Given the enormous potential of psychedelic therapeutic the field has witnessed an increase in the number of players involved in the development of such therapies. During our research, we came across nearly 70 companies that are presently engaged in the development of psychedelic therapeutics. Post 2010, there has been a significant rise in the number of companies engaged in this domain, nearly 50 companies (79%) were established between 2010 and 2020, highlighting the growing interest of stakeholders in this industry. Examples of such companies include (in alphabetical order) CaaMTech (2019), Champignon Brands (2019), COMPASS Pathways (2016), Frontier Neurochem (2018), MAPS Public Benefit (2014) and Revive Therapeutics (2012).
Psychedelic Industry : Over time, it have been demonstrated that psychedelic substances interact with a variety of neurotransmitter pathways, including those of serotonin, acetylcholine, norepinephrine, and dopamine, among several others. In fact, there is evidence that an imbalance in the levels of serotonin in the brain, causes depression. Similarly, the aforementioned biomolecules have been associated with a plethora of neurological conditions.
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It is worth highlighting that, in March 2019, the USFDA has approved Johnson & Johnson’s Spravato, an analogue of ketamine for treatment resistant depression. In addition, JZP-258, a sodium oxybate-based oral solution from Jazz Pharmaceuticals, targeting cataplexy and excessive daytime sleepiness associated with narcolepsy, is currently undergoing the USFDA’s review for approval. Further, as more psychedelic substances get approved by the USFDA for therapeutic purposes, more players are likely to enter this domain, in future.
Global Psychedelic Therapeutics Market : The “Global Psychedelic Therapeutics Market, 2020-2030” report features an extensive study of the current market landscape, offering an informed opinion on the likely adoption of psychedelic therapeutics, over the next decade. The report features an in-depth analysis, highlighting the diverse capabilities of stakeholders engaged in this domain.
In addition, majority (36%) of the drug development programs are based on psilocybin. This can be attributed to the fact that psilocybin has been shown to accelerate the healing process in patients suffering from various mental conditions, such as depression, obsessive-compulsive disorder, and anxiety. Further, it is worth mentioning that over 95% of the therapies based on psilocybin are in early stages of development (phase I and below). Further, ketamine has been observed to be the second most popular psychedelic substance and 20% of the overall drug development programs are based on it. It is important to highlight that Spravato, the recently approved drug, is an analogue of ketamine.
Psychedelic market size : One of the key objectives of the report was to estimate the existing market size and the future opportunity for psychedelic therapeutics, over the next decade.
Owing to the fact that psychedelic drugs are small molecules, majority of these interventions (65%) are being designed for administration through oral route, with most common dosage forms being tablets or capsules. This is followed by drugs for administration via intranasal route (17%), which are primarily developed for treating disease indications, such as depression, major depressive disorder, post-traumatic stress disorder and substance abuse. It is worth noting that certain companies, namely ATAI Life Sciences, Klarisana Physician Services and NeuroRx are evaluating drugs for administration through intravenous route of administration. In addition, developers are also designing drugs that could be delivered topically and trans dermally. However, these development programs are currently in their early stages of development.
Psychedelic drugs market : In fact, the US reported a sharp increase (~20%) in number of prescriptions for antidepressants and anti-anxiety drugs during the global lockdown enforced to curb the spread of COVID-19.
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