A renowned market research and consulting firm with major clients and a global presence has recently made a calculated prediction with positive implications for the psychedelic industry.
On Monday, InsightAce Analytic Pvt. Ltd. revealed that data collected by the firm indicated the global psychedelic therapeutics market was projected to be valued at US$8.31 billion by 2028. The intelligence solutions company says that market was only valued at US$3.61 billion in 2021.
The anticipated compound annual growth rate (CAGR) for the market will be 13.2 per cent between 2022-2028, according to InsightAce.
Photo via InsightAce
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InsightAce prides itself on providing custom-tailored market intelligence reports and detailed analyses of key market insights in a punctual and cost-efficient manner for clients.
Headquartered in New Jersey, the organization claims to specialize in domain expertise for high-growth niche markets.
Pfizer and Merck are examples of major companies that have purchased data from the consulting firm.
Photo via InsightAce
InsightAce cites several reasons for the projected psychedelic market growth — including a renewed interest in the therapeutic potential of psychedelic drugs for the treatment of various mental health disorders, a growing enthusiasm for natural alternatives to conventional pharmaceuticals, a rising awareness of the inefficiency of many prescription drugs and an increasing desire among many to effectively combat rising depression rates attributed to the COVID-19 pandemic.
Additional factors contributing to the ever-expanding market include rising stress levels among citizens, increasing rates of chronic diseases worldwide and the introduction of breakthrough psychoactive medications exhibiting exceptional efficacy for treating patients with severe psychological conditions.
Key Market Developments
InsightAce lists a series of noteworthy accomplishments made by companies involved in the clinical psychedelic sector over the past three years –
- July, 2020: Canabo Medical Inc. becomes a licensed prescriber and administrator of SPRAVATO, an esketamine nasal spray developed by Janssen Pharmaceuticals Inc. Additionally, the U.S. Food and Drug Administration (FDA) authorized the use of SPRAVATO as an oral antidepressant for adult patients suffering from treatment-resistant depressive disorder (TRD). The new nasal spray treatment was then subsequently released in Canada.
- May, 2021: Mind Medicine Inc. (NASDAQ: MNMD) (NEO: MMED) announces the debut of Project Angie, a series of studies dedicated to the research and development of psychedelic compounds such as LSD for the treatment of chronic pain.
- March, 2022: COMPASS Pathways plc (Nasdaq: CMPS) enters into a long-term calculated agreement to create The Centre for Mental Health Research and Innovation with intentions of promoting psychedelic research and developing new treatment methods for mental health ailments in the United Kingdom.
The market forecast projected by InsightAce takes natural and synthetic psychedelic therapeutics into consideration. Substances/compounds that the consulting firm attributes to the growing market include LSD, ketamine, ayahuasca, MDMA, DMT and psilocybin.
Health conditions representing target therapeutic areas which will generate revenue in the market from new treatments include trauma, depression, sleep disorders, anxiety and chronic pain complications.
InsightAce has considered multiple geographic areas for its report on the global psychedelic therapeutics market — including North America, the Middle East, Europe, Africa, Latin America and Asia Pacific. North America dominated the market in 2021 and is anticipated to retain that status throughout the projection period from InsightAce.
Major companies operating in the psychedelic therapeutics market include Mindset Pharma (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), Cybin (NEO: CYBN) (NYSE American: CYBN), HAVN Life Sciences Inc. (CSE: HAVN) (OTC: HAVLF) (FSE: 5NP) and many others.
