The World Health Organization states that 700,000 die by suicide annually – one person every 40 seconds. It is estimated that for each adult who commits suicide, 20 more attempt to do so. Suicide is a global concern that can be prevented through effective medical interventions at an individual and institutional level. Harvard data suggests that the cost of mental health conditions is poised to rise to $6 trillion by 2030, meaning that there is a massive unmet need for treatment.
The global psychedelic drugs market is expected to be worth US $6330 million by 2026 from US $3210 in 2021 – registering an impressive CAGR of 14.5% for the five-year period.
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Millions Suffering From Depression Could be Treated Effectively With Psychedelic Drugs
971 million people worldwide suffer from some form of substance abuse or mental illness with PTSD, anxiety, bipolar disorder, and schizophrenia requiring immediate attention. As per the WHO, 264 million were afflicted with clinical depression in December 2020. Various types of phobias such as agoraphobia and arachnophobia are common anxiety disorders that affect 19 million in the U.S. alone. Naturally, this generates immense demand for psychedelic drugs to provide long-term treatment and care to mental health patients.
Encouraging Results From Clinical Trials Bode Well for Psychedelic Drugs Market
Recently, there has been renewed interest in psychedelic drugs, particularly in clinical trials for mental illness. Several new trials are analysing psychedelic compounds in combination with psychotherapy and initial results are extremely promising. These trials provide a one-two formula, where the psychedelic drug is coupled with care from a trained psychologist. A few noteworthy trials are for psilocybin and DMT to treat major depressive disorder, MDMA for PTSD, and ibogaine for opioid addiction. Although there is still time before these psychedelic drugs become market-ready, increasing investments in larger trials should hasten the process in the psychedelic drugs market.
COVID-19 Benefited Psychedelic Drugs Market as Lockdowns Impacted Mental Health
COVID-19 is a black swan event and the psychological impact of this infectious disease is still being assessed. In an NCBI study, 1612 subjects were observed across seven countries in 2020. The study concluded that COVID-19 lockdowns and the economic upheaval led to increased levels of depression, anxiety, and stress, along with a greater risk of developing PTSD. These findings are invaluable in highlighting the critical requirement for medical intervention. Through informing and educating the public, psychedelic drug manufacturers stand to gain from this once-in-a-generation event.
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Companies Hoping Regulators Legalize Drugs in North America Psychedelic Drugs Market
North America is anticipated to represent a market opportunity of $3184 million by 2026 – accounting for almost half of the psychedelic drugs market. This is due to huge capital inflows, regulatory support by the Food and Drug Administration (FDA) and widespread public awareness of psychedelic drugs. Even though ibogaine, LSD, psilocybin, and MDMA are currently illegal in the U.S., start-ups are developing psychedelic drugs with the hope that they will be legalized soon. These companies are joining North American journalists, activists, and researchers in what is being termed the “psychedelic renaissance”. As 11 million Americans annually experience serious mental health issues according to the National Institute on Mental Health, companies are likely to continue targeting the North America psychedelic drugs market.
Companies Conducting Greater Number of Clinical Trials in Psychedelic Drugs Market
Some companies profiled in the report on the psychedelic drugs market are ATAI LIFE SCIENCES N.V., COMPASS Pathways plc, Mind Medicine Inc., Janssen Pharmaceuticals , Jazz Pharmaceuticals, Inc., and PharmaTher Holdings Ltd.
In June 2021, Compass Pathways announced findings from its phase 1 trials of COMP360 psilocybin. The psychedelic drug had no reported negative effect on cognitive function when administered to patients with adequate support from trained therapists. The data was presented at the American Society of Clinical Psychopharmacology Annual Meeting held in London. Although this was certainly a positive development, in-depth studies are necessary on more diverse sample sets before definitive conclusions can be drawn in the psychedelic drugs market.
Psychedelic Drugs Market Press Release: https://www.prnewswire.com/news-releases/global-psychedelic-drugs-market-to-reach-us6-330-mn-by-2026-as-clinical-trials-show-promising-outcomes-finds-fairfield-market-research-301375258.html
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