Psychedelic Education is a key component of the developing psychedelic industry. While people scramble to address various infrastructure problems in the industry, education is moving to the front of the line.
Without qualified staff to carry out psychedelic treatment, all the new clinics and psychedelic legislation mean nothing. With this dire need for supply, comes an opportunity for businesses to support the training of more than 10,000 therapists over the next few years. In our upcoming report, we will highlight market size, potential, service segments, and the competitive landscape of this emerging sector of the industry.
The Psychedelic Education Market is Expanding Rapidly
This rapid expansion is occurring in response to growth in the greater psychedelic and mental health treatment industries. The Neuly EDU Course Directory went from just 90 courses listed a few years ago to over 450 today. This massive jump in the supply of psychedelic education courses is a good sign for the market, especially considering that the markets that many of these companies plan to target don’t even exist yet (i.e. legal MDMA and psilocybin treatment in US/Canada).
The biggest companies are working to address current needs and prepare for those that will arise as psychedelic treatments expand into the greater medical and wellness markets. Several recent surveys, like this one, have indicated that interest in and support for psychedelic treatments is rising. However, many people believe that these powerful medicines should not exist freely in society. Rather, a majority of supporters want to see a regulated framework for people in need to access these drugs with the support of trained professionals.
Risks associated with targeting the different market segments
Psychedelic Education is a high-risk market with the potential of high rewards for companies that are able to identify and cater to the right market segments. However, different approaches carry with them different risks.
Companies targeting the legal market are either limited to providing training for ketamine-assisted therapy, or they risk addressing a market that they do not yet understand. Several companies are already targeting students who wish to cater to the legal psilocybin and MDMA market that is expected to emerge in the US, Canada, and Europe over the next decade. While the emergence of this market is all but a sure thing, there are a number of uncertainties that make it difficult to plan for. Companies operating in this space should be careful not to put all their eggs in one basket, but rather, to identify several needs within the industry and grow in tandem with legal, financial, and scientific developments that influence the growth and direction of the greater market.
Even outside of the developing legal framework, people are seeking professional support for their psychedelic journeys. In fact, as the legal side of the industry pushes to end stigmas and increase the popularity of psychedelic drugs, the underground market is benefiting astronomically. Many above-ground companies are not yet able to sell the products and services that they hope to provide in the future, especially not in major markets such as the US. As a result, there is a significant opportunity in the underground market, which some educational companies are taking advantage of.
When is the right time to get in?
Timing is the most important factor for success in the industry. The race for psychedelic biotech companies began a few years ago, with the predicted top players already established. Education, however, has come later to the game.
Early this year, preparations began to really start building out the infrastructure needed to support the psychedelic industry— educational resources being a key component. This timing was determined based on the predicted MAPS timeline for the FDA approval of MDMA-assisted therapy.
If approved, this new therapy will not simply include the administration of a drug. It would require supervision from several qualified
health professionals, as well as preparation and integration support. As additional psychedelic drugs are approved, the protocols will likely be similar. So, if psychedelics are going to sweep into the mental health treatment space, there will be a dire need for educational resources that can prepare therapists, doctors, and guides to work with these unusual substances. Companies on the clinical and drug development side of the industry are well aware of this and are, therefore, investing in the education of qualified individuals.
MAPS is predicting an FDA approval of the therapy in the first half of 2024 and expects to require about 17,000 trained therapists to meet demand for the treatment. Once psilocybin becomes FDA-approved, it will be a similar story. However, clinics and therapists working with MDMA will be more equipped to handle the novel drug entering the market— compared to the current infrastructure available to support MDMA-assisted therapy.
The best time to get in is now if you aren’t already. Several companies and non-profits have already carved out a premier spot in the industry for themselves, partnering with companies like MAPS to work in tandem with them to roll out the supply of psychedelic-assisted therapy.
Where does it go from here?
We’ve got a decent idea of what needs the psychedelic industry will have over the next five years. The more important question is when and where it will be the most lucrative to offer solutions to those needs.
Identifying the right time and being mindful of the resources needed to be successful long-term are the two most crucial things needed to be successful in this space. The needs of this space are clearly defined. However, finding creative solutions is what will create variability in the competition.
Psychedelic Education Report Coming Soon
Stay tuned for a deeper dive into the complexities of this developing field. We are currently compiling brand-new data and insights into the industry that will help you make informed decisions when it comes to addressing the need for psychedelic education.
This information is not only crucial for education companies. Everyone working within the psychedelic industry will be affected by the supply shortage that we are facing. It has and will continue to affect clinics, biotech companies, and investors alike. Creative solutions to this problem will create abundance across the industry so that everyone can flourish.