Global Psychedelic Therapeutics and their Future Market Potential

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Psychedelic compounds are powerful psychoactive substances having inherent ability to interfere with a human’s cognitive processes and subsequently alter the perception and mood of a person. These substances are generally considered to be physiologically safe and are not habit forming.

Psychedelic Industry : Over time, it have been demonstrated that psychedelic substances interact with a variety of neurotransmitter pathways, including those of serotonin, acetylcholine, norepinephrine, and dopamine, among several others.  In fact, there is evidence that an imbalance in the levels of serotonin in the brain, causes depression.  Similarly, the aforementioned biomolecules have been associated with a plethora of neurological conditions.

 

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During the 1950s, research on psychedelic substances for their potential therapeutic effects, flourished in the whole United States and Europe. Over 1,000 scientific articles were published around the world investigating the potential of these substances across a myriad of indications. In fact, the National Institutes of Health (NIH), had funded over 130 grants for the studies focused on these substances. However, the research in this domain was halted after the Controlled Substances Act was rolled out as a mandatory law in 1970, resulting in termination of all the funding from the NIH. Moreover, it became nearly impossible to obtain the approval from Drug Enforcement Administration (DEA) for the possession of these substances for the purpose of research. Later these substances were classified by the US DEA as Schedule I controlled substances, which suggests that they have no known medicinal uses and have a high potential for abuse and physical or psychological dependence.

In the recent years various initiatives have been taken by deemed organizations, such as John Hopkins University and New York University for exploring the therapeutic benefits of psilocybin for indications, such as treatment-resistant depression, substance use disorders, and other anxiety disorders, which indicates significant strides are being taken by both industry and non-industry players to reveal the therapeutic application of different substances. Further, it is worth mentioning that the Food and Drug Administration has also granted breakthrough therapy designation to therapies based on MDMA and psilocybin. 

 

Psychedelic market size : One of the key objectives of the report was to estimate the existing market size and the future opportunity for psychedelic therapeutics, over the next decade.

 

Currently, only two drugs, Xyrem (for cataplexy or excessive daytime sleepiness in narcolepsy) and Spravato (for treatment resistant depression) have been commercialized. The market is poised to witness a significant growth as several therapies get approved in the foreseen future. In order to account for the uncertainties associated with the success of therapeutic candidates under development (phase II and above) and future growth, we have presented three different scenarios on the market’s evolution:

  • Conservative Scenario: This represents our pessimistic view of the success / adoption of each individual therapeutic product.
  • Base Scenario: This represents our estimates based on the most-likely success / adoption of the respective therapeutic products.
  • Optimistic Scenario: This is the bullish scenario, wherein we have been aggressive in terms of the penetration rates of respective therapeutic products and the likely market size.

 

 

The market is poised to witness significant growth as several more therapy candidates are approved in the foreseen future. With the first wave of therapies expected to launch in 2023, our estimates suggest that, in 2023, the market is likely to be worth USD 3,215 billion.

 

Since the majority of drug candidates are being evaluated in North America, this region is anticipated to capture the highest market share (91%), in terms of revenues generated from product sales, by 2030. It is likely to be followed by the Europe and Asia Pacific and RoW.

 

Global Psychedelic Therapeutics Market : The “Global Psychedelic Therapeutics Market, 2020-2030” report features an extensive study of the current market landscape, offering an informed opinion on the likely adoption of psychedelic therapeutics, over the next decade. The report features an in-depth analysis, highlighting the diverse capabilities of stakeholders engaged in this domain.

 

Further, owing to the fact that psychedelic substances based drugs are chemically small molecules, majority of these interventions (65%) are being designed for oral administration, followed by intranasal (16%), intravenous (8%) and sublingual (6%) routes.

 

 

The naturally occurring psychedelic substances, such as psilocybin, gamma hydroxybutyrate (GHB), are expected to contribute the most (90%) to the overall market share, in 2020. In fact, XYREM® (GHB), which is intended to treat patients with narcolepsy who are suffering from cataplexy, is anticipated to be the leading contributor in terms of revenues from product sales. However, by 2030, the contribution of synthetic psychedelics is likely to increase, representing nearly 65% of the future market size.

 

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https://www.rootsanalysis.com/reports/global-psychedelic-therapeutics-market.html or email sales@rootsanalysis.com

 

Psychedelic drugs market  : In fact, the US reported a sharp increase (~20%) in number of prescriptions for antidepressants and anti-anxiety drugs during the global lockdown enforced to curb the spread of COVID-19.

 

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