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Mental Health Weekly May 28, 2021 Peer reviewed DOI: 10.1002/mhw.32817 via OpenAlex
Summary
Psychedelic drugs are increasingly recognized for treating mental illnesses such as anxiety and treatment-resistant depression, offering fast-acting and long-lasting effects. Common substances include ketamine, psilocybin, and MDMA. The psychedelic drug market is projected to grow significantly, from $2 billion in 2019 to $6.8 billion by 2027, with a compound annual growth rate of 16.3%. This growth is driven by rising acceptance of these treatments and the high prevalence of mental disorders.
Study at a glance
| Key finding | The psychedelic drug market is expected to grow from $2 billion in 2019 to $6.8 billion by 2027, largely due to increasing acceptance for treating depression. |
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Abstract
The use of psychedelics is evolving for the treatment of a variety of mental illnesses, including anxiety, depression, post‐traumatic stress disorder and other related uses, Financial News Media reported May 25. Some psychedelic drugs are extracted from plants or mushrooms, and some are synthetic (human‐made). These drugs are now considered effective for patients with treatment‐resistant depression, as they are fast‐acting and long‐lasting. The most common psychedelic substances include: ketamine, psilocybin, ibogaine, LSD, dimethyltryptamine and MDMA. The majority of psychedelic drugs under development are targeting mental and/or behavioral health indications. This is an area with significant unmet need. According to a report from Data Bridge, the psychedelic drug market is expected to gain market growth in the forecast period of 2020 to 2027, growing with a compound annual growth rate of 16.3% in the forecast period, and is expected to reach $6.8 billion by 2027, from $2 billion in 2019. Growing acceptance of psychedelic drugs for treating depression and the increasing prevalence of depression and mental disorders are the factors most responsible for the market growth.