Esketamine Market Report 2025

The esketamine market size has grown strongly in recent years. It will grow from $1.37 billion in 2024 to $1.51 billion in 2025 at a compound annual growth rate (CAGR) of 9.9%. The growth in the historic period can be attributed to an increased number of patients, increasing prevalence of mental health issues in the world, improved awareness level of disease state, rising demand for novel therapeutic options, and favorable regulatory approvals.

The esketamine market size is expected to see rapid growth in the next few years. It will grow to $2.26 billion in 2029 at a compound annual growth rate (CAGR) of 10.7%. The growth in the forecast period can be attributed to the increasing prevalence of treatment-resistant depression, increasing investment in research and development programs, demand for smart healthcare infrastructure, the growing trend of telehealth services, and the growing acceptance of esketamine as an effective treatment. Major trends in the forecast period include partnerships between biotech firms and mental health organizations, robotics in healthcare applications, personalized medicine strategies, sensor-based devices, and the potential for combination therapies.

The forecast of 10.7% growth over the next five years reflects a modest reduction of 0.2% from the previous estimate for this market. This reduction is primarily due to the impact of tariffs between the US and other countries. The imposition of tariffs could disrupt U.S. mental health clinics by increasing prices of nasal spray devices and treatment-resistant depression monitoring tools sourced from Sweden and India, exacerbating psychiatric care costs and reducing patient access to novel therapies. The effect will also be felt more widely due to reciprocal tariffs and the negative effect on the global economy and trade due to increased trade tensions and restrictions.

The growing prevalence of treatment-resistant depression (TRD) is expected to drive the expansion of the esketamine market in the coming years. TRD refers to depression that does not improve despite trying at least two different antidepressant medications at appropriate doses for a sufficient duration. The rise in treatment-resistant depression is largely due to the limited effectiveness of conventional antidepressants, which leads to prolonged and recurring depressive episodes. Esketamine offers a promising solution for TRD by providing a rapid-acting mechanism that targets NMDA receptors, offering relief to patients who do not respond to traditional antidepressants. For example, in September 2023, the National Institute of Mental Health (NIMH) in the U.S. reported that approximately 30% of individuals with major depressive disorder in the U.S. are resistant to standard treatments. Consequently, the increasing incidence of treatment-resistant depression is fueling the growth of the esketamine market.

Esketamine's approval as a monotherapy for treatment-resistant depression marks a breakthrough in TRD treatment. Major companies in the esketamine market are focusing on developing advanced solutions such as monotherapy, which involves using a single drug to manage a condition, rather than combining multiple therapies. In January 2025, Johnson & Johnson, a U.S.-based pharmaceutical company, announced that the U.S. Food and Drug Administration (FDA) had approved SPRAVATO (esketamine) as the first and only monotherapy for adults with treatment-resistant depression (TRD). Supported by clinical trial data, the approval showed that SPRAVATO could rapidly alleviate depressive symptoms, with significant improvements occurring within 24 hours. This breakthrough provides a vital option for the 30% of individuals who do not respond to traditional antidepressants, eliminating the need for additional oral medications. While SPRAVATO has a favorable safety profile, it is administered under a Risk Evaluation and Mitigation Strategy (REMS) to manage potential side effects. This milestone represents a major advancement in TRD treatment, offering renewed hope for better patient outcomes.

In April 2024, Celon Pharma S.A., a Poland-based pharmaceutical company, partnered with Tang Capital Management LLC to create Novohale Therapeutics, LLC. This collaboration is focused on advancing the development of Falkieri, an esketamine dry powder inhalation product, into global Phase 3 clinical trials for bipolar depression. Tang Capital Management LLC, a U.S.-based company specializing in life sciences and biotechnology, is working with Celon Pharma to bring this innovative treatment to market.

Major players in the esketamine market are Cigna Corporation, Pfizer Inc., Johnson & Johnson, Merck & Co. Inc., AbbVie Inc., Horizon Therapeutics plc, Hikma Pharmaceuticals plc, Alkem Laboratories Limited, Cerecor Inc., Celon Pharma S.A., Nortec Química S.A., XWPharma Ltd., Seqens Group, SynZeal Research Pvt. Ltd., Arevipharma GmbH, Sage Therapeutics Inc., Supriya Lifescience Ltd., Clexio Biosciences Ltd., Maithri Drugs Pvt. Ltd., and VistaGen Therapeutics Inc.

North America was the largest region in the esketamine market in 2024. The regions covered in esketamine report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the esketamine market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The esketamine market consists of sales of products including spravato, and esketamine injectable formulations. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Note that the outlook for this market is being affected by rapid changes in trade relations and tariffs globally. The report will be updated prior to delivery to reflect the latest status, including revised forecasts and quantified impact analysis. The report’s Recommendations and Conclusions sections will be updated to give strategies for entities dealing with the fast-moving international environment.

The sudden escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are having a significant impact on the pharmaceutical sector. Companies are grappling with higher costs on imported active pharmaceutical ingredients (APIs), glass vials, and laboratory equipment - many of which have limited alternative sources. Generic drug manufacturers, already operating with minimal profit margins, are particularly affected, with some scaling back production of low-margin medications. Biotech firms are also experiencing delays in clinical trials due to shortages of specialized reagents linked to tariffs. In response, the industry is shifting API production to regions like India and Europe, building up inventory reserves, and advocating for tariff exemptions on essential medicines.

The esketamine market research report is one of a series of new reports that provides esketamine market statistics, including the esketamine industry global market size, regional shares, competitors with the esketamine market share, detailed esketamine market segments, market trends, and opportunities, and any further data you may need to thrive in the esketamine industry. This esketamine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

Esketamine is a fast-acting anesthetic and antidepressant derived from ketamine, known for its NMDA receptor antagonist properties. It is primarily used to treat treatment-resistant depression and major depressive disorder with suicidal ideation, administered as a nasal spray under medical supervision.

The main forms of esketamine include oral medications, injections, nasal sprays, and others. Oral medications consist of pills or tablets containing esketamine, which are taken orally to treat conditions such as depression. Its indications cover major depressive disorder, chronic pain, post-traumatic stress disorder, and anxiety disorders. The patient categories include adults, pediatrics, and geriatric patients. Esketamine is applied for general anesthesia and treatment-resistant depression, and it is distributed through various channels such as hospital pharmacies, online pharmacies, and retail pharmacies.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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