Psychedelic Drug Market Expected to Boom in Coming Years
The psychedelic market is evolving. According to Washington D.C.-based journalist, Dave Hodes, decriminalization and legalization of psychedelics is advancing across the nation. Also, awareness of the benefits of psychedelic drugs and mental health is growing.
According to a study done by Data Bridge Market Research, “The global psychedelic drugs market is expected to gain market growth in the forecast period of 2022 to 2029.” Specifically, “the market is growing with a CAGR of 13.3% in the forecast period of 2022 to 2029 and is expected to reach USD 6,401.95 million by 2029 from USD 2,386.72 million in 2021.”
Although there are no concrete answers on the exact growth of psychedelic drug companies this year, executives in the industry remain optimistic.
James Lanthier, CEO of the Toronto-based drug discovery company Mindset Pharma, told Psychedelia, “I think 2023 is going to be a really great year because we’re getting even closer to approval for first-generation drugs. And I think the closer we get, the more we’ll start to see the infrastructure get developed on the clinic side and get more questions answered. There should be a lot of progress with MDMA, the phase three pivotal trials for psilocybin are going to be underway.”
Aside from recreational purposes, emerging research suggests that psychedelic medication can be beneficial in treating mental health conditions such as anxiety and depression. One of the ways psychedelics treat stress-related anxiety and depression is through repeat doses of LSD, according to a study by Neuropsychopharmacology.
Additionally, in 2018, the FDA named psilocybin-assisted psychotherapy a form of breakthrough therapy for the treatment of treatment-resistant depression. In 2019, psilocybin-assisted psychotherapy was recognized again for the treatment of major depressive disorder.
Only time will tell if the predictions about a multi-billion-dollar psychedelic industry developing over the coming years are correct, but the future looks promising.
