- Recent study forecasts global mental health market to reach almost $538B by 2030
- One in five people in the United States deals with mental illness, including depression, anxiety, PTSD and more
- Cybin is moving three drug candidates forward, targeting major depressive, alcohol use and anxiety disorders
A recent market study reports that the global mental health market, which was valued at $383.31 billion in 2020, is estimated to reach $537.97 billion by 2030, growing at a compound annual growth rate of 3.5% from 2021 to 2030 (https://nnw.fm/I1xNN). With three active drug programs targeting mental-health disorders, Cybin (NEO: CYBN) (NYSE American: CYBN) is establishing itself as a leader in revolutionizing mental health treatments.
“Mental health problems are characterized by the absence of a positive emotion, low mood, and a range of associated cognitive, physical, emotional, and behavioral symptoms,” the recent Allied Market Research report states. “Increase in prevalence of mental disorders, rise in geriatric population, and growth in awareness programs regarding mental health drive the market growth. Moreover, growing awareness about mental disorders through education and advocacy for more respect of human rights and less stigma drive the growth of the global mental health market.”
Noting that one in five people in the United States suffers from mental illness, the report cites alcohol use disorders, bipolar disorder, depression, anxiety, post-traumatic stress disorder, substance abuse disorders, and eating disorders as some of the major categories in the mental-health space. The study reported that the depression segment dominates the market and is expected to continue this trend throughout the forecast period.
“Factors such as genes as well as stress and brain chemistry lead to depression,” the report states. “According to the WHO, more than 264 million people of all ages suffered from depression in 2020. Depression is a leading cause of disability worldwide, and is a major contributor to the overall global burden of disease.”
In its commitment to transform the mental health treatment landscape, Cybin is combining novel psychedelic molecules with controllable drug-delivery systems through its proprietary deuterated process, thus creating patent-protected, commercially scalable drug candidates. The company currently is moving three of these drug candidates forward: CYB003, CYB004 and CYB005 (https://nnw.fm/yAYQi). Cybin’s active drug programs target major depressive disorder (CYB003), alcohol use disorder (CYB003), anxiety disorders (CYB004) and neuroinflammation (CYB005). The company recently announced that it commenced a company-sponsored feasibility study with its partner Kernel to evaluate Kernel’s quantitative neuroimaging technology, Kernel Flow(R). The Flow headset, which is equipped with hi-tech sensors, will be used to collect and quantify longitudinal brain activity before, during and after a psychedelic experience.
Cybin also has 50 novel compounds developed with multiple patent filings across three patent families. In terms of investor interest, Cybin has raised $120 million to date to support its clinical trials and M&A strategy.
In addition, the company is working with a network of world-class partners and internationally recognized scientists to create safe and effective therapeutics for patients to address a multitude of mental health issues.
Headquartered in Canada and founded in 2019, Cybin is operational in Canada, the United States, the United Kingdom and Ireland. The company is focused on progressing psychedelics to therapeutics by engineering proprietary drug-discovery platforms, innovative drug-delivery systems, novel formulation approaches and treatment regimens for mental health disorders.
For more information, visit the company’s website at www.Cybin.com.
NOTE TO INVESTORS: The latest news and updates relating to CYBN are available in the company’s newsroom at https://nnw.fm/CYBN
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