The global psychedelic therapies market is poised for significant growth, with an expected compound annual growth rate (CAGR) of 14.92% from 2023 to 2031.
According to a report by analyst firm InsightAce Analytic Pvt. Ltd., the market, valued at $3.94 billion in 2022, is expected to reach $13.29 billion by 2031. This increase is attributed to the growing prevalence of mental health problems and the growing interest in psychedelic medicines as potential therapies.
Psychedelic drugs such as DMT, LSD, psilocybin and psilocin which include both chemicals and plants, are used to treat various mental disorders such as resistant depression, opiate addiction and panic disorder. These substances are potent psychoactive chemicals that alter perception, emotion, and other cognitive functions, and research has demonstrated their potential in medicine.
The report highlights that the growing prevalence of depression due to rising stress levels and the rising rate of chronic diseases worldwide are expected to drive the expansion of the global psychedelic drug market.
Additionally, changes in lifestyles and quality of life are fueling the growth of the psychedelic medicine market. Furthermore, growing dependence on psychiatric drugs is creating a demand for alternative treatments.
Key developments mentioned in the report include COMPASS Pathways plc (NASDAQ: CMPS) strategic agreement to establish the Center for Mental Health Research and Innovation in the UK in March 2022. The Center aims to accelerate research into the development of treatments psychedelics, promote therapist education and certification, analyze real-world evidence, and prototype digital tools to facilitate personalized, predictive, and preventive models of care.
In November 2021, Seelos Therapeutics (NASDAQ: SEEL), Inc. and iX Biopharma Ltd (SGX: 42C) signed an exclusive licensing agreement for Wafermine, a sublingual racemic ketamine wafer, and other products integrating R- and S- of ketamine using WaferiX technology.
In May 2021, Mind Medicine Inc. (OTCMKTS: MMDCF) announced the launch of Project Angie to advance the research and development of psychedelics, including LSD, as pain treatments.
Changes in Australian regulation that allow psychiatrists to treat severe cases of depression and anxiety have led many organizations to mobilize the commercialization of psychedelics.
Some of the major key players mentioned in the report include MAPS Public Benefit, MindMed (NASDAQ: MMND), Janssen Pharmaceuticals (NYSE: JNJ), iX Biopharma, COMPASS Pathways plc, Eleusis Benefit Corporation, AWAKN Life Sciences Inc (NEO: AWKN), Cybin (NEO: CYBN), CB Therapeutics, Numinus Wellness (TSXV: NUMI), Mydecine Innovations Group (NEO: MYCO), Optimi Health (CSE: OPTI), PharmaTher (CSE: PHRM), ATAI Life Sciences (NASDAQ: ATAI), Incannex Health (ASX: IHL) and Delix Therapeutics among others.
(Mugglehead del 29/06/2023)
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