In a new assessment report, the market research & consulting firm InsightAce Analytic stated that the global psychedelic therapeutics market was valued at US$ 3.61 billion in 2021 and is expected to reach US$ 8.31 billion by 2028, with a compound annual growth rate (CAGR) of 13.2% during the forecast period of 2022-2028.
The new research assesses substance origin (synthetic or natural) and type (GHB, Ketamine, MDMA, Psilocybin, DMT, Ayahuasca and LSD), target therapeutic area (depression & anxiety disorders, pain disorders, sleep-related disorders and trauma), industry competition analysis, revenue and forecast by region and country.
Besides understanding the industry’s overview & future trends as well as its drivers & challenges, the report provides an analysis of major psychedelics investments, mergers & acquisitions.
The increasing prevalence of depression cases and psychological drug dependence, as well as changing lifestyles and quality of living, would propel the market expansion. On the other hand, the increasing R&D initiatives and introduction of breakthrough medications that have proven effective in patients with severe psychological disorders are expected to generate considerable opportunities throughout the period 2022-2028, more so if governmental regulations join.
According to the report, North America dominated the market in 2021. It is anticipated to retain its dominance during the projection period, due to the increasing incidence of mental disorders, improved awareness and a rise in R&D.
Some of the key developments highlighted in the report include In COMPASS Pathways 2022’s agreement to establish a center for mental health research and innovation in the UK, Seelos Therapeutics and iX Biopharma Ltd.’s 2021 exclusive licensing agreement for a ketamine wafer, MindMed’s 2021 launch of Project Angie for psychedelics R&D as pain treatments and Canabo’s license to provide Janssen’s esketamine antidepressant SPRAVATO nasal spray.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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