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
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