With Number Of Depression Cases Rising, Psilocybin Medicines Are Being Rapidly Accepted
- Financialnewsmedia.com News Commentary
PALM BEACH, Fla., April 22, 2021 /PRNewswire/ -- Global Psychedelic and Psilocybin Drugs market is growing rapidly due to the increasing number of depression cases and rising special designation from the regulatory authorities to the company to expedite the development process of medicines. Psychedelic Medicines also called as hallucinogenics, are a group of substances including chemicals, such as LSD, and plants that are used in the treatment of various mental disorders such as resistant depression, panic disorder, opiate addiction and more. These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Psychedelic Drugs have been used experimentally for psychological treatment to control the mind or maintain peace. The Psychedelic Drugs market is growing rapidly due to the increasing prevalence of depression and other mental disorders worldwide. The need for handling environmental stress and enhanced and better quality of lifestyle is acting as a driver for the Psychedelic Drugs market "The market for psychedelic drugs is projected to grow from just over $2 billion last year to about $6.9 billion by 2027, according to Data Bridge Market Research, which represents a blistering 16.3% compound annual growth rate over the forecast period." Active companies in the markets this week include: COMPASS Pathways plc (NASDAQ: CMPS), Silo Pharma, Inc. (OTCQB: SILO), Mind Medicine (MindMed) Inc. (OTCQB: MMEDF) (NEO: MMED), Numinus Wellness Inc. (OTCPK: LKYSF) (TSXV: NUMI), Mydecine Innovations Group (OTCPK: MYCOF) (NEO: MYCO),
Several reports agree that psychedelic drugs are becoming increasingly accepted in the treatment of major depressive disorder, treatment-resistant depression, panic disorder, post-traumatic stress disorder, opiate addiction, eating disorders, and fibromyalgia, among other things. A report from Roots Analysis noted that: "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… 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."