Psychedelic Therapeutics Market Vendor and Technology Assessment Report 2024-2031

Psychedelic Therapeutics Market worth $ 13.29 billion by 2028 - Exclusive Report by InsightAce Analytic

InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the " "Global Psychedelic Therapeutics Market By Origin of Psychedelic Substance (Synthetic Substances and Natural Substances), Type of Psychedelic Substance (GHB, Ketamine, MDMA, Psilocybin, DMT, Ayahuasca and LSD), Target Therapeutic Area (Depression and Anxiety Disorders, Pain Disorders, Sleep-Related Disorders and Trauma)- Trends, Industry Competition Analysis, Revenue and Forecast To 2031."

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The psychedelic therapeutics market is expected to grow at a 14.92% compound annual growth rate (CAGR) from 2023 to 2031, from its estimated 3.94 billion in 2022 to 13.29 billion by 2031, according to the most recent analysis by InsightAce Analytic.

A class of chemicals and plants known as "psychedelic medicines" are used to treat a variety of mental illnesses, such as panic disorder, addiction, and resistant depression. Psychedelics are strong psychoactive substances that alter mood, perception, and other mental processes. Psychedelic chemicals have rekindled interest in modern medicine as possible treatments for disorders like addiction, anxiety, and PTSD. Natural Alternatives to traditional medicine have gained popularity recently. Due to the present increase in depression rates, new treatments for conventional mood and anxiety problems are required as patients are being prescribed more anti-anxiety, anti-insomnia, and antidepressant prescription medications to fight the COVID-19 pandemic. Professionals are looking into the therapeutic use of psychedelic medicines as a possible solution to the mental health issue in an effort to find more effective solutions.

It is anticipated that the global market for psychedelic medications will develop as a result of the rising incidence of chronic illnesses and depression cases brought on by elevated stress levels. The Market for psychedelic medicines is also expanding as a result of altered lifestyles and living standards. Additionally, rising psychological drug abuse generates demand for medications and is anticipated to produce profitable growth opportunities throughout the course of the projection period. The launch of innovative drugs that have proven effective in treating patients with severe psychiatric illnesses and an increase in research and development (R&D) activities are anticipated to create significant opportunities over the forecast period. On the other hand, strict laws enacted by different governments to allow the commercialisation of psychedelic drugs and a greater acceptance of non-therapeutic therapies over allopathic therapies may limit the market's expansion.

North America led the market in 2021. Due to rising rates of mental illnesses and depression, increased awareness of mental health issues, and more research and development, it was predicted to continue to dominate the market during the projected period. Regional growth was also supported by the rise in mental health-related activity in the healthcare sector to develop novel medicines.

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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.

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Market Segments

Psychedelic Therapeutics Market by Origin of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
• Synthetic Substances
• Natural Substances

Psychedelic Therapeutics Market Based on Type of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
• GHB
• Ketamine
• MDMA
• Psilocybin
• DMT
• Ayahuasca
• LSD
• Other

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

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

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