Here’s How Many Billions of Dollars the Global Psychedelic Market May Be Worth by 2026
The psychedelic drugs market is set to nearly double in the next five years.
The psychedelic drug market is projected to nearly double over the next five years, according to Fairfield Market Research.
The company conducted an extensive analysis on the market, and forecasts it will rise from its current value of $3.2 billion to $6.3 billion by 2026.
“The market is poised to benefit from the high prevalence of mental health diseases and conditions that are on the rise and a growing pool of patients with unmet treatment needs,” the report reads.
The World Health Organization (WHO) estimates 264 million people, worldwide, are suffering from depression, and 971 million people are suffering from a mental health issue.
As traditional drug treatments and therapies are not effectively combatting the mental health crisis, Fairfield argues that psychedelic substances could see a boost in demand in the coming years. “These statistics put together [about mental health rates] are expected to generate a demand for psychedelic drugs as diagnosis, therapy, and mental health awareness programmes gain emphasis at individual and institutional levels.”
