psychedelic Drugs More Attractive: Fact.MR Report
The global psychedelic drug market is approximated at a value of US$ 603.1 million in 2024 and is calculated to reach US$ 1.18 billion by 2034, reveals Fact.MR, a market research and competitive intelligence provider, in its recently updated industry report.
Psychedelics are associated with the counterculture movement; however, research and development efforts conducted for their therapeutic use are believed to be beneficial for treating mental illnesses. Researchers and scientists are conducting several clinical trials to explore the beneficial output of psychedelics. Leading companies and research institutions are joining hands to evaluate the safety and efficacy of psychedelics. Considering the potential therapeutic potential of psychedelic drugs, several companies such as biotech, big pharma, and venture capital firms are investing in R&D to produce innovative solutions and make a mark in this business space.
The rising prevalence of mental disorders such as depression, anxiety, and stress is driving global demand for psychedelic drugs. Conventional therapies, in some cases, are not showing potential results, which is driving the demand for alternative therapies such as psychedelics. A favorable shift in regulatory frameworks is also generating profitable opportunities for psychedelic drug producers. Psychedelic drugs include psilocybin, LSD, MDMA, DMT, and ketamine. Use of LSD is high for the treatment of mental disorders. Psychedelic substances are synthetic as well as derived from plants such as mushrooms and marijuana.
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Key Takeaways from the Market Study:
“Advancements in neuroscience are contributing to the development of psychedelic drugs with therapeutic potential and complementing market expansion,” says a Fact.MR analyst.
North America and Europe Key Markets for Psychedelic Drug Manufacturers
North America is leading in research and development for the therapeutic use of psychedelics. Several FDA-approved psychedelic drugs are creating lucrative opportunities for manufacturers. Europe is witnessing a high prevalence of mental disorders. Many individuals in European countries have some kind of mental illness, such as depression, stress, or anxiety. This is increasing the demand for alternative therapies such as psychedelic drugs in Europe. Countries in the Asia Pacific and the Middle East, such as Australia and Israel, are investing heavily in research and development activities for the use of psychedelics for medicinal purposes.
Psychedelic Drug Industry News:
Psychedelic drug manufacturers are driving growth through research and development, collaborations, sponsorships, fundraising, and partnerships. These strategies help key players expand their geographic presence and enhance their product portfolios. In October 2022, Numinus Wellness Inc. introduced psychedelic-assisted therapy aimed at treating chronic and serious medical illnesses, further advancing innovation in the market.
Leading Players Driving Innovation in the Psychedelic Drug Market:
Key industry participants like Herbalife Nutrition; Havn Life; Revive Therapeutics; Amway; Jazz Pharmaceuticals; NeonMind BioSciences; Nature's Bounty Co.; NutraScience Labs; Cybin Corp.; NRx Pharmaceuticals Inc.; Seelos Therapeutics; Pfizer Inc.; Numinus; Mind Medicine; PharmaTher Holdings Ltd; GlaxoSmithKline Plc.; NOW Health Group etc. are driving the psychedelic drug industry.
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More Valuable Insightson Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global psychedelic drug market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).
The study divulges essential insights on the market based on source (natural psychedelic drugs, synthetic psychedelic drugs), therapeutic drug (psilocybin, LSD, MDMA, DMT, ketamine), indication (depressive disorders, post-traumatic stress disorders, substance abuse disorders, obsessive compulsive disorders, alzheimer dementia, cluster headaches, terminal cancer distress, anorexia & obesity, personality disorders, anxiety), route of administration (oral psychedelic drugs, injectable psychedelic drugs, rectal psychedelic drugs, nasal psychedelic drugs, transdermal psychedelic drugs), and distribution channel (online pharmacies, hospital pharmacies, retail pharmacies), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).
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