Global Psychedelic Therapeutics Market, 2020-2030

Via Business Insider

NEW YORK, Oct. 8, 2020 /PRNewswire/ —

Depression is one of the most common chronic neurological conditions in modern society. It is estimated that over 250 million people, across all age groups, suffer from some form of depression, worldwide. Moreover, this condition along with other mental health disorders are estimated to be responsible for productivity associated losses worth over USD 1 trillion, every year, at the global level. 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. According to the World Health Organization, the major roadblocks to effective treatment for depression and other mental illnesses include the lack of understanding of the aforementioned conditions resulting in an irrational social stigma, inaccurate diagnosis, and paucity of effective medication. In this context, it is worth highlighting that there is a growing body of clinical evidence supporting the therapeutic effect of psychedelic substances on psychiatric conditions, such as depressions. Experts in this field also believe that psychedelics, at appropriate doses, can be used to address some of the serious psychological implications of the current pandemic.

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