Research Nester published a report titled “Psilocybin Assisted Therapy Market: Global Demand Analysis & Opportunity Outlook 2031” which delivers detailed overview of the global psilocybin assisted therapy market in terms of market segmentation by technology, application, indication, end-user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
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The global psilocybin assisted therapy market is estimated to grow with a CAGR of ~4% over the forecast period, i.e., 2022 – 2031. The market is segmented by end-user into hospitals, specialty clinics, trauma and rehabilitation centers, academic and research institutes. Among these, the hospitals’ segment is anticipated to hold the largest share on the back of proven results in the trials of psilocybin drug on patients with depression and anxiety. In 201, the Drug Enforcement Administration announced to fasten up the application process for schedule I drug that are registered in 2017 for research by more than 590 researchers.
The global psilocybin assisted therapy market is expected to boost market growth on the account of its ability to change the mood, cognitive power, and perception of a person who is affected by any mental health disorder. Additionally, fewer side effects and minimum price of the drug are estimated to increase market growth during the forecast period. The price of Spravato, an antidepressant drug will cost about USD 600-800 and the additional cost for personnel care and equipment used includes USD 1500. These costs are saved with the use of psilocybin.
Geographically, 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. Out of which the North America region is anticipated to hold the largest market share by the end of 2031 owing to encouraging situations to raise the market growth and favorable results from psilocybin trials are expected to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
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Increase Prevalence of Depression and Anxiety to Drive the Market Growth
As per the estimations, in the U.S about 21 million people suffered with depression in 2020.
The global psilocybin assisted therapy market is expected to rise the market growth on the back of raise in depression in people of the modern era due to work pressure, peer pressure, and other personal issues. Also, the increase in stress will cause mental health conditions such as anxiety and depression which are the major factors for the upsurge of market growth during the forecast period.
However, the stigma associated with psychedelics and uncertainty around getting FDA approval are expected to operate as key restraints to the growth of global psilocybin assisted therapy market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global psilocybin assisted therapy market which includes company profiling of Cybin Irl Limited, Mind Medicine Inc., COMPASS Pathways plc, Atai Life Sciences N.V., Fieldtrip, LLC., DemeRx, Hikma Pharmaceuticals PLC, Jazz Pharmaceuticals Inc, Pfizer Inc., Others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global psilocybin assisted therapy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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