Cybin in article by Cannabishempwire.com on psychedelics North America Psychedelic Drugs Market Expected to Grow
June 8, 2021|#Mushrooms, #Psilocybin
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 report from 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 report from 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.” Cannabishempwire.com asked Mark G. Gomez, the 45 yo Co-Founder of Canna Ventures Group LLC his outlook, "The demographics age wise with those 50 & under is very favorable towards the growth of psychedelic drugs. This is a key factor that cant be discounted.
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