Absolute Market Insights recent analysis of the Psilocybin Assisted Therapy Market finds that the increasing demand from the The psychedelic drugs market is expected to increase due to rising prevalence of depression and mental disorders, regulatory reforms, developments relating to psychedelics, changing perceptions, little severe side effects and cost effective, etc. is expected to witness maximum growth in the Psilocybin Assisted Therapy Market during the forecast period. The global Market revenue stood at a value USD 3,210 Mn in the year 2021.
Market Synopsis
Psilocybin therapy is an approach being investigated for the treatment of mental health challenges. It combines the pharmacological effects of psilocybin, a psychoactive substance, with psychological support. Psilocybin is an active ingredient in some species of mushrooms, often referred to as ‘magic mushrooms’. Humans for years have been aware of and purposefully utilised the psychedelic effects of some plants and fungi. Naturally occurring psychedelics are primarily found in fungi, particularly mushrooms. Psilocybin, a mushroom extract, has long been utilised as a hallucinogenic drug in religious and spiritual rites, as well as a treatment for neuropsychiatric disorders. Psychedelic use was closely identified with the “hippie” counterculture movement, leading to a developing, and still persistent, negative stigmatisation of the drugs.
Psilocybin Assisted Therapy Market on the basis of different parameters, such as forward/backward integration, economies of scale, the share of various distribution channels, various factors affecting consumer behaviour such as brand loyalty, price, and product availability among others, capital investments, regulatory landscape, production rights and patents, promotional strategies, and other customer preferences. This data is likely to help the industry stakeholders and stimulate the decision-making process.
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Psilocybin Assisted Therapy Market is predicted to grow at a CAGR of roughly 14.50% during the forecast period.
- The Psilocybin Assisted Therapy Market was estimated to be worth roughly 3,210 Mn in 2021 and is expected to reach USD 6,330 Mn by 2028; based on primary research.
- On the basis of region, is projected to dominate the worldwide Psilocybin Assisted Therapy Market.
Market Dynamics:
Industry Analysis:
The report covers exhaustive analysis on the global Psilocybin Assisted Therapy Market. Industry, which includes market trends, drivers, restraints, opportunities, segmental analysis, regional trends, and competitive landscape among others. It includes an extensive competitive landscape covering key players in the industry and their comparative study on the basis of different parameters such as company overview, product portfolio, market revenue, business, and marketing strategies. Moreover, the report covers a thorough analysis drivers, restraints, and opportunities considering regional growth factors, technological advancements, and availability of substitute, regulatory norms, and such other growth impacting factors.
Drivers:
Psilocybin can be used in treatment of depression, anxiety, etc. This multi-dimensional application is sure to open up research and disease management avenues to push the market forward.Tremendous progress has been made in characterising psilocybin’s chemical characteristics as well as its medicinal applications. Many clinical studies show the potential of psilocybin-assisted therapy as a beneficial supplement to psychotherapy, and psychedelic research has steadily made its way back into the paradigm of modern science.
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments worldwide implemented strict lockdown measures and social distancing norms to restrict the swift spread of the pandemic. Manufacturing facilities worldwide were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pervasive might lead to a significant delay in the commercial roll-out of the packaging industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Quarterly Market Revenue Forecast 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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The Report on Psilocybin Assisted Therapy Market Highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates, and Forecast
- Company Profiles
- Global and Regional Dynamics
Regional Analysis:
North America had the highest share in the psilocybin assisted therapy market in the year 2021. Leading companies in the market are working to develop next-generation psychedelics with better characteristics and patentability. Various clinical trials are been carried out to study the effectiveness of psilocybins on for treating various mental disorders and diseases. Moreover over the last two years, several U.S. states have decriminalized psilocybin. For instance, In November 2020, Oregon approved two landmark bills: the Psilocybin Service Initiative (PSI 2020) and the Drug Addiction Treatment and Recovery Act (DATRA). PSI 2020 made it lawful to participate in supervised psilocybin-assisted treatment in controlled circumstances. It also established a state-run psilocybin production and distribution infrastructure. Thus these factors have contributed to the growth of psilocybin assisted therapy market.
List of Prominent Players in Psilocybin Assisted Therapy Market:
- COMPASS
- Eleusis Holdings Ltd
- Field Trip
- Filament Health
- Mind Medicine Inc.
- Mindbloom, Inc.
- Mydecine Innovations Group
- Numinus Wellness Inc
- Small Pharma
- Other Industry Participants
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Psilocybin Assisted Therapy Market?
- How will the Psilocybin Assisted Therapy Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Psilocybin Assisted Therapy Market?
- What is the Psilocybin Assisted Therapy Market drivers and restrictions?
- What will be the CAGR and size of the Psilocybin Assisted Therapy Market throughout the forecast period?
This market titled Psilocybin Assisted Therapy Market will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Market Size Provided for Years: 2016-2028
Base Year: 2021
Historic Years: 2016-2020
Forecast Years: 2022-2028
Segmentation Covered:
- 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
Region & Counties Covered
- North America
- The U.S.
- Canada
- Mexico
- 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
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Report Coverage
- Market growth drivers
- restraints, opportunities
- Porter’s five forces analysis
- PEST analysis
- Value chain analysis
- Regulatory landscape
- Technology landscape
- Patent analysis
- Market attractiveness analysis by segments and Regional
- Company market share analysis
- COVID-19 impact analysis
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