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Psychedelics as Medicine Report projects industry to reach $3bn by 2026

PSYCH has released the fourth edition of The Psychedelics as Medicine Report. 



Psychedelics as Medicine Report projects industry $3bn 2026
Photo by Pawel Czerwinski on Unsplash

The Psychedelics as Medicine Report has revealed the industry is currently worth US$650 million (~£542 million), and is expected to exceed US$3 billion by 2026. 

The report has been expanded to include data on adult-use frameworks, contains market valuations and contributions from business leaders, researchers and regulators, empowering investors to make informed decisions.

The next three years will be pivotal in the adoption of psychedelic healthcare, with MDMA and psilocybin-assisted therapies expected to be regulated on both sides of the Atlantic.

See also  Patients to push for psychedelic medicine access in Ottawa

To navigate the rapidly changing landscape, The Psychedelics as Medicine Report provides a holistic overview of the interventions poised for market approval, and a balanced perspective of the related socioeconomic opportunities.

MAPS’ Founder Rick Doblin commented: ‘There is a big change that’s happened with the rise of for-profit companies. The fact that PSYCH and PSYCH industry reports exist is very exciting.’

The comprehensive account of the industry contains market projections for ketamine, MDMA and psilocybin-assisted therapies, with significant inflection points expected in the next three years. As psychedelic medicines progress to the final stages of drug development, attention is turning to commercialisation and the expected patient journey.

Psychedelics as medicines report

Ketamine-assisted therapy

Ketamine-assisted therapy typically costs US$600 per session, and revenue from ketamine treatments is expected to exceed US$230 million by 2023. As the only psychedelic medicine currently approved for medical use, ketamine-assisted therapy will account for the majority of the market until 2027.

Speaking to PSYCH for the report, Awakn Life Sciences’ Head of Psychedelic Medicine, Dr Ben Sessa, said: ‘I have no doubt that in the future psychedelic medicine will be available for free on the NHS for a few reasons – it is safe, it’s effective and it is cheap.

‘It may sound expensive, when a patient has to pay £6,000 themselves… but it actually makes total economic sense. I’m quite convinced that the NHS will put these medicines into public healthcare because psychedelic-assisted therapies make sense economically.’

MDMA-assisted therapy

MAPS’ MDMA-assisted therapy for PTSD is the only psychedelic therapy in Phase III clinical trials, with regulatory approval expected in 2024.

In North America, the treatment is expected to cost US$7,543 – with patients undertaking two courses of therapy a year until they are in remission. Assuming the price of MDMA-assisted therapy stays consistent, and that there is a linear growth rate in the number of trained therapists, the market for MDMA-assisted therapy could surpass US$1.5 billion by 2028.

Psilocybin-assisted therapy

After ketamine, psilocybin is the most studied psychedelic medicine, with over 70 clinical trials conducted on its therapeutic efficacy.

Last year, UK-based COMPASS Pathways shared data from its Phase II trial to combat treatment-resistant depression, with its proprietary psilocybin formulation, COMP360. If similar results can be replicated in Phase III studies, COMP360 therapy could be available to patients with treatment-resistant depression by 2025.

The report estimates that if enough therapists are trained to administer the psychedelic medicine, the value of the North American market could reach US$1.3 billion by 2028.


The Psychedelics as Medicine Report: Fourth Edition was sponsored by Awakn Life Sciences, Cybin Inc., Psyence Group, Negev Capital and Psych Capital.

Market data and insights have been compiled from across the industry for a holistic and impartial perspective on the commercial potential of psychedelic healthcare. This is substantiated by modelling created in collaboration with drug developers, healthcare providers and financial analysts.

To learn more about the potential of psychedelic healthcare, please download a complimentary copy of the report.

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Markets & Industry

Psychedelic therapy programmes launch to address heartbreak, burnout and more



Psychedelic therapy programmes launch to address heartbreak, burnout and more

Mindbloom has launched its new Mastermind Series of psychedelic programmes for overcoming heartbreak, burnout and other unique mental health challenges. 

Led by and developed with leading experts in the field, each programme combines specialised teachings with ketamine therapy.

All programmes will include six ketamine therapy sessions focusing on a specific mental health issue, expert-led audio, video, and written content for preparation, treatment, and integration, practical tools such as meditation, one-on-one coaching and group integration sessions.

See also  Psychedelics for frontline workers, palliative care and eating disorders

The first programme in the Series is ‘Recovering from Rejection and Failure’, led by Dr Guy Winch who is a leading authority on emotional health, and a best-selling author and TED speaker whose talks have received over 30 million views.

Winch’s programme focuses on healing and preventing emotional injuries that people suffer in their personal, professional and romantic lives.

Mindbloom CEO and Founder Dylan Beynon stated: “More than 100 studies and 20 plus years of clinical use show that ketamine therapy may be the most transformational mental health treatment available today.

“In the face of epidemics of mental illness, addiction, and loneliness, we’re thrilled to offer our clients access to top experts across a range of issues – and to pair their expertise with our best-in-class ketamine therapy honed over hundreds of thousands of treatment sessions.”

“Emotional wounds like rejection and failure can be even more devastating than physical wounds, yet we don’t give them the same time and attention,” added Dr Winch.

“I’m thrilled to combine my techniques for emotional first aid with ketamine therapy, which has been shown to increase neuroplasticity and help build emotional resilience.”

Additional Mastermind programmes will be released in the coming months, including: Getting Unstuck, by Dr Elizabeth Lombardo; Beating Burnout, by Dr Shauna Shapiro; and Coping with Cravings, by Dr Jud Brewer

“Americans are struggling with heartbreak, burnout, and other challenges every day, and they’re looking for new tools to address them,” said Mindbloom’s Medical Director Dr Leonardo Vando.

