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Psychedelic Drugs Global Market to Reach $7.03 Billion by 2026

The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drug market going forward.

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According to the Psychedelic Drugs Global Market Report 2022 from Research And Markets, the global psychedelic drugs market is expected to grow from $3.62 billion in 2021 to $4.19 billion in 2022 at a compound annual growth rate (CAGR) of 15.6 percent. It is expected to reach $7.03 billion in 2026 at a CAGR of 14.2 percent.

The psychedelic drug market consists of psychedelic drugs that are used to treat depression, post-traumatic stress disorder, and help diagnose mental health issues—sold by various entities (organizations, sole traders, and partnerships). Psychedelic drugs, referred to as hallucinogens, are a group of substances that usually alter and enhance perception, thinking processes, energy levels, and promote mental experiences. These include chemicals such as Lysergic acid diethylamid (LSD) and plants such as peyote and psilocybin. They can be used to treat a variety of brain conditions. The increase in the cases of mental illnesses is expected to propel the growth of the psychedelic drug market going forward.

The main types of psychedelic drugs are LSD, ketamine, phencyclidine, gamma-hydroxybutyric acid (GHB), and salvia. LSD, which could be natural or synthetic, is also known colloquially as acid. It is manufactured in crystalline form and then mixed with other inert ingredients or diluted as a liquid to produce an ingestible form. The various disease indications include depression and PTSD. The numerous applications include treatment-resistant depression, opiate addiction, post-traumatic stress disorder, narcolepsy, and panic disorders. It is distributed through various channels such as hospital pharmacies, retail pharmacies, and online pharmacies.

North America was the largest region in the psychedelic drug market in 2021. Asia-Pacific is expected to be the fastest growing region in the forecast period. The regions covered in the psychedelic drug market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

About The Author
julieKeller_author-1

Julie is the co-founder of Well Defined and a longtime influencer and advocate in the wellness world. Along with her work at Well Defined, she is an executive recruiter and marketing specialist for Hutchinson Consulting. She is also a consultant and content strategist for numerous wellness brands. She is the former editor-in-chief and publisher of American Spa and was named a 2019 Folio Top Woman in Media in the Industry Trailblazers category and a 2018 winner of ISPA’s Innovate Award. She is also a seasoned journalist, specializing in spa, travel, health, fitness, wellness, sustainability, and beauty. She has been published in Departures, ForbesTraveler.com, E! Online, Gayot.com, Insider’s Guide to Spas, Luxury Travel Advisor, Marin Magazine, Ocean Home, Smart Meetings, Spa Asia, and Travel Agent.