Psychedelic Drugs Market is driven by growing acceptance of psychedelics in treating mental illnesses
The psychedelic drugs market consists of psychedelic products derived from substances such as psilocybin, LSD, mescaline, DMT, MDMA, and ayahuasca. These drugs induce hallucination and have the ability to alleviate conditions like depression, anxiety, post-traumatic stress disorder, and substance addiction. Drugs in this category stimulate the serotonin receptors in the brain and have a positive mood-altering effect. The growing acceptance of psychedelics in treating mental illnesses as an alternative to antidepressants is driving the demand for these drugs.
Global Psychedelic Drugs Market is estimated to be valued at USD 3.41 Bn in 2024 and is expected to reach USD 8.32 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031.
Key Takeaways
Key players operating in the psychedelic drugs market are MindMed, Compass Pathways, Cybin Inc., Atai Life Sciences, Field Trip Health Ltd., Havn Life Sciences, Revive Therapeutics, NeonMind Biosciences, Numinus Wellness, PharmaTher Holdings Ltd., Jazz Pharmaceuticals, Seelos Therapeutics, NRx Pharmaceuticals Inc., Psyched Wellness Ltd., and Silo Wellness.
The growing prevalence of mental illnesses such as depression, anxiety, and Psychedelic Drugs Market Trends along with limited efficacy of antidepressants is fueling the demand for alternative treatment options like psychedelic drugs. Accord
The psychedelic drugs market consists of psychedelic products derived from substances such as psilocybin, LSD, mescaline, DMT, MDMA, and ayahuasca. These drugs induce hallucination and have the ability to alleviate conditions like depression, anxiety, post-traumatic stress disorder, and substance addiction. Drugs in this category stimulate the serotonin receptors in the brain and have a positive mood-altering effect. The growing acceptance of psychedelics in treating mental illnesses as an alternative to antidepressants is driving the demand for these drugs.
Global Psychedelic Drugs Market is estimated to be valued at USD 3.41 Bn in 2024 and is expected to reach USD 8.32 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031.
Key Takeaways
Key players operating in the psychedelic drugs market are MindMed, Compass Pathways, Cybin Inc., Atai Life Sciences, Field Trip Health Ltd., Havn Life Sciences, Revive Therapeutics, NeonMind Biosciences, Numinus Wellness, PharmaTher Holdings Ltd., Jazz Pharmaceuticals, Seelos Therapeutics, NRx Pharmaceuticals Inc., Psyched Wellness Ltd., and Silo Wellness.
The growing prevalence of mental illnesses such as depression, anxiety, and Psychedelic Drugs Market Trends along with limited efficacy of antidepressants is fueling the demand for alternative treatment options like psychedelic drugs. Accord
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