June 19, 2023 08:00 am ETEstimated Read Time: 4 Minutes
A recent study on the global psychedelics market conducted by Brandessence Market Research has revealed that earnings are anticipated to hit $12 billion by 2029. The psychedelic drugs here include LSD, MDMA, psilocybin, ketamine, and ayahuasca, which are in high demand for mental health treatment and other therapeutic reasons.
As of 2022, the global psychedelics market was valued at $4.87 billion. A compound annual growth rate (CAGR) expansion of 13.49% is expected, bringing the global market to about $11.82 billion in the next six years. The market is growing steadily, and the strategies adopted by key players in the industry will contribute significantly to the projection.
The prominent players, as explained by the psychedelic market report, include Pfizer, Verrian, GlaxoSmithKline, COMPASS Pathways PLC, MindMed, Janssen Pharmaceuticals PLC, HAVN Life Sciences, Seelos Therapeutics, Field Trip Health, amongst others.
The author(s) of the report explained that these businesses are “trying to attain a firm grip over this intensively competitive market” by “formulating extensive business-centric strategies to amplify their global footprint.” They are achieving this via R&D investments, product launches, mergers & acquisitions, partnerships, and collaborations.
The report reveals vital opportunities these companies can harness to attain a competitive advantage to ensure their success in the Psychedelic market. All the data provided by the report are validated and trustworthy and can be used to gain the upper hand in the industry.
Why Is the Psychedelics Market Growing?
The demand for psychedelic drugs has increased significantly in the past five years. And the prevailing awareness of mental health ailments and disorders is a major contributory factor. These drugs have helped treat depressive disorders, resistant depression, post-traumatic stress disorders, opiate addiction, and obsessive-compulsive disorders. Many companies have organized campaigns and awareness initiatives with far-reaching implications.
The COVID-19 pandemic also contributed to the growth of the psychedelic drugs market. The minimal social interaction experienced during the lockdown led to an increase in mental health. The report explained that during the pandemic, “the restriction on mobility, trapping individuals in homes, subsequently started a high level of trauma and stress in the form of sadness and loneliness. As a result, people across the globe are suffering from mental disorders such as sadness, depression, and anxiety. There was a corresponding increase in the suicide rate, which increased the demand for psychedelic drugs for necessary treatment.”
Nonetheless, the report explains factors that restrain the demand for these drugs. Psychedelic drugs belong to the Schedule I drugs group; as such, they are strictly regulated. There is a widespread perception that they have no medical use and are only high-abuse risk substances.
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Strict regulatory policies have led to the compulsory manufacture of synthetic psychedelic drugs. The report highlighted that “changes associated with psychedelic drug laws and policies are complicated and are resulting in changeable forms of application across different geographical areas.” It also explained the frequent changes “in rules and regulations for the agreement of natural psychedelic drugs are expected to cause delays in the launch of products in the market.”
However, during the forecast period, the psychedelics market is still projected to expand as the expectation is that the desire for a better quality of life will be prioritized. Also, an increase in R&D in the industry will create more opportunities to drive the market forward.
LSD can be used to deal with anxiety due to stress as well as depression. In a study done in 2018, when LSD was used alongside psychotherapy, patients experienced greater feelings of empathy, trust, and happiness. This led to altruism and positive social engagements seen even after the effect of the drugs had worn off.
Esketamine, a psychedelic similar to ketamine, is used to treat severe depression. It was approved by the U.S. Food & Drug Administration in 2019 when it was found to work for patients who were unresponsive to other treatments. Also, after receiving ketamine therapy, about 392 out of 537 had significantly reduced suicidal behaviors and symptoms.
Psilocybin is useful in treating depression and anxiety, especially when the mental health condition is related to life-threatening illnesses. Psilocybin and LSD have also worked to treat and prevent migraine and cluster headaches.
MDMA has given compelling results in treating people with PTSD. An MDMA-assisted therapy done on 90 people found that 67% of these patients could no longer be diagnosed with PTSD after about four months of treatment.
Psychedelics have been found to improve the connection between neurons in the brain. This suggests that they could contribute to rewiring and repairing the brain, thus alleviating all kinds of mood and anxiety disorders.
Mary Ekundayo is a passionate cannabis writer and entrepreneur with a love for all things literary. When she's not creating content, you can find Mary lost in the pages of a captivating book or meditating to set the tone for her day.
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