Why the North America Psychedelic Drugs Market is Expected to Grow With the Fastest CAGR for Next Several Years – PRNewswire

PALM BEACH, Fla., June 8, 2021 /PRNewswire/ -- The illegal drugs of the 1960's are becoming highly valued drugs for various new therapeutic uses across a growing list of maladies. The door of previously prohibited drugs has been opening and it appears that there will be more treatments, more surprises and more revenues as the door continues to open. Psychedelic drugs involve various types of chemical substances including LSD and chemical extracted from plants. Psychedelic drugs have the ability to change or enhance the sensory perceptions, thought processes, energy levels and have also been reported to facilitate spiritual experiences. Psychedelic drugs can be categorized into empathogens and dissociative drugs (such as PCP) and serotonergic (classic hallucinogens) such as LSD. The rising prevalence of mental depression and anxiety and availability of off-label drugs are the major drivers which has propelled the demand of the psychedelic drugs market in the next several years. A reportfrom Data Bridge Market Research projected that the psychedelic drugs market is expected to gain market growth in the forecast period of 2021 to 2028. Data Bridge Market Research analyses that the market is growing with a CAGR of 11.5% in the forecast period of 2021 to 2028 and is expected to reach USD 6,433.94 Million by 2028. Active companies in the markets this week include: COMPASS Pathways plc (NASDAQ: CMPS), Silo Pharma, Inc. (OTCQB: SILO),MindMed Inc.(NASDAQ: MNMD), Numinus Wellness Inc. (OTCPK: LKYSF)(TSXV: NUMI), Cybin Inc.(OTCQB:CLXPF) (NEO:CYBN).

But another reportfrom ResearchAndMarkets shows even more optimism in the market prediction that The Psychedelic Drugs Market size is projected to reach USD 10.75 Billion by 2027, from USD 4.75 Bn in 2020 growing at a CAGR of 12.36% during 2021-2027. The awareness campaigns have encouraged people to select appropriate treatment for mental disorders procedures and professionals which is increasing the demand of psychedelic drugs and the rising awareness towards mental health is acting as a driver for the psychedelic drugs market Increasing research and development expenditure in the psychedelic drugs is creating new opportunities in the psychedelic drugs market, thus increasing R&D activities in psychedelic drugs is acting as an opportunity for the growth of the psychedelic drugs market."

Silo Pharma, Inc. (OTCQB: SILO) BREAKING NEWS: Silo Pharma Announces Collaboration with University California San Francisco to study Psilocybin as an Anti-Inflammatory agent in Parkinson's and Bipolar Patients - Silo Pharma, Inc., a development-stage biopharmaceutical company focused on the use of psychedelics as a therapeutic, is pleased to announce that it hasentered into a Scientific Research Agreement (SRA) with the University of California San Francisco (UCSF). This SRA will leverage four other clinical trials being planned by the university, to determine the effects of psilocybin on inflammatory markers of patients who have exhibited Parkinson's, Bipolar disorder, and chronic back pain.

Eric Weisblum, CEO of Silo Pharma commented "Inflammation is a common mechanism across numerous physical diseases. Inflammation has specifically been implicated in the pathophysiology of Parkinson's Disease,chronic pain, and bipolar disorder. Psilocybin and related compounds have shown strong anti-inflammatory effects in non-human animals, raising the possibility that reducing inflammation is a possible mechanism underlying psilocybin's positive treatment effects in multiple disorders. A better understanding of the anti-inflammatory effects of psilocybin has potential to allow for optimization and personalization of psilocybin treatment."

The study will take place at The Translational Psychedelic Research (TrPR) Program at UCSF. The TrPR brings together scientists and care providers across disciplines to understand how psilocybin, LSD, ketamine, MDMA, and related compounds impact the brain and other organ systems. The goal at TrPR is to accelerate progress towards impactful and accessible psychedelic treatments. Formoreinformation,visit http://www.silopharma.com

For more information about SILO please click herehttp://bit.ly/silo-news-6-8

Other recent developments in the markets include:

COMPASS Pathways plc (NASDAQ: CMPS), a mental health care company dedicated to accelerating patient access to evidence-based innovation in mental health, has recently reported further results from a phase I study showing that its COMP360 psilocybin had no clinically-relevant negative effect on cognitive function, when administered to healthy adult volunteers with support from specially trained therapists.

The data from the randomized, double-blind, placebo-controlled, phase I trial conducted at King's College London, will be presented today at the American Society of Clinical Psychopharmacology (ASCP) Annual Meeting, by Dr James Rucker, Consultant Psychiatrist and Senior Clinical Lecturer in Psychopharmacology at King's College London's Institute of Psychiatry, Psychology and Neuroscience (IoPPN). Initial results from the study were published in December 2019. The results published today present a more in-depth analysis of cognitive data and showed some trends of positive effects, but these were minor and call for further exploration in clinical populations.

MindMed(NASDAQ: MNMD), a leading psychedelic medicine biotech company, recently announced the publication of the first pharmacogenetic data on LSD to help personalize dosing. The study results from a pooled secondary analysis of four Phase 1 studies that each used a randomized, double-blind, placebo-controlled, crossover design and were conducted at the University Hospital Basel Liechti Lab, inBasel, Switzerland.

The results of this study indicate that pharmacogenetic testing prior to LSD-assisted treatment may inform LSD dose selection at the individual patient level. Dr.Matthias Liechtisaid, "This is the first data on the pharmacogenetics of LSD. The results indicate that a test of the metabolic function of a patient by CYP2D6 phenotyping and genotyping can be used to adjust the dose of LSD. Such information is important for the further development of LSD into a medication and could ultimately help to personalize patient treatment."

Cybin Inc.(OTCQB:CLXPF) (NEO:CYBN), a biotechnology company focused on progressing psychedelic therapeutics, recently announced the sponsorship of Kernel's feasibility study of its Kernel Flow technology to measure Ketamine's psychedelic effect on cerebral cortex hemodynamics.

On January 11, 2021 Cybin announced that it would be partnering with Kernel to leverage Kernel's proprietary Kernel Flow device for psychedelic-based studies and clinical trials. The Kernel Flow device is the first-of-its-kind that uses quantitative neuroimaging technology that can measure brain activity in real time using a wearable helmet during psychedelic treatments.

Numinus Wellness Inc. (OTCPK: LKYSF)(TSXV: NUMI), a mental health care company advancing innovative treatments and safe, evidence-based psychedelic-assisted therapies, andOptimi Health Corp.(CSE: OPTI) (OTC: OPTHF) (FRA: 8BN), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, have met another early milestone in the development of an initial all natural psilocybin extract.

Optimi and Numinus, through Impact Clinical Trials Accelerator at theUniversity of Calgary("Impact"), have submitted a pre-clinical trial application to Health Canada for review and comment. Meanwhile, cultivation, research, formulation and continuous validation studies to produce the investigational psilocybin extract for trial continue at the Health Canada-licensed Numinus lab inBritish Columbia, Canada.

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Why the North America Psychedelic Drugs Market is Expected to Grow With the Fastest CAGR for Next Several Years - PRNewswire