Why Psychedelic Drugs Market is Expected to See Overwhelming Growth in Coming Years
T
he psychedelics drugs market has seen a surge in popularity over the pastdecade in the U.S. Psychedelics have been familiarly involved with healing and mental treatment practices with mind-altering substances since the dawn of time. However, research studies have generally stopped since psychedelic care was banned in the late 1960s.
After being relegated to the margins of sincere scientific examination for about five decades, growing researchers and scientists are exploring the therapeutic value of psychedelic drugs and compounds that could be a new treatment option for people with depression. According to Data Bridge Market Research North America psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027. Data Bridge Market Research analyses that the market is growing with the CAGR of 15.8% in the forecast period of 2020 to 2027 and expected to reach USD 6,846.68 million by 2027. Growing acceptance of psychedelic drugs for treating depression and increasing prevalence of depression and mental disorders are the factors for the market growth. Active companies in the markets this week include Mind Cure Health Inc. (OTCQB MCURF) (CSE MCUR), Johnson & Johnson (NYSE JNJ), MindMed (OTCQB MMEDF) (NEO MMED), COMPASS Pathways plc (NASDAQ CMPS), Field Trip Heath Ltd. (CSE FTRP).
The Data Bridge Market report continued with Growing acceptance of psychedelic drugs for treating depression is also increasing market value as the psychedelic drugs has repetitively proven its high rates of effectiveness for treatment for nicotine dependence, alcohol dependence, anxiety associated terminal illness and chronic PTSD as compared to other antidepressants. Currently, different research studies are taking place that are expected to provide a competitive advantage for new and innovative therapeutic manufacturers with competitive psychedelic drugs and methods to develop, define psychedelic drugs, and various other opportunities in the U.S. psychedelic market. Growing acceptance of psychedelic drugs for treating depression across the U.S. is one of the prominent factors for an upsurge demand of psychedelic drugs. Department of Neuroscience, Faculty of Medicine, Norwegian University of Science and Technology, Trondheim, Norway named has stated that in the U.S., more than 30 million people are using psychedelic drugs. This factor has increased the research and development activities in psychedelic drugs across the U.S. Hence, this factor has led various pharmaceutical and therapeutic manufactures to shift towards psychedelic drugs. This has further resulted into continuous focus of psychedelic drugs improvement and reduction of side effects associated with psychedelic drugs. Due to these factors, the market is expected to grow at the significant growth rate in the forecast period of 2020 to 2027.
Mind Cure Health Inc. (CSE MCUR.CNQ) (OTCQB MCURF) BREAKING NEWS WSGF - Mind Cure Announces its Research Program with Psychedelic Compounds - Mind Cure Health Inc is pleased today to announce its translational research program, with an initial focus on psilocybin, ketamine and ibogaine.
These three psychedelic compounds have demonstrated safety profiles with proven efficacy but have not been optimized for medical use. This research program will enable Mind Cure to investigate these compounds for use in pharmaceuticals that treat physical and psychological pain and related mental health illnesses.
Translational research is multidisciplinary in nature and involves applying laboratory research and preclinical studies to develop clinical trials and studies in humans, with the long-term aim of moving scientific discoveries quicker and more effectively.
With this announcement, Mind Cure begins executing on its groundbreaking approach to expedite research and development programs in psychedelic compounds and methodologies. Mind Cure is focused on delivering validation of commercially viable medicines, methods and tools to address the numerous priorities in treating mental health and building upon the current landscape of research in psychedelic compounds, which have largely been studied for psychiatric medicine to date.
Mind Cure's research into pain will holistically account for the mixed effects of physical pain, psychological pain and the referred and lasting effects on quality of life and clinical outcomes in patients. Pain transcends all health conditions and, in many ways, contributes significantly to secondary complications, some of which continue throughout a person's lifetime, stated Dr. Ryan Hartwell. Despite social stigmas, many classical psychedelics have safely demonstrated profound therapeutic effectiveness with alleviating all forms of pain associated with neurological trauma and chronic diseases. We begin our research with tremendous promise for new medicines that share structural similarities with improved receptor targeting, dosing, and therapeutic profiles.
Currently, a variety of drugs are used to manage pain, resulting from inflammation in response to tissue damage, chemical agents/pathogens (nociceptive pain) or nerve damage (neuropathic pain). Most of these drugs act by binding to protein targets on cell membranes and affecting biochemical processes of the body. The need for better drugs to treat all types of pain is only increasing. One specific area of pain treatment Mind Cure is pursuing is headaches. The global migraine drug market is expected to reach USD 3.51 billion by 2026 at a CAGR of 13.3% from the 2018 data.
Psychoactive properties of ibogaine have been known for decades, and more recently, experimental data from animals and anecdotal reports in humans has shown ibogaine to possess anti-addictive effects. Ibogaine has tremendous potential, said Hamilton Morris, who serves on Mind Cure's scientific advisory board. It has an incredibly complex pharmacology and that's just what is currently known, there is still a great deal of research to be done with ibogaine and as well as related alkaloids and synthetic derivatives.
With respect to ketamine, it has become one of the most promising and exciting neuroprotective agents and therapeutic medicines following neurological and cerebral trauma, and psychiatric conditions such as depression and PTSD. Both ketamine and ibogaine are listed in Canada on the Prescription Drug List and can be administered with a prescription. Recently, psilocybin cubensis has received exemption for medical use.
We have built a world-class team of scientific minds, and one with a remarkable multi-disciplinary approach to treating mental health, stated Mind Cure President and CEO Kelsey Ramsden. Under the leadership of Dr. Hartwell, research using these first three psychedelic compounds is just the beginning. Our focus is on bringing treatment to market with speed and rigor, as such these compounds make the utmost strategic and tactical sense due to their proven efficacy and alignment with the areas of mental health that we are focused on.
✔️ Why Psychedelic Drugs Market is Expected to See Overwhelming Growth in Coming Years
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