Psychedelic drug market set to touch $7.2 bn mark in 2029
image for illustrative purpose
New York: The psychedelic drug market is on the brink of extraordinary growth, projected to soar to $7.2 billion by 2029, reflecting a robust 55 per cent compound annual growth rate (CAGR), according to a report on Monday.
This ascent is propelled by favourable regulatory developments, including pioneering clinical trial guidelines from the US Food and Drug Administration (FDA).
These guidelines, crafted in response to promising psychedelic clinical results in mental health disorders, position psychedelics as beacons of hope in the field, revealed the report by GlobalData, a data and analytics company.
Psychedelic drugs, known for their psychoactive properties, stimulate the formation of fresh neural pathways. By targeting serotonin 5-HT2A receptors, they inhibit the default mode network (DMN), responsible for mood and perception, thereby altering conventional thought patterns and potentially offering therapeutic advantages in mental health care.
Promising psychedelics have grappled with clinical trial challenges and FDA approval hurdles due to ambiguous guidelines.
