Ketamine/esketamine accounts for more billable psychedelic-adjacent clinical encounters in U.S. healthcare settings than all other psychedelic compounds combined through Q3 2027, per published utilization data.

Ketamine and esketamine (a variant) will account for more patient visits and insurance billing than all other psychedelic treatments combined through mid-2027. This matters because esketamine already has FDA (the U.S. drug regulator) approval and insurance coverage, while MDMA approval is stalled and psilocybin has no federal approval yet. Thousands of IV ketamine clinics already operate across the U.S., giving ketamine an enormous head start.

Esketamine (Spravato) has FDA approval, established insurance reimbursement pathways, and a multi-year head start. MDMA approval is stalled; psilocybin has no federal approval. IV ketamine clinics number in the thousands. No single competitor can close this gap in 12-18 months. Resolution requires a published utilization study or claims database analysis — specific and verifiable.