Leading psychedelic drugs market players include Research Nester are COMPASS Pathways plc, Silo Pharma, Inc., Numinus Wellness Inc., Cybin Inc., Mind Medicine Inc., Jazz Pharmaceuticals plc, PharmaTher Holdings Ltd., Janssen Pharmaceuticals, Inc., ATAI Life Sciences N.V. and Pfizer Inc.,.
The global psychedelic drugs market size is predicted to grow at a CAGR of over ~ 14% from 2023 to 2035. The market is projected to garner a revenue of USD 12 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022. in response to the sudden imposition of the COVID-19 lockdown, which resulted in an increase in demand for psychedelic drugs as people increasingly resorted to self-medication owing to the mental health issues caused by the pandemic. The pandemic has caused a great deal of stress, anxiety, and depression for many people due to the uncertainty of the future, loss of jobs and income, social isolation, and fear of virus transmission.
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Also, a scientific brief issued by the World Health Organization (WHO) in March 2022 indicated that the COVID-19 pandemic resulted in an increase of 25% in anxiety and depression rates around the world. This, in turn, created a surge in the demand for psychedelic drugs as people sought out ways to cope with their mental health issues. The increased demand was further exacerbated by the fact that the lockdown measures prevented people from accessing traditional forms of therapy, such as visiting a therapist. Additionally, the pandemic has resulted in reduced costs of production, which has allowed manufacturers to gain higher profit margins and increased the psychedelic drugs market size.