UK market research provider Fairfield shared its latest study on the global psychedelic drugs market. According to the company, it reached $3.210 million in 2021 and $6.330 million by 2026.
More specifically, the report predicts that the market will surge at a Compound Annual Growth Rate (CAGR) of 14.5% between 2021 and 2026.
The rise in numbers will most likely be due to the growing vocabulary of the younger generation around mental health, erasing taboos and re-evaluating the call for help, says Fairfield.
the research includes a global psychedelic drugs market outlook and incremental opportunity for the period 2018-2026; outlooks and attractiveness by product value, disease indication, route of administration, origin (natural or synthetic) and region value; key industry trends; and a specific market overview (segmentations, drivers, restraints, opportunities, regulatory scenario, pipeline analysis, and emerging psychedelic biotech companies),
first, ketamine would show a CAGR of 16.0% between the 2021-2026 period as it undergoes advanced clinical trials for PTSD, clinical depression, alcohol dependence, drug addiction, bipolar depression, suicide ideation, social anxiety and obsessive-compulsive disorder treatments.
second, natural products would gain 90 BPS with consumers choosing drugs with lesser side effects, while synthetic products would retain dominance with an 85% market share by 2026.
Regarding mental health conditions, depression would remain the primary disease treated by psychedelic drugs throughout the forecast period. More specifically, it would hold an estimated 40% of the market by the end of 2021.
As for administration methods, the intranasal route would surge at a CAGR of 17%, considering Spravato reaching commercialization.
In terms of leading countries, North America currently accounts for a 50% share of the global psychedelics market. By the end of 2026, the regional market is expected to be worth $3.184 million, due to ongoing clinical trials and strong presence of key players.
The study also mentions some of the industry’s key players. According to Fairfield, they are Jazz Pharmaceuticals, PharmaTher Holdings, Atai Life Sciences, COMPASS Pathways, Mind Medicine, and Janssen Pharmaceuticals.
A sample of the full report as well as customization may be requested from the company.