Rise In Consumer Acceptance of Psychedelic Drug Therapies Is Quickly Increasing
Financialnewsmedia.com News Commentary
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PALM BEACH, Fla., Feb. 17, 2021 /PRNewswire/ -- Psychedelics are making their way out of the counterculture and back into the mainstream, with research and media interest in the mind-altering substances growing substantially. Some have even called psychedelics "psychiatry's brave new world." The revitalization of psychedelics has occurred alongside a shift away from the research and development of traditional psychiatric medications by leading pharmaceutical companies. A report from Data Bridge Market Research reported that the global psychedelic drugs market is rising gradually with a healthy CAGR in the forecast period of 2019-2026. Growing prevalence of depression worldwide and increase in special designation from the regulatory authorities to the company to expedite the development process are the key factors for market growth. It said that: "Psychedelic drugs market is growing due to increase in prevalence of depression worldwide, increase special designation from the regulatory authority; the effects of these factors are: