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.”
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, 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 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:
Market Segments
Global Psychedelic Therapeutics Market by Origin of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
Global Psychedelic Therapeutics Market Based on Type of Psychedelic Substance Revenue (US$ Mn) Forecast 2023-2031
Global Psychedelic Therapeutics Market Based on Target Therapeutic Area Revenue (US$ Mn) Forecast 2023-2031
Global Psychedelic Therapeutics Market, by Region, 2023-2031 (Value US$ Mn)
North America Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
Europe Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
Asia Pacific Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
Latin America Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
Middle East & Africa Psychedelic Therapeutics Market, by Country, 2023-2031 (Value US$ Mn)
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