Therapeutic Psychedelics Could Be Worth at Least $6.5 Billion by 2030

June 10, 2021 09:35:17

A recently released report forecasts that by 2030, the psychedelics therapeutics market may be worth more than $6 billion. The annualized rate of growth is predicted to be almost 15%.

A lot of research on psychedelics has been conducted in the recent past, with a growing body of evidence suggesting that administering psychedelic substances such as LSD and psilocybin, combined with psychotherapy, may help manage the symptoms of various mental health conditions (i.e., substance use disorders and depression).

To date, almost 150 types of psychedelic substances that may be used as therapeutics have been identified. These psychedelics have shown that they can interact with various neurotransmitter pathways, such as those that involve dopamine, norepinephrine, acetylcholine and serotonin. Some experts even believe that when administered in appropriate doses, these substances can help address some of the severe psychological implications related to the coronavirus pandemic.

Presently, some stakeholders in the pharmaceutical industry are working on developing drugs based off of synthetic and natural derivatives of psychedelic substances. Many formulations under development are in the discovery or preclinical stages, with a few being assessed in late clinical stages.

Most of the pipeline drugs are based on LSD, ketamine and psilocybin. Psilocybin is the main active ingredient found in magic mushrooms. Ketamine is commonly used in general anesthesia and is currently being evaluated as a treatment for severe depression.

On the other hand, LSD, which has been found to promote neuron growth in the brain, has been found to be useful in helping manage symptoms of anxiety, drug dependency, post-traumatic stress disorder and depression. The increase in the number of companies working in this domain, with a majority being based in North America and the rest in Asia Pacific and Europe, supports this forecast.

Additionally, last year saw a huge number of partnerships for psychedelic therapeutics being signed, with research agreements, licensing deals, joint ventures and clinical trial agreements also being entered into.

The standard treatments for various mental health conditions that are prescribed may be effective for some but not all individuals, which also drives this need for alternative treatments that may be more effective and have less side effects in comparison. The report notes that therapies indicated for the treatment of anxiety disorder and depression make up more than 5% of the share in this market, with forecasts showing that in the near future, therapies that target the above disorders may occupy the highest market share with regard to revenues generated from product sales.

The predictions above may well turn out to be conservative judging from the pace at which pharma companies such as Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) are progressing in developing products indicated for conditions that have previously been underserved.

NOTE TO INVESTORS: The latest news and updates relating to Tryp Therapeutics Inc. (CSE: TRYP) (OTCQB: TRYPF) available in the company’s newsroom at https://ibn.fm/TRYPF

About PsychedelicNewsWire

PsychedelicNewsWire (PNW) is a specialized content distribution company that (1) aggregates and distributes news and information on the latest developments in all aspects and advances of psychedelics and their use, (2) creates PsychedelicNewsBreaks designed to quickly update investors on important industry news, (3) leverages a team of expert editors to enhance press releases for maximum impact, (4) assists companies with the management and optimization of social media across a range of platforms, and (5) delivers unparalleled corporate communication solutions. PNW stays abreast of the latest information and has established a reputation as the go to source for coverage of psychedelics, therapeutics and emerging market opportunities. Our team of seasoned journalists has a proven track record of helping both public and private companies gain traction with a wide audience of investors, consumers, media outlets and the general public by leveraging our expansive dissemination network of more than 5,000 key syndication outlets. PNW is committed to delivering improved visibility and brand recognition to companies operating in the emerging markets of psychedelics.

To receive instant SMS alerts, text “Groovy” to 21000 (U.S. Mobile Phones Only)

For more information please visit https://www.PsychedelicNewsWire.com

Please see full terms of use and disclaimers on the PsychedelicNewsWire website applicable to all content provided by PNW, wherever published or re-published: https://www.PsychedelicNewsWire.com/Disclaimer

Do you have questions or are you interested in working with PNW? Ask our Editor

PsychedelicNewsWire (PNW)
San Francisco, California
www.PsychedelicNewsWire.com
415.949.5050 Office
Editor@PsychedelicWire.com

PsychedelicNewsWire is part of the InvestorBrandNetwork.