Psychedelics Market Could Reach $12B By 2029, Says New Report

A new analysis of the global market for psychedelics performed by Brandesense Market Research shows an expected growth from $4.87 billion by 2022 to an annual valuation of nearly $12 billion before 2030.

As per the report, the market for psychedelic drugs used for medical purposes, including LSD, ketamine, MDMA, psilocybin, and ayahuasca, will grow at a compound annual growth rate (CAGR) of 13.49%.

The analysis highlights what it believes to be the world’s major players in the industry, including some businesses that have been created specifically for the purpose of developing psychedelics – see COMPASS Pathway CMPS and PharmaTher Holdings PHRRFamong others.

of document The authors state that these companies seek to “gain a firm grip on this intensely competitive market” by formulating “comprehensive business-focused strategies to increase global footprint” such as M&A, R&D investments, product launches, partnerships and collaborations. Is doing”.

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The report also identifies the factors that will likely contribute to the growth of the market till 2030. One of them would be higher awareness of the mental health benefits of psychedelics and the “increasing prevalence” of depression and other mental health disorders globally. ,

According to the authors of the report, “change in lifestyle and desire for higher and better quality of life” will also contribute to the growth of this market.

This point may be related to the fact that the coronavirus pandemic actually had a positive impact on the psychedelic drug market.

“People were confined to their homes and there was no scope for social interaction. This affected the mental health of many people. In fact, in the time of the pandemic, the world has seen a huge increase in the number of suicides due to mental health disorders. This increased the demand for effective drugs to treat such disorders.”

Photo: Edit Benzinga with photos by chrissmith12 and bru-no on pixabay.

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