Global Injectable Ketamine Market Size, Share, and COVID-19 Impact Analysis, By Application (Anesthesia, Depression & Mood Disorders, Chronic Pain Management, PTSD & Anxiety Disorders, Substance Abuse Treatment, and Others), By End User (Hospitals, Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2025 - 2035

Global Injectable Ketamine Market Insights Forecasts to 2035

• The Global Injectable Ketamine Market Size Was Estimated at USD 740 Million in 2024
• The Market Size is Expected to Grow at a CAGR of around 16.23% from 2025 to 2035
• The Worldwide Injectable Ketamine Market Size is Expected to Reach USD 3870 Million by 2035
• Asia Pacific is expected to grow the fastest during the forecast period.

According to a research report published by Spherical Insights and Consulting, the global Injectable Ketamine market size was worth around USD 740 million in 2024 and is predicted to grow to around USD 3870 million by 2035 with a compound annual growth rate (CAGR) of 16.23% from 2025 and 2035. The market for injectable ketamine has a number of opportunities to grow due to the integration of telehealth & remote monitoring, along with increasing research on novel applications of injectable ketamine.

Market Overview

The Global Injectable Ketamine industry refers to the pharmaceutical sector for a rapid-acting general anesthetic and N-methyl-D-aspartate (NMDA) receptor antagonist that is administered by a healthcare professional in a hospital or clinical setting. Ketamine injection is used alone or together with other medicines to produce loss of consciousness before and during surgery or a medical procedure. Ketamine hydrochloride is approved by the United States Food and Drug Administration (FDA) for use as a general anesthetic either on its own or in combination with other medications.

Innovation and market expansion are anticipated as a result of major players' growing R&D expenditures and expanding partnerships. For instance, in December 2021, PharmaTher Holdings Ltd., a clinical-stage psychedelics biotech company, and LTS LOHMANN Therapie-Systeme AG, a leading pharmaceutical technology company, announced they had entered into a process development agreement for the clinical trial scale-up of PharmaTher’s proprietary Ketamine microneedle patch product. The ongoing innovation in ketamine formulations for enhancing its therapeutic efficacy and safety is driving a huge surge in the global injectable ketamine market.    

Report Coverage

This research report categorizes the injectable ketamine market based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the injectable ketamine market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the injectable ketamine market. 

Driving Factors

The injectable ketamine market is primarily driven by its therapeutic application in mental health disorders, including depression, post-traumatic stress disorder (PTSD), suicidal ideation, and substance use disorder. The growing prevalence of chronic diseases, along with an increasing ageing population driving the use of anesthetics, which is ultimately propelling the injectable ketamine market. Additionally, digital health platforms that facilitate remote monitoring and follow-up assessments, enabling the safe and convenient delivery of ketamine, along with surging advancements in precision medicine, contribute to promoting market growth for injectable ketamine.  

Restraining Factors

The injectable ketamine market is restricted by the regulatory landscape and concerns regarding the potential for drug abuse and misuse. Furthermore, the limited insurance coverage and need for rigorous & monitored administration owing to safety concerns are challenging the market growth.

Market Segmentation

The injectable ketamine market share is classified into application and end user.   

• The depression & mood disorders segment dominated the market with over 40% revenue share in 2024 and is projected to grow at a substantial CAGR during the forecast period.

Based on the application, the injectable ketamine market is divided into anesthesia, depression & mood disorders, chronic pain management, PTSD & anxiety disorders, substance abuse treatment, and others. Among these, the depression & mood disorders segment dominated the market with over 40% revenue share in 2024 and is projected to grow at a substantial CAGR during the forecast period. Ketamine is an N-methyl-D-aspartate (NMDA) receptor antagonist that has been shown to improve mood symptoms and suicidal ideation by targeting the glutamate system. The emergence of mental screening programs and early intervention initiatives is contributing to driving the segmental market growth.

• The clinics segment accounted for the dominant revenue share of about 45% in 2024 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the end user, the injectable ketamine market is divided into hospitals, clinics, ambulatory surgical centers, and others. Among these, the clinics segment accounted for the dominant revenue share of about 45% in 2024 and is anticipated to grow at a significant CAGR during the forecast period. Ketamine medication is used by doctors as an anesthetic to induce loss of consciousness and is sometimes prescribed for “off-label” uses like depression. An increasing use of ketamine treatments, along with an increasing investment and partnership, is contributing to propel the segmental market growth.

