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NY-based strategic consulting firm Research Nester launched global market research for psychedelic substances with projections until 2035.
Top players featured include known names such as COMPASS Pathways (NASDAQ:CMPS), Silo Pharma (NASDAQ:SILO), Numinus Wellness (OTC:NUMIF), Cybin (NYSE:CYBN), Mind Medicine (MindMed) (NASDAQ:MNMD), PharmaTher Holdings (OTC:PHRRF) and atai Life Sciences (NASDAQ:ATAI); yet also general biotech industry heavyweights like Jazz Pharmaceuticals (NASDAQ:JAZZ), Janssen Pharmaceuticals (NYSE:JNJ) and Pfizer (NYSE:PFE).
The global market’s size is predicted to grow at a CAGR of around 14% in the next 12 years, garnering a revenue of $12 billion by the end of 2035, up from 2022’s $3 billion.
See Also: Mindset Pharma's $60M Acquisition, Otsuka's Leap Into Next-Gen Psychiatry Solutions
As most pharmaceutical market projections do, the research contemplates the COVID pandemic’s effects in terms of a rise in demand for psychedelic drugs to treat mental health issues, either new or enhanced by the situation.
Stress, anxiety and depression spread globally due to uncertainty for the future, jobs and income loss, social isolation and fear of virus transmission, it found.
The increased demand was exacerbated by the impossibility of accessing traditional forms of therapy due to lockdown. On the other hand, the pandemic reduced production costs, allowing manufacturers to gain higher profit margins and increase the psychedelic drugs market size.
Recent years' research into psychedelics’ potential therapeutic benefits for diverse mental health conditions as well as for general well-being took many pharmaceutical companies and research institutions to increase their focus on developing psychedelic-based treatments.
Analysts found that, in 2021, nearly $2 billion were invested in the psychedelics sector, vouching for more R&D and the corresponding costly clinical trials. In the next couple of years, increasing venture capitalists’ investment along with more patent filings for psychedelic-related drugs and collaborations between academic institutions and pharmaceutical companies would further boost the market’s growth.
Key points:
The North American market is potentially the one with the largest revenue by the end of 2033. Specifically with PTSD, but also due to the growing prevalence and incidence of depression, anxiety disorders, schizophrenia, eating disorders and addictions (see 2022’s staggering numbers.)
The Asia Pacific market, for its part, would be the one growing at the highest rate by 2033, following a rise in mental health awareness and “the rising focus” of governments on the improvement of healthcare infrastructure and the increasing prevalence of mental disorders such as depression in the region.
In the end-user segment, hospitals would hold the largest revenue by the end of 2033.
Other market segmentations include drugs and type; source; and administration routes.
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Photo: Benzinga edit with photo by chrissmith12 and Bru-nO on Pixabay.
Posted In: ATAI CMPS CYBN JAZZ JNJ MNMD NUMIF PFE PHRRF SILO
