Jersey City, NJ, June 27, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global Psychedelic Therapeutics Market Size, Share & Trends Analysis Report By Type of Psychedelic Substance (Synthetic Substances, Natural Substances), By Origin of Psychedelic Substance, By Target Therapeutic Area By Region, And By Segment Forecasts, 2023-2031.”
According to the latest research by InsightAce Analytic, Psychedelic Therapeutics Market Size is valued at 3.94 Billion in 2022 and is predicted to reach 13.29 Billion by the year 2031 at a 14.92 % CAGR during the forecast period for 2023-2031.
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Psychedelic medicines are a group of substances, including chemicals and plants, used to treat multiple mental disorders, including resistant depression, opiate addiction, and panic disorder, among others. Psychedelics are potent psychoactive chemicals that change perception, emotion, and other cognitive functions. Modern medicine has renewed its interest in psychedelic drugs as potential therapies for conditions such as anxiety, addiction, and posttraumatic stress disorder. There has been a recent shift toward natural alternatives to conventional medicine.
Patients are being prescribed more anti-anxiety, anti-insomnia, and antidepressant prescription medicines to combat the COVID-19 pandemic, necessitating the development of alternative treatments for traditional mood and anxiety disorders in view of the current rise in depression rates. In search of more effective therapies, professionals are investigating the therapeutic use of psychedelic therapeutics, a potential approach to the mental health issue.
The increasing prevalence of depression cases due to the rise in stress levels and the growing rate of chronic diseases throughout the world is predicted to propel the global psychedelic medicines market expansion. Additionally, changed lifestyles and quality of living are fueling the growth of psychedelic medicine market. Moreover, increasing psychological drug dependency creates demand for medicine and
Key developments in the market:
- In March 2022, COMPASS Pathways plc entered into a long-term strategic agreement to establish The Centre for Mental Health Research and Innovation ("the Centre") to boost psychedelic research and create new mental health treatment modes in the United Kingdom. The Centre will speed research into developing psychedelic treatments, promote therapist training and certification, analyze real-world evidence, and prototype digital tools to facilitate personalized, predictive, and preventative care models.
- In Nov 2021, Seelos Therapeutics, Inc. and iX Biopharma Ltd. signed an exclusive licencing agreement. Wafermine, a sublingual racemic ketamine wafer, and further products integrating R- and S- enantiomers of ketamine using the WaferiX technology will be licenced to Seelos by iX Biopharma under the terms of the agreement.
- In May 2021, Mind Medicine (MindMed) Inc. announced the initiation of Project Angie to promote the research and development of psychedelics, including LSD, as pain treatments. MindMed is currently investigating two key therapeutic indications for pain treatment. MindMed is now putting up a pre-IND briefing package for its Phase 2a Proof of Concept trial, which it intends to submit to the FDA in the second half of 2021.
- In July 2020, Canabo Medical Inc. ("Canabo") was licenced as an administrator and prescriber of the antidepressant SPRAVATO® (esketamine) nasal spray by Janssen Pharmaceuticals, Inc. ("Janssen"). In addition, the U.S. Food and Drug Administration approved Janssen's SPRAVATO® for use as an oral antidepressant in adults with treatment-resistant depressive disorder (TRD), followed by the drug's release in Canada.
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Some major key players in the Psychedelic Therapeutics Market:
- Celon Pharma S.A.,
- MAPS Public Benefit,
- MindMed,
- Janssen Pharmaceuticals,
- iX Biopharma Ltd,
- Jazz Pharmaceutical,
- Avadel,
- Pharmaceuticals plc,
- NeuroRx, Inc.,
- Douglas Pharmaceuticals Limited,
- The Emmes,
- Company, LLC,
- CaaMTech,
- COMPASS Pathways plc,
- Eleusis Benefit Corporation,
- AWAKN Life Sciences Inc,
- Psilera Bioscience,
- Braxia Scientific Corp.,
- Mindset Pharma,
- BetterLife Pharma,
- Cybin,
- CB Therapeutics,
- Numinus Wellness,
- Mydecine Innovations Group,
- Optimi Health,
- PharmaTher,
- Field Trip Health,
- ATAI Life Sciences,
- GH Research,
- Seelos Therapeutics,
- Small Pharma,
- Bright Minds Biosciences,
- Incannex Health,
- PsyBio Therapeutics,
- Universal Ibogaine,
- Levitee Labs,
- Mind Cure Health,
- Novamind,
- Clearmind Medicine,
- MYND Life Science,
- Wesana Health,
- Psyched Wellness,
- HAVN Life Sciences,
- Tryp Therapeutics,
- Psyence Group,
- Silo Pharma,
- Core One Labs,
- M2Bio Sciences,
- Neonmind Biosciences,
- Delic Corp,
- Nova Mentis Life Science,
- Beckley Psytech,
- Delix Therapeutics,
- Diamond Therapeutics,
- Tactogen,
- Psygen Labs Inc.,
- Bexson Biomedical,
- Eleusis Biotech,
- Psilera Biosceince,
- Octarine Bio,
- Heading Health,
- MAPS Public Benefit Corporation (PBC),
- Aphrodite Health,
- Terran Biosciences,
- Mycrodose Therapeutics,
- Reset Pharma,
- Clerkenwell Health,
- Alvarius Pharmaceuticals,
- Ceruvia Lifesciences,
- Other Prominent Player
Psychedelic Therapeutics Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 3.94 Billion |
| Revenue Forecast In 2031 | USD 13.29 Billion |
| Growth Rate CAGR | CAGR of 14.92 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Billion and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | Type of Psychedelic Substance, Origin of Psychedelic Substance, Target Therapeutic Area |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Segments:
Global Psychedelic Therapeutics Market by Origin of Psychedelic Substance Revenue (US$ Mn) Forecast 2020-2028
- Synthetic Substances
- Natural Substances
Global Psychedelic Therapeutics Market Based on Type of Psychedelic Substance Revenue (US$ Mn) Forecast 2020-2028
- GHB
- Ketamine
- MDMA
- Psilocybin
- DMT
- Ayahuasca
- LSD
- Other
Global Psychedelic Therapeutics Market Based on Target Therapeutic Area Revenue (US$ Mn) Forecast 2020-2028
- Depression and Anxiety Disorders
- Pain Disorders
- Sleep-Related Disorders
- Trauma
- Other
Global Psychedelic Therapeutics Market, by Region, 2020-2028 (Value US$ Mn)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
North America Psychedelic Therapeutics Market, by Country, 2020-2028 (Value US$ Mn)
- U.S.
- Canada
Europe Psychedelic Therapeutics Market, by Country, 2020-2028 (Value US$ Mn)
- Germany
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia Pacific Psychedelic Therapeutics Market, by Country, 2020-2028 (Value US$ Mn)
- India
- China
- Japan
- South Korea
- Australia & New Zealand
Latin America Psychedelic Therapeutics Market, by Country, 2020-2028 (Value US$ Mn)
- Brazil
- Mexico
- Rest of Latin America
Middle East & Africa Psychedelic Therapeutics Market, by Country, 2020-2028 (Value US$ Mn)
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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