Regional Segment Analysis of the Injectable Ketamine Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

North America is anticipated to hold the largest share of the injectable ketamine market over the predicted timeframe.

North America is anticipated to hold the largest share of nearly 36.5% in the injectable ketamine market over the predicted timeframe. The widespread use of ketamine in emergency settings, along with the growing prevalence of treatment-resistant depression, which drives demand for novel therapies, is expected to propel the injectable ketamine market. For instance, in October 2025, PharmaTher Holdings Ltd., a specialty pharmaceutical company, announced that it had entered into a definitive Asset Purchase Agreement for the sale of its Abbreviated New Drug Application for Ketamine Hydrochloride Injection USP. The United States is leading the North America injectable ketamine market, owing to the presence of strong medical facilities, advanced psychiatric treatment, and funding for mental health.

Asia Pacific is expected to grow at a rapid CAGR of 19.7% in the injectable ketamine market during the forecast period. The Asia Pacific area has a thriving market for injectable ketamine due to its growing cases of chronic diseases, R&D investment, and increasing technological advancements. For instance, in December 2024, Indonesia’s Food and Drug monitoring agency urged the ministry to list ketamine as a psychotropic. The Food and Drug Monitoring Agency (BPOM) records a nationwide increase in sales of injected ketamine, a prescribed substance which can only be administered by medical professionals: From 3,000 vials in 2022 to 152,000 so far in 2024. China is a dominant country in the Asia Pacific injectable ketamine market, driven by an increasing trend of ketamine treatments in cities where mental health problems are being acknowledged.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the injectable ketamine market, along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Greenco Biologicals
• BNM Organics
• Troikaa parenterals
• Neon Laboratories
• Samarth Pharma
• Seqens
• Pfizer
• Sun Pharmaceuticals
• Supriya Lifesciences
• Taj Pharmaceuticals
• Hengrui
• Anhui Wanhe Pharmaceutical
• Hikma Pharmaceuticals PLC
• Fresenius Kabi AG
• Viatris Inc.
• Aspen Pharmacare Holdings Limited
• Mallinckrodt Pharmaceuticals Holdings, Inc.
• Teva Pharmaceutical Industries Ltd.
• Sandoz International GmbH
• B. Braun Melsungen AG
• Baxter International Inc.
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• In November 2025, Serenity Mental Health Centers, a leader in innovative psychiatric care and one of the fastest-growing mental health providers in the nation, announced the expansion of its ketamine treatment in Colorado Springs.

• In October 2025, PharmaTher Holdings Ltd., a specialty pharmaceutical company focused on unlocking the pharmaceutical potential of ketamine, announced that it has entered into a definitive agreement Asset Purchase Agreement, for the sale of its Abbreviated New Drug Application for Ketamine Hydrochloride Injection USP to a well-established global pharmaceutical company specializing in sterile injectables and complex generics.

• In September 2025, NRx Pharmaceuticals announced the re-filing of its Abbreviated New Drug Application (ANDA) for KETAFREE, a preservative-free intravenous ketamine formulation, aimed at eliminating toxic preservatives in line with Health and Human Services Priorities.

• In August 2025, PharmaTher Holdings Ltd., a specialty pharmaceutical company focused on unlocking the pharmaceutical potential of ketamine, to provide a corporate update highlighting commercial readiness for ketamine (KETARx) and an ambitious regulatory program aimed at advancing KETARx for rare disorders.

• In June 2025, NRx Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company, announced the transmission of its Abbreviated New Drug Application (ANDA) for electronic filing to the U.S. FDA for NRX-100, its preservative-free IV ketamine formulation, for use in all existing approved indications, such as anesthesia and pain management.

•  In June 2023, PharmaTher Holdings Ltd. plan to submit an abbreviated new drug application (ANDA) for KETARX, a racemic ketamine product. PharmaTher is optimistic about receiving FDA approval for KETARX by the first quarter of 2024.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2035. Spherical Insights has segmented the injectable ketamine market based on the below-mentioned segments:  

Global Injectable Ketamine Market, By Application

• Anesthesia
• Depression & Mood Disorders
• Chronic Pain Management
• PTSD & Anxiety Disorders
• Substance Abuse Treatment
• Others

Global Injectable Ketamine Market, By End User

• Hospitals
• Clinics
• Ambulatory Surgical Centers
• Others

Global Injectable Ketamine Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa