Psychedelic drugs are psychoactive substances that produce strong psychosomatic effects on the human brain. They are used in clinical medicines around the world for treating conditions such as anxiety, depression, and mental illnesses or conditions such as PTSD. According to a recent forecast, the global psychedelic drugs market is growing at a rate of 13% CAGR while the global market share is likely to surge at 7.5 million dollars by 2028.
Origin of Psychedelics
The term psychedelic was first used in the late 1950s. Soon, it was found that substances such as LSD, MDMA, Cocaine, and amphetamines have the properties to alter brain conditions. Especially, during severe anxiety and depression episodes in patients.
If the historical roots are examined, it wud be evident to see that in ancient practices of shamans tribes used wild mushrooms for treating various mental illnesses. The mushrooms contained psychedelic properties. Similarly, other civilizations such as Aztec, Olemac, Maya made use of other psychoactive plants for medicinal purposes. As a reason, researchers believe that it is among the oldest class of medicinal substances used by humans.
Types of Psychedelics
The psychedelic drugs are produced and modified to treat a wide range of conditions involving symptoms defined under narcolepsy, treatment-resistant depression, post-traumatic stress disorder, major depressive disorder, opiate addiction, etc. The psychedelic drug market is divided into categories –
Most psychedelic drugs are developed on the basis of these categories. Drepessants are commonly used for treating mental conditions and anxiety or depression while stimulants like drugs and cocaine are considered illicit for direct usage.
The market of Psychedelic drugs
Psychedelic drugs, for over a decade now, are being used in drug development. The term psychedelic drugs are no longer associated with illicit or illegal usage in the world. And thus, the usage of psychedelic drugs has grown in volume and adoption. Today, many leading countries in the world are actively taking advantage of psychedelic drugs for patient treatment.
During the Covid 19 pandemic, medicines, especially, depressants containing psychedelic drugs were prescribed to the majority of patients who battled anxiety and depression in isolation. Major regions such as North America, Europe, Asia Pacific, South America, and the Middle East & Africa are some of the leading exporters and consumers of psychedelic drugs. In the USA, it is reported that one in every eight individuals have used or are using psychoactive drugs for treating one or another medical condition.
Global Psychedelic market trend
The global demand for psychedelic drugs is heavily regulated in the present scenario. Out of 180 plus countries globally, only a handful of countries like Brazil, Netherlands, Jamaica, Peru, the USA, United Kingdom, and Canada have legalized the usage of psychedelic drugs in a regulated manner. Drugs in varied forms can be sold for purposes other than medicinal. Psychedelic drugs like MDMA and psilocybin are categorized as hard drugs and are banned in many nations.
The existing policies are rigid which have restricted the production and usage of the dissociative psychedelic drugs market. Also, the drugs classification process requires quick changes and more accessibility. While, psychedelics have been part of sectors such as pharmaceutical, biotechnology, and research and development. In Canada, psilocybin is used in cancer palliative care. The investment sector is beaming with meaningful efforts into entities like COMPASS Pathways Plc, Mind Medicine, and Cybin Inc. is working towards making psychedelic drugs more mainstream through inventing ways for various treatments.
Along with this, the world-renowned Johns Hopkins Center for Psychedelic and Consciousness Research is engaged in finding innovative ways to use psilocybin. The drugs and derivatives are also being used for developing neuroscientific therapies for patients suffering from genetic mental disorders such as schizophrenia, bipolar disorder, autism spectrum disorder, acute ADHD, etc.
The market trends and relaxation of policies in nations are encouraging. It indicates that in the next five years, the investment in the sector will rise further. As the research and development through institutions like Johns Hopkins Center for Psychedelic and Consciousness Research are helping raise awareness on the application of psychedelics for neuroscientific procedures. A fair amount of research is required for assessing types of drug responses and the effects of mind-altering states. Without it, it would be tough to handle hidden risks. Psychedelics are powerful, thus the impact analysis will be pivotal, not just in developed countries but also in developing nations, where the drugs have limited penetration.
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To make psychedelics widely adoptable will require a more feasible framework of regulations, that paves the way for mass penetration and change in usage practices, selling them as more mainstream.