Global Psychedelic Therapeutics Market Size Expected To Reach $13.29 Billion By The Year 2031

Global Psychedelic Therapeutics Market Size Expected To Reach $13.29 Billion By The Year 2031

PR Newswire

PALM BEACH, Fla., July 26, 2023

FinancialNewsMedia.com News Commentary

PALM BEACH, Fla., July 26, 2023 /PRNewswire/ -- Psychedelic and hallucinogenic medicines market have been growing consistently over the past several years and are expected to continue to rise in the coming years.  Psychedelic medicines are a group of substances, including chemicals, such as LSD, and plants used to treat multiple mental disorders, including resistant depression, opiate addiction, and panic disorder, among others. This medicine changes and enhances sensory perceptions, thought processes, and energy levels and facilitates favorable experiences.  A recent report from Insight Ace Analytic projected that the Psychedelic Therapeutics Market Size is valued at 3.94 Billion in 2022 and is predicted to reach 13.29 Billion by the year 2031 at a 14.92 % CAGR during the forecast period for 2023-2031.  The report said: "The Global psychedelic therapeutics market is proliferating owing to the increasing incidence of depression cases across the world. Additionally, changed lifestyles and quality of living are supporting the growth of psychedelic medicine market. In addition, the market is anticipated to expand lucratively as a result of the growing need for medicines to treat psychological drug dependency. On the other hand, a greater acceptance of non-therapeutic treatments over allopathic therapies and tight rules implemented by various governments to commercialize psychedelic medications may inhibit the market growth."  Active Companies active today in markets include:  Cybin Inc. (NYSE: CYBN) (NEO: CYBN), COMPASS Pathways plc (NASDAQ: CMPS), Mind Medicine (MindMed) Inc. (NASDAQ: MNMD) (NEO: MMED), Seelos Therapeutics, Inc. (NASDAQ: SEEL), Numinus Wellness Inc. (OTCQX: NUMIF) (TSX: NUMI).

Insight Ace Analytic continued: "In 2021, North America led the market. Major determinants, such as the increase in the frequency of depression and other mental diseases and the rapid advancement of research, are driving the market growth. The population's increased awareness of anxiety and mental health is anticipated to stimulate regional growth further. The Asia-Pacific region is anticipated to see a considerable growth rate over the projected period as a result of the growing awareness of mental diseases and the expansion of healthcare infrastructure."

Cybin Inc. (NYSE AMERICAN: CYBN) (NEO: CYBN) BREAKING NEWS:  Cybin Partners with Worldwide Clinical Trials to Support Future Clinical Development of CYB003 in Major Depressive Disorder 

Cybin Inc. ("Cybin" or the "Company"), a clinical-stage biopharmaceutical company committed to revolutionizing mental healthcare by developing new and innovative psychedelic-based treatment option, today announced that it has partnered with Worldwide Clinical Trials ("Worldwide"), a global, full-service contract research organization ("CRO") with deep expertise managing clinical trials for mental health conditions, including major depressive disorder. The partnership with Worldwide includes support for study design and protocol development, defining global regulatory strategy and navigation of regulatory pathways, and pharmacovigilance. 

Worldwide has a track record of successful patient recruitment for psychedelic trials and global relationships with best-in-class investigative sites. Worldwide has recent experience managing 11 psychedelic studies in psychiatric populations, including Phase I and Phase II clinical trials conducted in the U.S., Canada, United Kingdom, and other European countries, across a range of psychedelic compounds and treatment models.

"We are proud to align with Worldwide, a distinguished CRO with a proven track-record of supporting industry-sponsored psychedelic clinical trials. said Doug Drysdale, Chief Executive Officer of Cybin. "Worldwide brings significant regulatory, logistical, and operational expertise as a leader in psychedelic clinical research, making Worldwide the ideal partner for navigating the regulatory landscape surrounding the development of psychedelic-based therapeutics." 

"At Worldwide, we share a passion for Cybin's mission to revolutionize mental healthcare," said Dr. Michael Murphy, Chief Medical and Scientific Officer, Worldwide Clinical Trials. "We are proud to partner with such a diverse and extraordinary group of experts to help create safe and effective psychedelic-based therapies to transform potential treatment options for patients who live with mental health disorders."  CONTINUED… Read the full Press Release for Cybin at:  https://www.cybin.com/news 

In other active company biotech news in the markets this week: 

COMPASS Pathways plc (NASDAQ: CMPS), a biotechnology company dedicated to accelerating patient access to evidence-based innovation in mental health, recently announced the publication of a paper in Nature Medicine that demonstrates the potential for COMP360 psilocybin treatment in anorexia nervosa. The investigator-initiated open-label study was conducted by Drs. Walter Kaye and Stephanie Knatz Peck at the University of California San Diego School of Medicine and is believed to be the first clinical research study to report the effects of psilocybin treatment in anorexia nervosa.

Dr. Guy Goodwin, Chief Medical Officer at COMPASS Pathways, said, "People living with anorexia nervosa urgently need new options. This study shows promising preliminary evidence that COMP360 psilocybin treatment could help people living with this difficult-to-treat condition. We are now looking to investigate these findings further in our larger phase 2 study."

Seelos Therapeutics, Inc. (NASDAQ: SEEL), a clinical-stage biopharmaceutical company focused on the development of therapies for central nervous system disorders and rare diseases, recently announced the close of enrollment of its registration directed study of SLS-002 (intranasal racemic ketamine) for Acute Suicidal Ideation and Behavior (ASIB) in adults with Major Depressive Disorder (MDD).

"The close of enrollment of our ASIB study is a major milestone for Seelos and the credit goes to our hard-working clinical team enrolling subjects in this very challenging and difficult-to-treat population. Suicides have devastating effects on families and communities but sadly there is no effective therapy available as of today," said Raj Mehra Ph.D., Chairman and CEO of Seelos. "We look forward to completing the study and sharing the results in the third quarter of 2023."

Mind Medicine (MindMed) Inc (NASDAQ: MNMD) (NEO: MMED), a clinical stage biopharmaceutical company developing novel product candidates to treat brain health disorders, recently provided an overview of clinical progress and corporate updates during an Investor Day on June 20, 2023,  focused primarily on the MM-120 (lysergide D-tartrate) program in generalized anxiety disorder (GAD).  Audio webcasts and replays of available presentations will be accessible on MindMed's Investor Resources website for up to 90 days following the event.

As part of the Investor Day, the Company reiterated its guidance that the Phase 2b trial evaluating MM-120 for the treatment of GAD remains on track for a late 2023 topline data readout. This Phase 2b trial is a multi-center, parallel, randomized, double-blind, placebo-controlled, dose-optimization study. The participants are randomized to receive a single administration of 25 µg, 50 µg, 100 µg or 200 µg of MM-120 or placebo. The primary objective is to determine the reduction in anxiety symptoms four weeks after a single administration of MM-120, compared across the five treatment arms. Key secondary objectives, measured up to 12 weeks after the single administration, include assessments of anxiety symptoms, safety and tolerability, as well as other measures of efficacy and quality of life. More information about the trial is available on our website (mindmed.co), the trial website (anxietyresearchstudy.com) or on clinicaltrials.gov (identifier NCT05407064). In May 2023, the Company reported that over 50% of the target study population has been enrolled and dosed.

Numinus Wellness Inc. (OTCQX: NUMIF) (TSX: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, recently announced its financial results for the three months ended May 31, 2023 ("Q3 2023").

"We're on the verge of a pivotal turning point for the psychedelics sector – with MDMA-assisted therapy on a path to FDA approval, long-form psychedelic-assisted therapy receiving an insurance pay code, and cultural awareness and support for these treatments building," said Payton Nyquvest, Founder and CEO. "Within this, Numinus is focusing on building scale and sector partnerships to deliver best-in-class clinical infrastructure and practitioner training programs to support greater patient access to these important therapies. Our recently announced experiential training partnership with MAPS is a great example of how Numinus is uniquely positioned within the sector."

DISCLAIMER:  FN Media Group LLC (FNM), which owns and operates Financialnewsmedia.com and MarketNewsUpdates.com, is a third- party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels.  FNM is NOT affiliated in any manner with any company mentioned herein.  FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security.  FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities.  The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material.  All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks.  All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release.  FNM is not liable for any investment decisions by its readers or subscribers.  Investors are cautioned that they may lose all or a portion of their investment when investing in stocks.  For current services performed FNM was compensated twenty six hundred dollars for news coverage of current press release issued by Cybin Inc. by a non-affiliated third party.   FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.

This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.

Contact Information:
Media Contact email: editor@financialnewsmedia.com - +1(561)325-8757

Cision View original content:https://www.prnewswire.co.uk/news-releases/global-psychedelic-therapeutics-market-size-expected-to-reach-13-29-billion-by-the-year-2031--301885737.html

Voltar noticias em Inglês