InsightAce Analytic has projected that the global psychedelic therapeutics market, valued at US$3.61bn in 2021, is expected to reach US$8.31bn (~£6.92bn) by 2028.
With a growing number of people across the globe experiencing poor mental health, not all of which respond to traditional treatments, there is an increasing need for innovative therapies. A growing body of research is now demonstrating that psychedelics could hold promise as treatments for a number of mental health indications.
The new report from InsightAce Analytic suggests that this rise in poor mental health, compounded by the Covid-19 pandemic, along with changed lifestyles and quality of living are fuelling the growth of the psychedelic medicine market.
It also highlights that increasing research and development initiatives and the introduction of breakthrough medications that have exhibited efficiency in patients with severe psychological disorders are expected to generate considerable opportunities in the market.
In 2021, North America dominated the market, and is anticipated to retain its dominance through to 2028 due 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.
As well as including key players in the market, the report explores significant developments that have spurred its growth.
It highlights that, in March 2022, COMPASS Pathways plc entered into a long-term strategic agreement to establish The Centre for Mental Health Research and Innovation to boost psychedelic research and create new mental health treatment modes in the UK. The partnership will speed research into developing psychedelic treatments, promote therapist training and certification, analyse real-world evidence and prototype digital tools to facilitate personalised, predictive and preventative care models.
Other key developments include Mind Medicine announcing the initiation of Project Angie in 2021. The project is aiming to promote the research and development of psychedelics, including LSD, as pain treatments.
Despite positive progression for the market, however, the report also highlights that the wider acceptance of non-therapeutics therapies over allopathic therapies, along with stringent regulations imposed by various governments to commercialise psychedelic medicines, may restrain the market’s growth.
To read the full report please click here.
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