Psilocybin, sometimes known as magic mushrooms, is a natural chemical that has hallucinogenic characteristics when consumed. They belong to the psychedelic drug class, which causes alterations in perception, mood, and thought. Psilocybin is the major element of magic mushrooms. When psilocybin is being consumed, the body converts it to psilocin, a hallucinogenic substance. In the last few years, mental illness has long been recognized as a severe and deteriorating global problem, which has lately been compounded by the COVID-19 epidemic. Furthermore, many patients find current treatments unsatisfactory; they may only work partially or not at all, or have terrible side-effect profiles. In this backdrop, psilocybin has lately emerged as a promising answer to revolutionize mental healthcare, and offer important and exciting advancements in the field. The awareness of the enormous commercial potential of using psilocybin to treat mental illness has spurred significant investment in the area during the last four years. The year 2020 saw an increase in investment, which intensified in 2021 as investors anticipated to profit from a potentially multibillion-dollar market. Increasingly impressive scientific results, larger and more robust clinical trials, progress in establishing the legal therapeutic framework for psychedelics, growing public support for a significant shift in mental healthcare, and the establishment of the infrastructure to deliver psychedelic-assisted psychotherapies have all attracted investors.
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The epidemic is partly responsible for this astonishing rise, since it has sparked much-needed attention to the importance of collective mental health and increased public discourse as the psychedelics industry has benefited greatly from COVID-19. Additionally, the psilocybin assisted therapy market is showing potential for mental health disorders that are similar to those experienced by professionals working on the front lines of the pandemic. Investors are recognizing that psychedelics can be a path to the broader mental health sector, which has resulted in a much larger potential market. Thus, during the pandemic global psilocybin-assisted therapy has experienced huge growth and is projected to rise during the forecast period 2022-2030.
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Key Findings - Global Psilocybin Assisted Therapy Market:
- By source, for decades, psilocybin has been used recreationally on a small basis. Natural psilocybins are produced through mushrooms a psychotropic and hallucinogenic substance found in nature. Psilocybin therapy is now being studied as a possible medical treatment. Psilocybin is being used for the treatment of depression, OCD and substance abuse(namely tobacco and alcohol) in ongoing clinical trials. On the other hand leading players in the market are investing into clinical trials of synthetic psilocybin for the powerful treatment of anxiety, depression, addiction, and post-traumatic stress disorder.
- In the last few years, mental disorders have been a rising concern amongst a huge population which has led to the wide adoption of psilocybin assisted therapies. Depression and anxiety are the most well-studied uses of psilocybin; in particular, research has looked at how psilocybin can help people with advanced cancer reduce anxiety and improve mood/quality of life. Psilocybin-assisted therapy has been shown in studies to be effective in treating alcohol and tobacco addiction, with results showing reductions in mean drinking days, a 50% reduction in heavy drinking days compared to baseline, and improved rates of smoking cessation in people who had previously failed. In both 2018 and 2019, the FDA recognized psilocybin as a breakthrough therapy for treatment-resistant depression and major depressive disorder (MDD). In addition to these illnesses, psilocybin is being studied in clinical trials for PTSD, Alzheimer's disease depression, obsessive-compulsive disorder, anorexia nervosa, and substance use disorders (such as cocaine and opioids). Thus, there has been a rise in the adoption of psilocybin assisted therapies for treating a wide range of disorders which has led to a growth of global psilocybin assisted therapy market.
- In the last few years, leading players in the market are focused on investments for research and development along with the growing trend to spread finance more widely across the value chain. Some development-focused companies are implementing this strategy by developing clinic networks and digital platforms to support clinical trials and the delivery of psilocybin-assisted therapies. More traditional biopharma investors are likely to enter the space as businesses work on producing next-generation psilocybins with improved characteristics and patentability. This trend has been seen in certain prominent recent occurrences. For example, through the McQuade Center for Strategic Research and Development of psilocybins assisted therapy, Otsuka invested in COMPASS Pathway's Series B round funding in April 2020.Thus, these factors are contributing to the growth of global psilocybin assisted therapy market.
- Asia Pacific region is anticipated to be the fastest growing segment in the psilocybin assisted therapy market. In the last few years, a huge population in countries such as India, China, Japan and others are suffering from mental illness and related problems. Various conventional therapies such as psilocybin assisted therapy are being adopted to treat anxiety, stress, depression. On the other hand, leading players in the market are investing into clinical trials to gain better results and reduce the side effects along with expanding their presence across Asia Pacific in the upcoming years. Meanwhile, psilocybin-assisted psychotherapy is showing potential for mental health disorders that are similar to those experienced by professionals working on the front lines of the pandemic.
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Some of the players operating in the global psilocybin assisted therapy market are:
- COMPASS
- Eleusis Holdings Ltd
- Field Trip
- Filament Health
- Mind Medicine Inc.
- Mindbloom, Inc.
- Mydecine Innovations Group
- Numinus Wellness Inc
- Small Pharma
- Other Industry Participants
Global Psilocybin Assisted Therapy Market:
By Source
- Natural
- Synthetic
By Application
- Mental Disorders
- Post-Traumatic Stress Disorder (PTSD)
- Cluster Headaches
- Alzheimer's disease
- Anxiety and mood disorders
- Alcohol and substance use disorders
- Others
By End Users
- Hospitals
- Specialized Clinics
- Research Centers
- Recreational Centers
- Others
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
- Latin America (Brazil, Argentina, Rest of Latin America)
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