“I’m grateful to these experts for providing Mindbloom’s clients with the unique practices and insights they’ve cultivated during their distinguished careers, to help them overcome the biggest obstacles in their lives.”

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Mychedelica launches to revolutionise psychedelic medicine



Mychedelica launches to revolutionise psychedelic medicine

A new company specialising in psychedelic medicine – mychedelica – is offering a comprehensive suite of services to support the advancement of this transformative field. 

With a team of experienced medical writers and research support specialists, mychedelica is committed to providing the highest quality services to researchers, clinicians, and pharmaceutical companies working in the psychedelic medicine space.

Psychedelic medicine is rapidly gaining recognition for its potential to treat a wide range of mental health conditions, including depression, anxiety, addiction, and post-traumatic stress disorder (PTSD). However, the field is still in its early stages of development, and there is a critical need for high-quality medical writing and research support services to facilitate its progress.

CEO of mychedelica, Bilal Bham, commented: “We are thrilled to launch mychedelica and contribute to the advancement of psychedelic medicine.

“Our team of experienced professionals is dedicated to providing the highest quality services to researchers, clinicians, and pharmaceutical companies working in this groundbreaking field.”

mychedelica provides a comprehensive range of services, including:

Medical writing: Experienced medical writers will craft clinical trial protocols, regulatory submissions, and peer-reviewed publications, ensuring that research findings are communicated clearly and effectively.

Funding research support: Experts in grant writing and fundraising strategies will assist researchers in securing funding for their psychedelic medicine studies.

Regulatory consulting: mychedelica’s team of regulatory experts will navigate the complex regulatory landscape surrounding psychedelic medicine, ensuring that clinical trials and products comply with all applicable laws and regulations.

With its commitment to quality and innovation, mychedelica is poised to play a pivotal role in shaping the future of psychedelic medicine. The company’s services will empower researchers to conduct rigorous clinical trials, clinicians to provide effective treatments, and pharmaceutical companies to develop safe and effective psychedelic medicines.

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Markets & Industry

Short Wave Pharma: innovating eating disorder care with psychedelics



Short Wave Pharma: innovating eating disorder care psychedelics

Psychedelic Health speaks to Short Wave Pharma CEO Rivki Stern about the company’s plans to innovate eating disorder care through psychedelics and its recent acquisition by Psych Capital.

Short Wave Pharma was recently acquired by global investment firm Psych Capital. The companies are on a mission to transform mental health care, focusing on innovative approaches and treatments, including psychedelics, which are increasingly gaining acceptability as clinical research results accumulate.

Short Wave Pharma’s clinical programmes are particularly focused on Anorexia nervosa – a complex mental health condition with one of the highest fatality rates. Despite the condition being associated with high rates of suicide, it is a hugely underserved area of mental health, with no FDA-approved pharmacological drug, and a high rate of chronicity. 

See also  Psych Capital completes acquisition of Short Wave Pharma

The company has developed a novel delivery method and drug combination specifically designed to address the requirements of this vulnerable population. Short Wave focuses on methods of delivery that will be effective for Anorexia, which is a metabolic disease as well as a mental health condition. Its unique buccal film delivery method is intended to affect the brain while bypassing the liver and gut degradation through mucoadhesive absorption.

“Our goal is to alleviate, solve, and treat mental health conditions. It’s a dire need in our global society, and it’s constantly on the rise,” commented Stern. “Eating disorders are a very good example of that and we have seen a very alarming growth since COVID. 

“What drew our attention to psychedelics is that they have the potential to address very complex mental health diseases and have been designated by FDA as breakthrough medicine for life-threatening conditions.

“Because there are no current solutions, we must harness very innovative approaches and potential solutions. That’s why we started working with psychedelics which may be difficult because they are not regulated, but we don’t shy away from challenges.”

The company’s drug is based on psilocybin and another API which together utilise an expanded mechanism of action and a therapeutic effect superior to psilocybin alone, impacting more than one group of receptors in the brain. 

The delivery method is sensitive to the patients’ needs – who may not want to swallow or be injected – and is known for its high bioavailability. 

“By mucosal absorption, we are speeding the onset of the medicine and amplifying the impact which will help tackle the patients’ metabolic challenges and improve acceptance,” says Stern. 

The drug product and delivery method are currently in preparation for Phase 1 clinical studies, and in its current preclinical studies, the company is validating its delivery and expanded mechanisms of action. So far, initial safety results are positive, with a further, more in-depth toxicity study taking place. 

Psych Capital – which is a public investment and awareness platform for mental health, and has a portfolio of innovative companies – has supported Short Wave Pharma’s IP-driven approach to eating disorder care through its recent acquisition of the company.

Short Wave and Psych Capital say they are aligned in their missions to innovate mental healthcare and deliver transformative care in areas of high unmet need.

Stern commented: “We all share a passion for innovation and together have decades of experience in evaluating investments as well as scaling up R&D projects and start-ups in life sciences. 

“We have a shared commitment to alleviate the suffering from mental health. Every one of us has experienced the frustration and challenges of dealing with mental health issues.

“Together, we’re going to put this commitment into action, by bringing forth innovative solutions and developments and getting them through the first stages of development, from discovery through to early phases of clinical study. 

“With psychedelics components, this is extra challenging because of their status as scheduled drugs within a still evolving regulatory framework, which adds uncertainty to the drug development process. 

“Short Wave Pharma has operational expertise in early-stage drug development which will bring extra value to the group’s projects as they develop through our funnel and grow into promising candidates for mental healthcare.  

“We want to identify the gems, guide them through clinical development, and create the right network to attract the right partners for further development and commercialisation.”

Short Wave Pharma is planning to enter its treatment into clinical studies in 2024.

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