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Psychedelic Therapeutics Market Research Report 2023 | InsightAce Analytic
According to the latest research by InsightAce Analytic, The 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, 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 is also expected to develop lucrative growth prospects during the forecast period. Increasing research and development (R&D) initiatives and the introduction of breakthrough medications that have exhibited efficiency in patients with severe psychological disorders are expected to generate considerable opportunities throughout the projected period. Conversely, wider acceptance of non-therapeutics therapies over allopathic therapies and stringent regulations imposed by various governments to commercialize psychedelic medicines may restrain the market's growth.
In 2021, North America dominated the market. It was anticipated to retain its dominance during the projection period, owing to the increasing incidence of depression and mental disorders, improved mental health awareness, and a rise in research and development efforts. In addition, the increase in mental health-related activity in the healthcare industry to create innovative therapies bolstered regional growth.
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Major market players operating in the Psychedelic Therapeutics market include 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, and Other Prominent Player
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.
Market Segments
Global Psychedelic Therapeutics Market by Origin of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
• Synthetic Substances
• Natural Substances
Global Psychedelic Therapeutics Market Based on Type of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
• GHB
• Ketamine
• MDMA
• Psilocybin
• DMT
• Ayahuasca
• LSD
• Other
Global Psychedelic Therapeutics Market Based on Target Therapeutic Area Revenue (US$ Mn) Forecast 2023-2031
• Depression and Anxiety Disorders
• Pain Disorders
• Sleep-Related Disorders
• Trauma
• Other
Global Psychedelic Therapeutics Market, by Region, 2023-2031 (Value US$ Mn)
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa
North America Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
• U.S.
• Canada
Europe Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
• Germany
• France
• Italy
• Spain
• Russia
• Rest of Europe
Asia Pacific Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
• India
• China
• Japan
• South Korea
• Australia & New Zealand
Latin America Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
• Brazil
• Mexico
• Rest of Latin America
Middle East & Africa Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
• GCC Countries
• South Africa
• Rest of Middle East & Africa
Why should buy this report:
To receive a comprehensive analysis of the pipeline and patent prospects for the global psychedelic therapeutics market
To receive an industry overview and future trends of the psychedelic therapeutics market
To analyze the psychedelic therapeutics market drivers and challenges
To get information on the psychedelic therapeutics market size (Value US$ Mn) forecast to 2028
To get information on major investments, mergers & acquisitions in the psychedelic therapeutics market industry
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InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain a competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets, and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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