Global Psychedelic Drugs Market to Reach US$6,330 Mn by 2026 as Clinical Trials Show Promising Outcomes, Finds Fairfield Market Research
LONDON, Sept. 13, 2021 /PRNewswire/ -- A phenomenal rise of mental health issues coupled with an unmet need for treatment is fuelling demand for psychedelic drugs. According to a study conducted by Harvard, the global cost of mental health is expected to rise to US$6 trillion by 2030. The WHO estimates that 264 million people suffer from clinical depression in 2020 making treatment the need of the hour. Depression directly contributes to millions of deaths, resulting in an avoidable loss of productivity.
According to Fairfield Market Research, the global psychedelic drugs market will be worth US$6,330 Mn by 2026 from US$3,210 Mn in 2021, registering an impressive CAGR of 14.5% for the period.
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COVID-19 Pandemic Catapults Psychedelic Drugs Market to an Unprecedented High
The occurrence of mental health illness has skyrocketed during the COVID-19 pandemic. In a survey conducted by Pew Research Center in February 2021, 21% of the U.S. adults reported high levels of psychological distress with 32% of those aged 18-29 doing so. The percentage of U.S. adults reporting symptoms of anxiety and clinical depression rose fourfold from 11% in 2019 to 42% in 2020. The demand for virtual mental health consultations including counselling and therapy is anticipated to touch 138 million visits by the end of this year, auguring well for companies in the psychedelic drugs market.
Encouraging Results From Clinical Trials Point to Bright Future for Psychedelic Drugs
Since 2015, seven neuropsychiatric drugs have been approved. The results of clinical trials have been truly encouraging and there is strong evidence that psychedelic drugs are quick and highly effective at treating mental health conditions such as depression. In addition, psychedelic drugs are tolerated well by most patients, bolstering their demand further. There is a possibility that psychedelic drugs will be required for the diagnosis and therapy of mental health at both an individual and institutional level, boding well for companies in the psychedelic drugs market.
Prohibitive Costs Could Pose Challenges to Growth in the Psychedelic Drugs Market
Several mental health therapies necessitate highly-skilled therapists. For e.g. – COMPASS with its five-tier therapist training mechanism. It is very expensive to train therapists and grant them the required accreditation to practice. The length of therapy can range from anywhere between four to six hours with some sessions in excess of one hour. Lengthier sessions naturally cost more, making them unaffordable for patients lacking a robust insurance net or from low-income countries.
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North America Leads Psychedelic Drugs Market Due to Limitless Funding and Widespread Public Awareness
North America is predicted to comprise the lion's share of the psychedelic drugs market on account of significant capital inflows, large-scale public awareness, and multiple clinical trials underway. The continent contributes to half of the revenue in the psychedelic drugs market and this is poised to touch $3184 million by 2026.
There are approx. 200 biotechnology companies headquartered in North America and Europe focusing their efforts on psychedelic drugs. Atai Life Sciences, Compass Pathways. And MindMed are companies that have been listed on the U.S. stock exchange. Osmind was able to procure funding to the tune of $2 million by General Catalyst recently. All these initiative are likely to drive growth to a new high in the psychedelic drugs market.
R&D Reductions Compel Companies to Explore New Options in Psychedelic Drugs Market
Some companies profiled in this report on the global psychedelic drugs market are Jazz Pharmaceuticals, Inc., PharmaTher Holdings Ltd., ATAI LIFE SCIENCES N.V., COMPASS Pathways plc, Mind Medicine Inc., and Janssen Pharmaceuticals. Biopharmaceutical companies that have reduced their R&D budgets are carefully scrutinizing organic and inorganic methods of growth to solidify their presence in the psychedelic drugs market. A number of successful clinical trials and IPOs are likely to generate noticeable tailwinds in the psychedelic drugs market.
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