Psychedelic Drugs Market Set To Grow By $1.37B By 2028, Driven By Mental Health Disorders And AI Integration
The global psychedelic drugs market is poised for significant growth over the next five years, with an estimated increase of USD 1.37 billion from 2024 to 2028, according to a report by Technavio. The market is projected to grow at a compound annual growth rate (CAGR) of 11.82%, fueled by the rising prevalence of mental health disorders and the development of next-generation therapies for psychiatric conditions.
Expanding Market For Psychedelics In Mental Health
Increasing awareness of the therapeutic potential of psychedelic substances, such as ketamine, psilocybin, and MDMA, has spurred investment in research and development. These substances have shown promise in treating disorders like treatment-resistant depression, PTSD, narcolepsy and addiction. The market is also witnessing a trend towards AI-driven advancements in the understanding and development of psychedelic therapies.
However, regulatory challenges and potential side effects associated …