Psychedelic API Market is estimated to surge ahead at a CAGR of 13.2% to reach US$ 6.1 billion by the end of 2033: Study by Persistence Market Research
Market Study on Psychedelic APIs: One-third Market Share Accounted for by LSD APIs
New York:, Feb. 09, 2023 (GLOBE NEWSWIRE) -- The Psychedelic API Market was worth US$ 1.6 billion in 2022 and is expected to increase rapidly at a CAGR of 13.2% over the forecast period (2023 to 2033), according to this latest study by Persistence Market Research. Psychedelic API Market to reach a revenue of US$ 6.1 billion by the end of 2033.
In the past two decades, there has been growing interest in the potential therapeutic use of naturally occurring hallucinogens for the treatment of mental health diseases. Other substances including lysergic acid diethylamide (LSD), psilocybin, and ayahuasca that have psychedelic subjective effects and may function as fast-acting antidepressants have attracted significant interest. Since LSD demonstrated promising early outcomes in patients with depression and anxiety in the 1950s and 1960s, there has been increased interest in these drugs in psychiatry.
Ayahuasca and psilocybin appear to have promising antidepressant and anxiolytic effects on people with a major depressive disorder, those exhibiting depressive and anxious symptoms linked to cancer or other life-threatening diseases, as well as in people with substance use disorders, according to small modern trials. It is remarkable that these drugs significantly reduced depression and anxiety symptoms within hours or days, and the positive benefits persisted for weeks or months. Classic psychedelics are thought to have low abuse potential and toxicity, in contrast to ketamine's potential for abuse and probable bladder toxicity.
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Unmet demands of psychiatric patients, lack of resources for mental health, and limitations of psychopharmacology and psychotherapy have prompted research into potential innovative therapies. Observational, open-label, and randomized controlled clinical research have been used to re-examine traditional psychedelic substances after decades of relative obscurity. Psilocybin has been the focus of the most recent wave of psychedelic research, as it has attracted the most attention due to its quick-acting characteristics.
The United States Food and Drug Administration designated psilocybin as a 'breakthrough therapy' in 2019, citing exploratory data that suggest this substance may offer a meaningful improvement over current therapies for depression and treatment-resistant depression, along with the limited current options for treatment-resistant depression (TRD).
Key Takeaways from Market Study
LSD APIs held 33.7% market share by product in 2022.
Novel synthetic compounds accounted for 42.2% share of the global psychedelic API market in 2022.
Synthetic sources held a share of 54.0% in the global market in 2022.
GMP grade production held a market share of 97.8% in 2022.
By application, the research segment held a market share of 87.0% in 2022.
Around 33.3% of the global market share, by region, was accounted for by North America in 2022.
“Increasing cGMP practices, growth in the pharmaceutical API manufacturing industry, and increasing research on the impact of psychedelics on mental health are factors propelling the global market,” says an analyst of Persistence Market Research.
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Market Competition
Leading players in the psychedelic industry are investing a great deal of effort into developing compelling approaches to diversify their product offerings and establish a significant presence in the rapidly growing psychedelic API market to navigate the industry's competitive environment.
The US Patent and Trademark Office granted COMPASS Pathways plc its fourth patent in August 2022. This is COMPASS's first patent that includes psilocybin hydrate in Form A claims. Eight patents have already been awarded to businesses in the United States, United Kingdom, Germany, and Hong Kong.
Invyxis, a new, wholly-owned platform company, was launched by Atai Life Sciences N.V. in January 2022. The proven medicinal chemistry tools and thorough biological screening techniques of Invyxis will aid Atai’s expanding drug research & development business.
What Does the Report Cover?
Persistence Market Research offers a unique perspective and actionable insights on the psychedelic API market in its latest study, presenting a historical demand assessment of 2017 to 2022 and projections for 2023 to 2033.
The research study is
based on product (API-grade psilocybin, API-grade DMT, LSD API, MDMA API, ketamine API, others),
based on API compound (active plant components, novel synthetic compounds, metabolites, isotopically labelled standards),
based on source (natural, synthetic, bio-synthetic), grade (GMP, noon-GMP),
based on application (clinical, research),
based on across seven key regions of the world( North America, Latin America, Europe, South Asia, East Asia, Oceania, Middle East & Africa).
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Our expert team of industry analysts comprising management graduates, medical professionals, engineers, and project managers provides insights on emerging therapy areas, diagnostic tools, medical devices and components, reimbursement and market access, biotechnology, and life science research products and services to equip decision-makers with sound inputs and strategic recommendations.
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