London, Oct. 20, 2022 (GLOBE NEWSWIRE) -- The staggering rate of increase in a wide range of mental health issues primarily drives the growth of psychedelic drugs market worldwide. A huge unmet need for the treatment of the same further complements the progress of the market, suggests a newly published Fairfield Market Research study. Global psychedelic drugs market reportedly recorded the revenue of around US$3.2 Bn in 2021 and is expected to reach over US$6.3 Bn toward the end of 2026. With the WHO affirming the critically growing need for effective treatment against mental health conditions, demand for psychedelic drugs will continue to be on the rise in long term. Several drugs have been receiving approvals, and the clinical trials have been revealing promising tolerance levels, which will collectively elevate the prospects of growth for the psychedelic drugs market during 2021 – 2026. Soaring demand for both the diagnosis and therapy at an individual as well as the institutional level is likely to favour the growth of psychedelic drugs market, says the report.
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Key Research Insights
- Experiencing nearly 2x expansion in revenue, the market is all set to exhibit a solid 14.5% CAGR through 2026 end
- Depression accounted for over 40% market share in 2021 and will remain the largest demand generating segment in long run
- Oral drugs continue to be the most preferred category, with over 55% market share
Insights into Segmental Analysis
Drug-wise analysis of the market reveals that revenue generation of ketamine will observe16% growth by the end of 2026, majorly attributing to its proven efficacy in addition to the robust clinical trials portfolio of the drug in case of a host of mental health conditions. In terms of the various disease conditions, the psychedelic drugs market will continue to see the prominence of depression that maintained the leading segment position in 2021 with over 40% market value share. As far as the route of administration is concerned, oral drugs remain the most preferred and will maintain a share of more than 55% in the market through the end of forecast year. The report anticipates around 17% growth for oral psychedelic drugs between 2021 and 2026. The study based on drug origin indicates continued dominance of synthetic drugs with nearly 85% share. However, the products with natural origin are all set to gain momentum in the next few years.
Key Report Highlights
- Products with natural origin likely to exhibit promising performance despite continued dominance of their synthetic counterparts
- Psychedelic drug-assisted psychotherapy will revolutionize the current market dynamics
- Ketamine continues to be the most sought-after category and expects impressive double-digit growth by 2026 end
Insights into Regional Analysis
North America, currently the leading regional market for psychedelic drug sales, will most likely retain dominance throughout the period of assessment on the back of the region’s flourishing clinical trials landscape, favourable regulatory structure, and higher awareness regarding mental health conditions among people. Estimated to reach the revenue of around US$3.1 Bn by 2026 end, North America’s psychedelic drugs market currently accounts for around 50% market value share. The impressive funding scenario will further favour the growth of market here, says the report. Europe also remains a highly significant market as the region collectively with North America houses nearly 200 biotech companies that emphasize psychedelic drug research.
Key Competitors in Global Psychedelic Drugs Market
Jazz Pharmaceuticals, Inc., ATAI LIFE SCIENCES N.V., PharmaTher Holdings Ltd., COMPASS Pathways plc, Janssen Pharmaceuticals, Inc., Mind Medicine Inc.
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 - 2026 | |
| Market Size in 2021 | US$3.2 Bn | |
| Estimated Market Size in 2026 | US$6.3 Bn | |
| CAGR | 14.5 % | |
| Key Players | Jazz Pharmaceuticals, Inc., PharmaTher Holdings Ltd., ATAI LIFE SCIENCES N.V., COMPASS Pathways plc, Mind Medicine Inc., Janssen Pharmaceuticals, Inc. | |
Market Segmentation
Product
- DMT
- Ketamine
- LSD
- MDMA
- GHB
- Psilocybin
- Others
Disease Indication
- Depression
- PTSD
- Drug & Alcohol dependence
- Others
Route of Administration
- Oral
- Intranasal
- Intravenous
Origin
- Natural
- Synthetic
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Jazz Pharmaceuticals, Inc.
- PharmaTher Holdings Ltd.
- ATAI LIFE SCIENCES N.V.
- COMPASS Pathways plc.
- Mind Medicine Inc.
- Janssen Pharmaceuticals, Inc.
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Technology-wise Analysis
- Application-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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