PSYCHEDELIC DRUGS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)

Key Developments

• In June 23, 2023, the U.S. Food and Drug Administration issued its first draft guidance to aid researchers in designing clinical trials for psychedelic drugs. The guidance addresses key considerations for evaluating these compounds' safety and effectiveness in treating conditions like depression, PTSD, and substance use disorders. This reflects growing interest in the therapeutic potential of psychedelics and aims to support their development while addressing unique challenges in clinical studies.
• In October 2022, Numinus Wellness Inc., a mental health care company specializing in innovative, evidence-based psychedelic-assisted therapies, launched its Ketamine for Chronic and Serious Medical Illness Program. Initially, this program was introduced in Numinus' clinics located in Utah, British Columbia, and Quebec, with plans to expand to additional clinics in the following months.
• In March 2022, researchers from the University of California presented findings from a Phase 3 clinical trial investigating the use of 3,4-methylenedioxymethamphetamine (MDMA) combined with psychotherapy for treating post-traumatic stress disorder (PTSD). The preliminary data indicated that this therapeutic approach was effective even in patients who are typically challenging to treat, such as those with concurrent drug or alcohol use disorders.
• In March 2022, Delic Holdings Corp., a Canada-based company, expanded its Ketamine Wellness Centers (KWC) by opening new locations in Salt Lake City and Reno. These centers offer SPRAVATO (esketamine), the first FDA-approved nasal spray for adults with treatment-resistant depression and depressive symptoms in major depressive disorder.