Psilocybin Assisted Therapy Market is estimated to garner significant revenue by the end of 2031 by growing at a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. Further, the market generated significant revenue in the year 2021. An increase in the use of psilocybin in recreational therapy under psychotropic drugs has a positive impact on the market growth. About 74 clinical trials are performed on psilocybin in 2021 to study the treatment of various mental disorders like depression and post-traumatic stress disorder.
Also, the ability to alter the mood, perception, and cognition of individuals affected by mental disorders is estimated to boost market growth during the forecast period. Also, minimal side effects and cost effectiveness of the drug impact the market growth. As per the reports, the cost of Spravato was about USD 600-800 and the cost of subsequent treatment sessions includes more than USD 1500 with personnel supervision and equipment. All these extra costs can be reduced with the use of psilocybin.
Growth Drivers
Challenges
Base Year |
2021 |
Forecast Year |
2022-2031 |
CAGR |
4% |
Regional Scope |
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The global psilocybin assisted therapy market is segmented and analyzed for demand and supply by end-users into hospitals, specialty clinics, trauma and rehabilitation centers, academic and research institutes. Out of these, the hospital segment is anticipated to boost the market growth owing to favorable conditions to race ahead and encouraging results from psilocybin rials on patients suffering from depression.
Major Macro-Economic Indicators Impacting the Market Growth
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5,355.79, which grew from USD 3,515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global psilocybin assisted therapy market includes the following segments:
By Technology
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By Application |
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By Indication |
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By End-User |
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Regionally, the global psilocybin assisted therapy market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America region is projected to hold the largest market share by the end of 2031. The higher growth rate in the intranasal segment as companies launch novel psychedelic sprays and proven efficacy increases its popularity leading to an upsurge of market growth. In 2019, the U.S Food and Drug Administration approved a novel nasal spray Spravato to Janssen Pharmaceuticals, Inc. used for depression therapy in adults.
Cybin Irl Limited collaborated with IntelGenx Corp. and introduced a dissolvable oral film that is dosed with psilocybin. This fast-acting film has the potential to increase both the safety and efficacy of psilocybin when administered in this manner, for treating major depressive disorders along with therapy.
COMPASS Pathways Plc., announced positive results regarding the usage of COMP360 psilocybin therapy in anorexia nervosa and severe treatment-resistant depression at the Society of Biological Psychiatry Annual Meeting in New Orleans, from two investigator-initiated studies.
Author Credits: Radhika Pawar
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