According to the 5 studies done so far, ketamine is equal with placebo when it comes to treating depression, same as current antidepressants. BUT, it has almost no side effects, zero withdrawal effect, and, unlike current antidepressants, has a bigger than 0$ street value. It produces a beautiful euphoric effect. The only problem is driving on it, slightly increased suicide rate and bladder problems in 20% of users.
It's a super clean drug that will hopefully completely replace current antidepressants that have gone out of patent. The company manufacturing it has modified ketamine by 1 molecule, put an "Es" in front of it, patented it and now sells it for 5400$/month instead of 5$ in USA, covered by insurance. The company estimates that EsKetamine will cover 20% of the antidepressant market in just 5 years.
This is an incredible development for psychiatry but nothing compared to what will come in 5 - 20 years. Magic mushrooms are the next drug on the line, a drug that will very probably crush placebo when it comes to depression and is also the antidote for autism. It has zero side effects and is impossible to abuse. They are already used in a couple of countries where they are legal and some USA cities. The scientist that are studying them at the moment have claimed that "illegalizing magic mushrooms has been the biggest censorship that ever happened in modern science" and I perfectly agree. There is no such thing as psychiatry without magic mushrooms, the current era is the pre-psychiatry era. All psychiatric drugs combined probably don't have the clinical utility that magic mushrooms have. If you really want to help that person recover from depression, give him magic mushrooms if you're in one of those cities where it's legal.
PS: As an alternative, dextrometanphan is almost the same thing as Ketamine, costs nothing, and is legal everywhere. Since beating placebo does not seem to be a concern at the moment when it comes to treating depression, the lack of studies on DXM and depression is not a problem. Side effects are similar to Ketamine, meaning they almost do not exist.