DUBLIN – (COMMERCIAL THREAD) – The report “Psychedelic Drugs Market – Global Industry Analysis (2018-2020) – Growth Trends and Market Forecast (2021-2026)” has been added to ResearchAndMarkets.com offer.
Mental disorders are an urgent health crisis around the world, particularly exacerbated by COVID-19. According to a Harvard study, the medical cost of mental health problems is expected to reach $ 6 trillion by 2030.
According to the report, the psychedelic drugs market is expected to grow at a robust rate of 14.5% CAGR during the forecast period and reach a value of $ 6,330 million in 2026 from $ 3,210 million in 2021, as there is a significant unmet need for treatment that led to the adoption of psychedelic drugs.
Overview of the Psychedelic Drug Market
Ketamine has a 16% CAGR among all products in terms of value, as it has a strong portfolio of clinical trials in multiple diseases, viz. depression (MDD, TRD), bipolar disorder, suicidal ideation, drug and alcohol dependence, and social anxiety.
Products of natural origin are expected to gain 90 BPS in terms of market share by value by the end of the forecast period. However, synthetics will retain their dominant position in the market with an 85% market share in 2026.
Depression is estimated to hold the largest portion of the disease indications segment with over 40% market share in 2021.
Oral drugs are estimated to contribute over 55% of the global psychedelic drug market, where the intranasal route of administration shows a strong growth rate of 17% CAGR with the commercial arrival of Spravato.
Drug-assisted psychedelic psychotherapy will be a game-changer in the psychedelic drug market
The prevalence of mental health disorders has increased exponentially, but the development of new drugs has not kept pace, precipitating a crisis in psychiatric medicine. A new innovation is drug-assisted psychedelic psychotherapy – the medically approved use of MDMA, psilocybin, and LSD as a component of elevated psychotherapy programs.
A study conducted by Yale in mice determined that a dose of psilocybin immediately increased neural connections in the brain. Doctors believe it helps the brain “reorganize and adapt” to different situations, improving response time. MDMA was recently named a breakthrough treatment for post-traumatic stress disorder (PTSD) by the United States Food and Drug Administration (FDA), paving the way for its approval within two years. In a study published in Nature Medicine, symptoms of depression were significantly reduced after three doses of MDMA given at monthly intervals. Although there are risks to treatment with psychedelic therapy, it is likely that psychiatry will be profoundly changed by such drugs in the days to come.
Ketamine’s Proven Effectiveness Explains Its Popularity In The Psychedelic Drug Market
Ketamine is on track to register the highest CAGR in the psychedelic drug market as it has been in use for decades. It has been shown to be effective at higher doses as an anesthetic, while it can even induce changes in cognition and mood at lower doses. According to NCBI data, ketamine is the subject of an experimental intervention in 70 Phase 2 trials for psychiatric illnesses and two Phase 3 trials for clinical depression. Additionally, it has been extensively studied in PTSD, Obsessive Compulsive Disorder (OCD), alcohol abuse, cocaine use, and suicidal disorders.
Higher growth rate in intranasal segment as companies launch new psychedelic sprays
Oral medications included approx. 55% of the psychedelic drug market during the evaluation period. However, the intranasal segment is expected to experience a significantly higher CAGR of 17% from 2021 to 2026 with the introduction of products such as Spravato – an intranasal general anesthetic that was cleared by the FDA in August 2020 for the short-term treatment of suicidal thoughts. The US state of Oregon is pushing for the decriminalization of magic mushrooms, and local company Silo Wellness has developed a psilocybin nasal spray to treat depression and PTSD.
Encouraging results from psilocybin trials in patients with depression
In December 2020, the World Health Organization (WHO) said 264 million people suffered from depression. Unsurprisingly, depression is expected to account for the largest portion of the disease indications segment in the psychedelic market during the forecast period. A growing body of evidence suggests that psychedelic drugs may be effective in treating depression. In a study published in the New England Journal of Medicine, researchers conducted a randomized trial of psilocybin and found that it is almost as good – if not more effective – than current antidepressants. At the end of the six-week trial, all but one of the participants reported a marked improvement in their depressive symptoms – a positive development indeed.
Favorable Conditions Keep North America Ahead in Psychedelic Drug Market
North America is expected to remain the largest region in the psychedelic drug market due to a wave of clinical trials, massive investment, regulatory support, and widespread public awareness. The continent accounts for half of the global psychedelic drug market revenue and is expected to be worth $ 3,184.0 million by the end of the forecast period. The strong business presence and ongoing clinical trials should also bode well for the regional market.
Global Psychedelic Drugs Market: Competitive Landscape
Some of the companies featured in this Psychedelic Drugs Market report are Jazz Pharmaceuticals, Inc .; PharmaTher Holdings Ltd .; ATAI LIFE SCIENCES NV; COMPASS Pathways plc; Mind Medicine Inc .; and Janssen Pharmaceuticals, Inc. The companies have reduced their R&D spending and are considering organic or inorganic growth methods in the psychedelic drug market. The recent IPOs of large companies are likely to generate headwinds in the psychedelic drug market.
Key topics covered
1.1. Global Psychedelic Drugs Market Outlook, 2018-2026 (USD Million)
1.2. Growing Opportunity of Global Psychedelic Drugs Market, 2018-2026 (USD Million)
1.3. Key industry trends
2. Market overview
2.1. Market definitions and segmentations
2.2. Market dynamics
2.2.1. Market factors
2.2.2. Market constraints
2.2.3. Market opportunities
2.3. Regulatory scenario
2.4. Analysis of the psychedelic drug pipeline
2.5. Emerging psychedelic biotechnology companies
3. Global Psychedelic Drugs Market Outlook, 2018-2026
3.1. Global Psychedelic Drugs Market Outlook, By Product, 2018-2026
3.1.2. Global Psychedelic Drugs Market Outlook, By Product, Value (USD Million), 2018-2026
3.1.3. Global Psychedelic Drugs Market Share and BPS Analysis, By Product, 2021 and 2026
3.1.4. Global Psychedelic Drugs Market Attractiveness Analysis, By Product, 2021-2026
3.2. Global Psychedelic Drugs Market Outlook, By Disease Indication, 2018-2026
3.2.2. Global Psychedelic Drugs Market Outlook, By Disease Indication, Value (USD Million), 2018-2026
126.96.36.199. Drug and alcohol addiction
3.2.3. Global Psychedelic Drugs Market Share and BPS Analysis, by Disease Indication, 2021 and 2026
3.2.4. Global Psychedelic Drugs Market Attractiveness Analysis, By Disease Indication, 2021-2026
3.3. Global Psychedelic Drugs Market Outlook, By Administration, 2018-2026
3.3.2. Global Psychedelic Drugs Market Outlook, By Administration, Value (USD Million), 2018-2026
3.3.3. Global Psychedelic Drugs Market Share and BPS Analysis, By Administration, 2021 and 2026
3.3.4. Global Psychedelic Drugs Market Attractiveness Analysis, By Administration, 2021-2026
3.4. Global Psychedelic Drugs Market Outlook, By Origin, 2018-2026
3.4.2. Global Psychedelic Drugs Market Outlook, By Origin, Value (USD Million), 2018-2026
3.4.3. Global Psychedelic Drugs Market Share and BPS Analysis, by Origin, 2021 and 2026
3.4.4. Global Psychedelic Drugs Market Attractiveness Analysis, By Origin, 2021-2026
3.5. Global Psychedelic Drugs Market Outlook, By Region, 2018-2026
3.5.2. Global Psychedelic Drugs Market Outlook, By Region, Value (USD Million), 2018-2026
188.8.131.52. North America
184.108.40.206. Asia Pacific
220.127.116.11. Rest of the world
3.5.3. Global Psychedelic Drugs Market Share and BPS Analysis, by Region, 2021 and 2026
3.5.4. Global Psychedelic Drugs Market Attractiveness Analysis, By Region, 2021-2026
4. North America Psychedelic Drugs Market Outlook, 2018-2026
5. Europe Psychedelic Drugs Market Outlook, 2018-2026
6. Asia-Pacific Psychedelic Drugs Market Outlook, 2018-2026
7. Rest of the World Psychedelic Drugs Market Outlook, 2018-2026
8. Competitive landscape
8.1. Market share analysis, 2021
8.2. Company Profiles
8.2.1. Jazz Pharmaceuticals, Inc.
18.104.22.168. Company presentation
22.214.171.124. Financial performance
126.96.36.199. Product pipeline
188.8.131.52. Recent developments
8.2.2. PharmaTher Holdings Ltd.
8.2.3. ATAI LIFE SCIENCES SA
8.2.4. COMPASS Pathways plc
8.2.5. Medicine of the mind inc.
8.2.6. Janssen Pharmaceuticals, Inc.
9.1. Research methodology
9.2. Report-specific research approach
For more information on this report, visit https://www.researchandmarkets.com/r/blfcsj