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The psychedelic drugs market is estimated to be worth over $6.5 billion in 2030 and is expected to grow at CAGR of 15% during the forecast period. Moreover, this condition along with other mental health disorders are estimated to be responsible for productivity associated losses worth over USD 1 trillion, every year, at the global level. In fact, the US reported a sharp increase (~20%) in number of prescriptions for antidepressants and anti-anxiety drugs during the global lockdown enforced to curb the spread of COVID-19.
According to the World Health Organization, the major roadblocks to effective treatment for depression and other mental illnesses include the lack of understanding of the aforementioned conditions resulting in an irrational social stigma, inaccurate diagnosis, and paucity of effective medication. In this context, it is worth highlighting that there is a growing body of clinical evidence supporting the therapeutic effect of psychedelic substances on psychiatric conditions, such as depressions. Experts in this field also believe that psychedelics, at appropriate doses, can be used to address some of the serious psychological implications of the current pandemic.
Over time, it have been demonstrated that psychedelic substances interact with a variety of neurotransmitter pathways, including those of serotonin, acetylcholine, norepinephrine, and dopamine, among several others. In fact, there is evidence that an imbalance in the levels of serotonin in the brain, causes depression. Similarly, the aforementioned biomolecules have been associated with a plethora of neurological conditions. As a result, biocompatible molecules having the ability to modulate neurotransmitter production / function, have the potential to be put to therapeutic use. Early in the 21st Century, XYREM®, a gamma-hydroxybutyric acid based psychedelic drug was approved for the treatment of cataplexy in patients suffering from narcolepsy. In 2019, SPRAVATO® (an analogue of ketamine), developed by Johnson and Johnson, was approved for use in patients suffering from treatment-resistant depression. Recently, the US FDA granted the breakthrough drug designation to 3,4-Methylenedioxymethamphetamine (MDMA) and psilocybin, based on clinical evidence of these substances being capable of offering substantial therapeutic benefit in treating major depressive disorder, post-traumatic stress disorder and treatment resistant depression over other available therapies. Currently, several stakeholders in the pharmaceutical industry are actively evaluating the therapeutic potential of psychedelic substances against a wide array of mental health problems. As more players achieve proof-of-concept, this niche market is anticipated to witness substantial market growth in the mid-long term.
Examples of key psychedelic companies engaged in psychedelic drugs market (which have also been profiled in this market report; the complete list of psychedelic companies is available in the full report) include Celon Pharma, iX Biopharma, MAPS Public Benefit, MindMed, Janssen Pharmaceuticals and Jazz Pharmaceutical. This market report includes an easily searchable excel database of all the psychedelic companies developing psychedelic drugs, worldwide.
The “Psychedelic Drugs Market, 2020-2030” market report features an extensive study of the current market landscape, market size, market share, market growth, market forecast, market outlook and future opportunities of the psychedelic drugs market. The market research report features an in-depth analysis, highlighting the diverse capabilities of stakeholders engaged in psychedelic drugs market.
In addition to other elements, the market research report includes:
The key objective of psychedelic drugs market report is to provide a detailed market analysis in order to estimate the existing market size, market trends, market value, statistics and future opportunity for psychedelics industry during the forecast period. Based on multiple parameters, such as target patient population, likely adoption and the annual treatment cost, we have provided informed estimates on the evolution of psychedelic therapeutics market for the forecast period 2020-2030. The market report also features the likely distribution of the current and forecasted opportunity across [A] origin of substance (natural and synthetic) [B] type of psychedelic substance (gamma-hydroxybutyrate, Ketamine, MDMA, and psilocybin) [C] key geographical regions (North America, Europe, Asia Pacific and rest of the world) [D] target disease indications (depression and anxiety disorders, pain disorders, sleep related disorders and trauma) and [E] route of administration (oral, intravenous, intranasal and sublingual). In order to account for future uncertainties and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base and optimistic scenarios, representing different tracks of the industry’s growth.
The opinions and insights presented in the market research report were also influenced by discussions held with multiple stakeholders in psychedelic drugs market. The market report features detailed transcripts of interviews held with the following individuals:
All actual figures have been sourced and analysed from publicly available information forums and primary research discussions. Financial figures mentioned in this market research report are in USD, unless otherwise specified.