A recent report shows a steady growth in the psychedelic drug market, however the report represents a much more conservative projection compared to past reports, which have blown that projection by almost three times as much by the same year.
The Guardian and peer-reviewed journals call it the “Psychedelic Rennaisance.” The psychedelic drug market is projected to rise from $3.6 billion USD in 2022 to reach $4.6 billion USD by 2030, according to a new report released by Virginia-based MarketDigits. This projected growth represents a compound annual growth rate (CAGR) of 13.5%.
The report was announced April 26 in a press release and found a similar trajectory as similar reports, but with a more conservative number for its total projection.
“In recent years, there has been a resurgence of interest in psychedelic drugs as potential treatments for various mental health conditions, including depression, anxiety, PTSD, and substance use disorders,” the report reads. “Psychedelic substances such as psilocybin (found in certain mushrooms), MDMA (commonly known as ecstasy), and LSD (lysergic acid diethylamide) have shown promising results in clinical trials, demonstrating their potential to alleviate symptoms, promote emotional healing, and induce transformative experiences.”
The reasons for the market’s growth are complex but represent a steady rise in popularity.
“As the field of psychedelic medicine continues to evolve, driven by factors such as shifting societal attitudes, advances in neuroscience, and growing demand for alternative mental health treatments, the psychedelic drugs market is experiencing renewed interest and investment, reshaping the landscape of mental healthcare and therapeutic innovation.
The “major players” the report lists are: Jazz Pharmaceuticals, Inc., Janssen Pharmaceuticals, Pfizer Inc., Verrian, Avadel, Celon Pharma S.A., COMPASS, F. Hoffmann-La Roche Ltd, Hikma Pharmaceuticals PLC, NeuroRx, Inc., PharmaTher Inc., Mind Medicine, Inc., Cybin Corp., GABA Therapeutics, Inc., EmpathBio, DemeRx and Others.
MarketDigits’ report broke down psychedelic drugs into natural …
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Author: Benjamin M. Adams / High Times
