Psychedelics are Gaining Traction as Therapies and Medicines
AbbVie Inc. (ABBV)
Last abbvie inc. earnings: 5/1 07:43 am
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Source: PR Newswire
NEW YORK, Feb. 11, 2021 /PRNewswire/ -- The psychedelic drug market continues to follow a similar path to the cannabis segment. It is now slowly getting more attention from investors as the stigma surrounding psychedelic drugs fades. In particular, the growing acceptance of using psychedelics to treat various mental disorders such as depression is actually fueling market growth. Recently, a total of three breakthrough therapy designations have been awarded by the FDA to psychedelic assisted therapy clinical trials for psilocybin and MDMA. The designations could potentially help shorten the development timelines of these psychedelic focused clinical trials, positively affecting patients suffering from depression and PTSD in the long run. And, according to Data Bridge Market Research, the North American psychedelic drugs market is expected to gain market growth in the forecast period of 2020 to 2027, growing with a CAGR of 15.8% in the forecast period and is projected to reach USD 6,846
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