Psychedelic Drugs Demand Growing as Mental Health Issues Increase

The prevalence of mental health disorders has risen exponentially but the development of novel medications has not kept pace, precipitating a crisis in psychiatric medicine. A novel innovation is psychedelic drug-assisted psychotherapy – the medically approved use of MDMA, psilocybin, and LSD as a component of elevated psychotherapy programs.

A report from ResearchAndMarkets said that mental disorders are an urgent health crisis worldwide, especially exacerbated by COVID-19. As per a study by Harvard, the medical cost of mental health conditions is estimated to rise to $6 trillion by 2030. According to the publisher, the psychedelic drugs market is expected to grow at a robust rate of 14.5% CAGR during the forecast period and reach a value of $6330 Mn in 2026 from $3210 in 2021 as there is a large unmet need for treatment driving the adoption of psychedelic drugs. 

The report pointed out key insights such as: Ketamine eyes CAGR of 16.0% amongst all products in terms of value as it has a robust clinical trials portfolio in multiple diseases viz. depression (MDD, TRD), bi-polar disorder, suicidal ideation, drug and alcohol dependence, and social anxiety; Products with natural origin are anticipated to gain 90 BPS in terms of value market share by the end of the forecast period. However, synthetic products will maintain their dominant market position with an 85% market share in 2026; Depression is estimated to hold the largest chunk of the disease indication segment with more than 40% market share in 2021; and Oral drugs are estimated to contribute more than 55% to the global psychedelic drugs market…” 

ResearchAndMarkets continued: “The prevalence of mental health disorders has risen exponentially but the development of novel medications has not kept pace, precipitating a crisis in psychiatric medicine. A novel innovation is psychedelic drug-assisted psychotherapy – the medically approved use of MDMA, psilocybin, and LSD as a component of elevated psychotherapy programs.  North America is predicted to remain the largest region in the psychedelic drugs market due to a surge of clinical trials, massive investments, regulatory support, and widespread public awareness. The continent accounts for half of the revenue in the global psychedelic drugs market and should be worth $3184.0 Mn by the end of the forecast period. The strong presence of companies and ongoing clinical trials are also expected to bode well for the regional market.”

Pasithea Therapeutics Announces Plans to Open Three New Clinics in the UK by Mid-2022–  Pasithea erapeutics Corp. (Pasithea” or the “Company”), a novel biotechnology company focused on the research and discovery of new and effective treatments for psychiatric and neurological disorders, today announced that its wholly owned subsidiary, Pasithea Clinics, has expanded its treatment offer and is planning to open three new clinics in London to treat patients suffering from mental health issues. The Company already has locations in Marylebone and Knightsbridge.

The clinics, which will be operated by Pasithea, with management support from ZEN Healthcare, are expected to open by mid-2022. Each clinic will contribute an estimated USD$5 million annually in revenue.

Repeated transcranial magnetic stimulation (“rTMS”) is a therapeutic brain-stimulation technique based on the principle of electromagnetic induction. First developed in 1985, rTMS has been studied as a treatment for depression, psychosis, anxiety, and other mental health conditions, and has shown particular efficacy with drug-resistant depressive disorders. In 2008, rTMS was approved for use by the FDA as a treatment for major depression for patients who do not respond to at least one antidepressant medication. A typical plan consists of five treatments per week over the course of four to six weeks.