Global Psychedelics Market Is Expected To Reach $8 Billion By 2029

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PALM BEACH, Fla., May 24, 2022 /PRNewswire/ -- The Global psychedelic drugs market has been steadily rising for the past few years and is projected to continue at a faster pace in years to come. The rising prevalence of mental depression and anxiety and availability of off label drugs are the major drivers which propelled the demand of the market in the forecast period. Psychedelic drugs involve various types of chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD. Both the types of psychedelic drugs can cause hallucinations and feeling of sensation, moreover, dissociative drugs can make a person to fell out of control from their body or environment and makes them feel disconnected. Based on the source, psychedelic drugs have been categorized under natural and synthetic types. These drugs have wide applications in the treatment of major depressive disorder, post-traumatic stress disorder, panic disorder, treatment-resistant depression and opiate addiction among others. Psychedelic drugs are also known by several other names such as LSD (lysergic acid derivative) which are also known as blotter, dots, sugar, acid, trips and window pane, ketamine are also known as vitamin K, bump, green, K/special K, purple and super acid, PCP are also known as angel/angel dust, boat/love boat, peace, killer weed, super grass and ozone. Active Companies in the markets today include SciSparc Ltd. (NASDAQ: SPRC), Intercept Pharmaceuticals, Inc. (NASDAQ: ICPT), Cassava Sciences, Inc. (NASDAQ: SAVA), SIGA Technologies, Inc. (NASDAQ: SIGA), AbbVie (NYSE: ABBV).

A recent report from Data Bridge Market Research projected that the Global psychedelic drugs market is expected to gain market growth in the forecast period of 2022 to 2029. Data Bridge Market Research analyses that the market is growing with a CAGR of 13.3% in the forecast period of 2022 to 2029 and is expected to reach USD 8,020.01 million by 2029 from USD 2,992.51 million in 2021. The report said: "On the basis of source, the global psychedelic drugs market is segmented into synthetic and natural. In 2022, the synthetic segment is expected to dominate the global psychedelic drugs market as most of the products are made from chemicals that are man-made with very few products (such as psilocybin) made from natural ingredients."