PUBLISHER: Grand View Research | PRODUCT CODE: 1301150
PUBLISHER: Grand View Research | PRODUCT CODE: 1301150
The U.S. ketamine clinics market size is expected to reach USD 6.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 10.63% from 2023 to 2030. The market is experiencing significant growth, driven by factors such as increasing mental health awareness, the ongoing opioid crisis, and expanding number of ketamine clinics across the U.S. According to the Substance Abuse and Mental Health Services Administration (SAMHSA), about 13% of young adults aged 18 to 25 have mental or substance use problems. Additionally, 1 in 4 Americans have a mental illness, and 1 out of 3 have a substance use disorder. The increasing number of people with addictions and mental health disorders is contributing to the growth.
The COVID-19 pandemic had a significant impact on online ketamine therapy clinics. While onsite providers faced challenges such as lockdowns, disruptions in the supply chain, and people's fear of contracting the virus. Consequently, many individuals avoided visiting clinics or hospitals. However, the pandemic led to a surge in mental health issues in the U.S. as people faced increased stress, anxiety, and depression. Disruptions in daily routines, social isolation, and increased stress related to finances and employment contributed to a rise in mental health disorders. According to Mental Health America (MHA), 35% of the people screened in the U.S. from January to September 2020 reported having depression, while 20% reported experiencing anxiety.
Key players in the U.S. ketamine clinics industry are implementing various strategies such as mergers & acquisitions, partnerships, expansions, and launching new services to expand their market presence. These efforts are expected to contribute to the market's growth. For instance, in April 2023, Mindbloom, Inc., a ketamine therapy provider, partnered with SHIFT, a tech-based management consulting company. As part of this partnership, SHIFT employees will now have the opportunity to receive at-home ketamine therapy from Mindbloom at a reduced cost compared to the regular price. This initiative aims to provide a valuable benefit to SHIFT employees.