Over the past decade, the psychedelics drugs industry has grown in popularity in the US. In the past psychedelic were being used for mental healing practices but research stopped in the 1960s following the ban of psychedelics. However, in recent times research has accelerated and Data Bridge Market Research North America predicts that the psychedelics drug market could grow by a CAGR of 15.8% through 2027 to hit around $6.85 million.
Psychedelic therapies growing in popularity
There is growing acceptance of psychedelic therapies in the treatment of mental disorders such as depression which has generated more interest in the field. Some of the active companies pursuing psychedelic therapy studies include Johnson & Johnson (NYSE:JNJ), Mind Cure Health Inc. (OTCMKTS:MCURF), COMPASS Pathways Inc. (NASDAQ:CMPOS), MindMed (OTCMKTS:MMEDF), and Field Trip Health Ltd (OTCMKTS:FTRPF).
Data Bridge Market indicated that growing psychedelic drugs acceptance for depression treatment has increased market value. This is because psychedelic drugs have repetitively demonstrated high efficacy treatment rates for alcohol dependence, nicotine dependence, severe PTSD, and anxiety associated with terminal illness relative to antidepressants. There are ongoing studies that will offer a competitive advantage for innovative and new therapeutic manufactures with psychedelic drugs and methods to define and develop psychedelic drugs. The upsurge in demand for psychedelic drugs in the US is mainly due to the growing acceptance of psychedelic therapies with over 30 million people already using psychedelic drugs in the US.
Companies with different psychedelic initiatives
Recently Mind Cure Health announced a psychedelics compounds research program with a focus on ibogaine, ketamine, and psilocybin. The three compounds have shown favorable efficacy and safety profiles but are yet to receive medical approval from regulators.
Also, Johnsons & Johnson in March 2020 received approval from the FDA for Spravato as an active antidepressant for suicidal people. MindMed also recently announced the establishment of a digital medicine division called Albert to research psychedelic medicines delivery. COMPASS Pathways has joined Psychiatry Consortium to advance research projects on psychedelic treatments. Field Trip entered a partnership with WHOOP recently to use WHOOP Strap 3.0 in measuring the biometric effects of its psychedelic therapies.