North America Is Expected To Dominate Psychedelic Drugs ! With Recent Advancements, North America Is Expected To Dominate Psychedelic Drugs Market
PALM BEACH, Fla. , March 9, 2021 /PRNewswire/ -- The time of "Tune In… Turn On… and Dropout" psychedelics, such as certain, mushrooms and of course, LSD were not only not legal, but no researcher could even suggest studying the compounds… they were universally declared taboo. My, but how times have changed now that the baby boomers are old and want treatments for what life is bringing them now… new, effective treatments. Psychedelic medicine is one of the fastest growing markets. 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, etc. These are used to change and enhance sensory perceptions, energy levels, thought process, and to facilitate spiritual experiences. Research in the Psychedelic Drugs sector has been growing substantially last year and is expected to continue in the future with an expanding rate of growth. Global Psychedelic 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. In fact, 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: Mind Cure Health Inc. (OTCQB:MCURF) (CNSX:MCUR.CN), Cybin Inc. (OTCQB:CLXPF) (NEO:CYBN), Field Trip Health Ltd (OTCQX:FTRPF) (CNSX:FTRP.CN), Mind Medicine (MindMed) Inc. (OTCQB:MMEDF) (NEO:MMED), Revive Therapeutics Ltd . (OTCPK:RVVTF) (CNSX:RVV.CN).
A report from PharmiWeb added that: "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 treatment for psychedelic drugs dependency is also expected to boost the psychedelic market growth. Based on the drug type, the Lysergic Acid Diethylamide (LSD) is expected to hold a major share in the Psychedelic Drugs market. Based on the route of administration, the oral route is expected to dominate the Psychedelic Drugs market, followed by injectables and inhalation. Based on the distribution channel, the hospital pharmacies are expected to be the most profitable segment in the global Psychedelic Drugs market. North America is expected to dominate the global Psychedelic Drugs market, owing to the higher adoption of Psychedelic Drugs in the region. North America to be followed by Europe , due to the increasing number of psychiatric disorders."
Revive Therapeutics Ltd. (CNSX:RVV.CN) (OTCPK:RVVTF), a specialty life sciences company focused on the research and development of therapeutics for medical needs and rare disorders, recently announced an update on the Company's U.S. Food & Drug Administration ("FDA") Phase 3 clinical trial (the "Study") to evaluate the safety and efficacy of Bucillamine in patients with mild to moderate COVID-19.
With its recent $23 million dollar financing, the Company plans to aggressively expand from 14 clinical sites to up to 50 clinical sites to meet the next enrollment goals for the Study in Q2-2021. The Study is a randomized, double-blinded, placebo-controlled trial and the safety and efficacy data analyzed at each interim analysis timepoint of 210, 400, 600 and 800 completed patients are only made available to the Independent Data and Safety Monitoring Board ("DSMB") for review and recommendations on continuation, stopping or changes to the conduct of the Study. In the event of any serious safety concerns, the DSMB would be notified to determine any risks and provide its recommendations. To date, in this initial 210 interim point there have been no serious safety concerns that required the DSMB to be notified.