Global Psilocybin Assisted Therapy Market Size, Forecast, and Trend Highlights Over 2022 - 2031
The global 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.
Get more information on this report: Request Sample PDF
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.
Global Psilocybin Assisted Therapy Market: Growth Drivers and Challenges
Growth Drivers
-
Rising Prevalence of Depression and Other Mental Disorders – The increase in the level of stress faced by people leads to an increased incidence of mental disorders such as depression, anxiety, and stress. It is estimated that in the U.S about 21 million adults suffered from depression in 2020.
-
High Use in Treatment of Anxiety – It is observed that the use of psilocybin decreased anxiety in 78% of people with mental health disorders.
-
Rise in the Use of Psilocybin drugs – The use of psychotropic drugs such as psilocybin raised from 10% in 2018 to 15% in 2019.
-
Increase in Medical Approval – The Drug Enforcement Administration in 2018 declared to speed up the application process for research of schedule I drug that are registered by more than 590 researchers in 2017.
Challenges
- Stigma Associated with Psychedelic
- Uncertainty around getting FDA approval
- Early Stage in Lifecycle of Psychedelics Industry
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.
Global Psilocybin Assisted Therapy Market Regional Synopsis
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.
Get more information on this report: Request Sample PDF
The global psilocybin assisted therapy market is further classified on the basis of region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Market Segmentation
Our in-depth analysis of the global psilocybin assisted therapy market includes the following segments:
|
By Technology
|
|
|
By Application |
|
|
By Indication |
|
|
By End-User |
|
Top Featured Companies Dominating the Global Psilocybin Assisted Therapy Market
- Cybin Irl Limited
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Mind Medicine Inc.
- COMPASS Pathways plc
- Atai Life Sciences N.V.
- Fieldtrip, LLC.
- DemeRx
- Hikma Pharmaceuticals PLC
- Jazz Pharmaceuticals, Inc
- Pfizer Inc.
- Numinus Wellness Inc.
