The global ketamine treatment market is anticipated to grow at a significant CAGR of 43.7% during the forecast period (2024-2031). The market growth is primarily driven by the prevalence of treatment-resistant depression. Additionally, the development of innovative formulations and delivery methods to enhance safety and efficacy is also contributing to the market growth. Furthermore, the increasing awareness about the potential benefits of Ketamine and its efficacy properties for mental health conditions is also fuelling the market growth.
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The World Health Organisation (WHO) estimated that 3.8% of the population experienced depression. This included 5.0% of adults (4.0% among men and 6.0% among women), and 5.7% of adults older than 60 years. Approximately 280 million people in the world have depression. Depression is about 50.0% more common among women than among men. Additionally, more than 10.0% of pregnant women and women who have just given birth experience depression. It has also been found that suicide is the fourth major cause of fatalities (majorly in 15–29-year-olds) accounting for 700,000 casualties every year. Additionally, more than 75.0% of people in low- and middle-income countries receive no treatment for mental disorders.
The global ketamine treatment market is segmented based on route of administration (into oral, infusions, and nasal spray), application (into treatment-resistant depression (TRD), anxiety disorder, post-traumatic stress disorder (PTSD), and others), end-user (into hospitals and medical centers, specialized ketamine clinics, psychiatric hospitals, and others) and geographies (into North America, Europe, Asia-Pacific, and the Rest of the World).
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Market Highlights and Restraints
- The infusions segment is expected to capture a significant market share attributed to the increasing incidence of depression and mood disorders and the growing number of specialized Ketamine clinics.
- Additionally, the nasal spray segment is expected to hold a considerable market share owing to the growing diversification of treatment options. For instance, the introduction of novel medicines, such as SPRAVATO, is expanding the number of alternatives available to individuals.
- In June 2022, Ketamine Wellness Centers (KWC), expanded the availability of SPRAVATO to three new cities and increased the total number of clinics offering the FDA-approved ketamine nasal spray to six.
- Europe is anticipated to hold a prominent market share owing to the development of Ketamine clinics.
- Additionally, the North American region is anticipated to grow at a considerable CAGR over the forecast period attributing to the rising Posttraumatic Stress Disorder (PTSD) prevalence, especially in military veterans and first responders across the region.
- The National Institute of Health, in March 2023, reported a lifetime prevalence of PTSD in the general population is 3.9%, and 5.9% among those who have experienced trauma, with variations based on country and income level.
- Additionally, 78.5% of people with PTSD also meet the criteria for at least one other mental illness, most commonly Major Depressive Disorder (MDD). People with PTSD are also 2-4 times more likely to have depressive and anxiety disorders, as well as alcohol and substance abuse.
- However, the market growth is challenged by the potential side effects of ketamine consumption such as dissociation, nausea, vomiting, and dizziness. At times leyamine consumption could also have serious side effects such as high blood pressure, increased heart rate, and seizures.
The major players in the global ketamine treatment market include Core One Labs Inc., Enso Discoveries, LLC., Johnson & Johnson Pvt. Ltd., Ketamine Research Institute, Ketamine Wellness Centers, and others. The market players are considerably contributing to the market growth by the adoption of various business strategies. For instance, in November 2021, Seelos Therapeutics Acquired an Exclusive License of iX Biopharma for Wafermine a sublingual racemic ketamine wafer, in addition to a global license for other sublingual ketamine wafers, delivered via WaferiX, a proprietary fast-dissolving wafer-based drug delivery platform technology.
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