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Psilocybin Assisted Therapy Market Segmented By Natural and Synthetic source type in Cluster Headaches, Anxiety Disorders, Psychiatric Disorder
According to the latest research by Persistence Market Research, the Psilocybin Assisted Therapy Market is set to witness growth during 2021-2031 as the psychotherapy market is growing with a CAGR of 4.1% as published in Clnicialtrials.gov.in. Demand for psilocybin assisted therapy is expected to as applications on medical use of this addictive medicines are attaining official status in the form of FDA approvals.
Various research studies are being undertaken worldwide in order to explore more applications and diversify its reach. This is what will cause this market to grow in the future.
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Psilocybin is a type of psychedelic or hallucinogenic compound which can be found in certain types of mushrooms. This drug is used as a recreational therapy drug and comes under Schedule I of UN 1971 Convention on Psychotropic Substances.
This schedule talks about psilocybin having a high potential for abuse by individuals and no definitive medical purpose is served by this. These hallucinogens affect the regions of brain that control panic responses by affecting the serotonin receptors. Ultimately, an individual’s mood, perception and cognition is affected. Alterations in these is crucial in improving the health of individuals affected by mental health ailments.
Psilocybin can be used in treatment of depression, anxiety, etc. This multi-dimensional application is sure to open up research and disease management avenues to push the market forward.
Psilocybin comes under the gambit of psychedelic drugs and currently there is a rise in awareness of use of psychedelic drugs and other recreational therapies involving hallucinogens for medical purposes.
FDA approvals for these psychedelic drugs is on the rise since approval of “Esketamine” on 5th March 2019. Which is used for psychiatric disorders and is first psychedelic drug approved by FDA. Such increase in regulatory approvals is surely to drive the market towards a positive market growth.
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Get a Customized VersionIn this research published in Journal of Psychopharmacology on 9th January 2020, a single dose of psilocybin along with a psychotherapy was administered to the patients. Improvement in the patient under existential distress due to suffering from end stage cancer was seen.
It can be inferred that mental relief from distress caused fur to end-stage cancer is promoted due to this psilocybin assisted therapy. Use of psilocybin in the psychotherapy proves to be effective in better management of these patients.
America’s leading position in this market is owed to the initiatives taken by authorities like FDA, State legislation in making the psychedelics acceptance easier. States like Oregon have legalized psilocybin and US FDA too has taken initial steps towards exploring this new drug as potential therapy for mental health disorder individuals.
Psychedelic drugs received their first drug approval in 2020. This initiative will surely drive the American market forward. Furthermore, the presence of key players such as Jazz Pharmaceuticals, Pfizer, etc. are also likely to drive the market growth.
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Various clinical trials are currently underway across many countries in Europe. These studies are exploring management of PTSD assisted by MDMA as well as Psilocybin.
Imperial College of London, University of Basel, University of Zurich are some the leading research institutes in this field currently. Some of the major research projects going on in Europe are; Psilocybin vs Escitalopram for Major Depressive Disorder – Imperial College of London, Clinical, Neurocognitive and Emotional Effects of Psilocybin in Depressed Patient – University of Zurich to name a few.
Even though these studies are still in initial stage and can take multiple years to complete, this initiative has given certain boost to this research vertical and made Europe second most important market.
Key manufacturers in Psilocybin Assisted Therapy Market include:
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The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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