PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320173
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1320173
Ketamine clinics market size was valued at USD 8,704.5 Million in 2022, expanding at a CAGR of 11.3% from 2023 to 2030.
Ketamine clinics are defined as hospitals that engage in therapeutic purposes by administering ketamine, a dissociative anesthetic, and analgesic drug. Moreover, as a potential treatment ketamine has drawn interest for numerous mental health conditions, especially anxiety disorders, post-traumatic stress disorder (PTSD), and treatment-resistant depression. In line with this, ketamine has shown promise in offering quick relief, generally within hours, while traditional antidepressant medications may require weeks or months to show results. Furthermore, ketamine clinics traditionally provide intravenous (IV) ketamine infusions or, in other cases, other forms of ketamine administration, including oral lozenges and nasal sprays.
The increasing prevalence of mental health conditions coupled with limitations of traditional treatments, in turn; there has been a rising demand for alternative therapies such as ketamine. Moreover, with the positive outcomes in early studies, more clinical trials and investigation is required to determine the long-term safety and effectiveness of ketamine for the treatment of mental health concern. In addition, as research develops the view and acceptance of ketamine as a treatment option may shift. Furthermore, some established medical practices and mental health clinics have started including ketamine treatment as part of their product line, as ketamine therapy gains more recognition. However, insurance coverage for ketamine therapy can be a major challenge, which may restrain the ketamine clinic's market growth over the forecast period.
The global ketamine clinics market is segmented on the basis of treatment, therapy, referral source, and region.
The market is divided into three categories based on treatment: anxiety, depression, PTSD, and others. The depression segment is likely to possess the largest revenue share owing to the growing number of adults with severe major depression. Additionally, in the medical community ketamine has gained attention for its potential use in treating depression. Moreover, ketamine clinics have emerged as specialized centers that provide ketamine therapy for patients who have suffered from depression or other mood disorders.
The market is divided into two categories based on therapy: online therapy and on-site therapy. The on-site therapy segment is likely to possess the market share over the forecast period. For mental health disorders increasing acceptance of ketamine therapy is led to an expansion of ketamine, further driving the segment growth. Additionally, mental health professionals also provide therapy sessions for patients including counselors, psychologists, and psychiatrists.
The market is divided into three categories based on referral sources: primary care physicians, online advertising, and mental health professionals. The primary care physicians segment is expected to dominate the market share. PCPs are suitable to diagnose and treat numerous medical conditions, such as mental health disorders like anxiety and depression. Moreover, primary care physicians may send their patients to ketamine clinics when primary care physicians think ketamine therapy might be helpful for severe or treatment-resistant depression or other mental health concerns. Thereby such factors may propel the segment growth.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business.
The market is witnessing significant growth, driven by factors including the ongoing opioid crisis, rising mental health awareness, and a large number of ketamine clinics across the globe. Moreover, ketamine clinics industries are focusing on numerous strategies such as partnerships, launching new services, mergers & acquisitions, and expansions to expand their market presence worldwide. Furthermore, as more providers have entered the space the ketamine clinics market has become more competitive. For instance, in April 2023, Mindbloom announced a partnership with SHIFT to provide at-home ketamine therapy as a benefit to its employees. Additionally, through this partnership, all SHIFT employees will have access to at-home ketamine therapy for a fraction of the normal price through Mindbloom.
For instance, in January 2022, Delic Holdings Corp announced its subsidiary, Ketamine Wellness Centers (KWC), has officially expanded operations into Utah with the opening of its Salt Lake City location.
The scope of this report covers the market by its major segments, which include as follows: