Psychedelic Drugs Market Size

Psychedelic Drugs Market size was over USD 19.84 billion in 2024 and is projected to reach USD 93.88 billion by 2037, witnessing around 12.7% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of psychedelic drugs is assessed at USD 21.86 billion..

The growth of the market can be attributed to the growing prevalence of mental health disorders across the globe. It is foreseen that by 2030, the primary cause of death and morbidity worldwide will be mental health issues, including depression, driven by elements such as loneliness or isolation and the usage of social media.

Moreover, since psychedelic drug use has been associated with significant improvement in symptoms of depression and anxiety and increased mental well-being, they are expected to gain acceptance as a treatment worldwide, and the demand will increase in the years to come. According to the World Health Organization (WHO), one in seven people aged 10 to 19 worldwide suffers from a mental illness, making up 13% of the age group's overall disease burden.

In addition to these, factors that are believed to augment the market expansion of psychedelic drugs include the growing popularity of combination therapies. Success in fighting mental illness is likely to come from the combination therapies that are standard of care for other major diseases of depression and suicidality.

As the available arsenal of treatments for mental illness hasn’t worked well enough and the world is facing a mental health emergency, the therapeutic potential of the highly stigmatized hallucinogenic drugs is attracting widespread interest in their use. Researchers state that the results seen with psilocybin are a cause for hope in previously highly complex and difficult-to-treat conditions.