Xenon makes up less than one part in ten million of the atmosphere. Extracting it means distilling liquid air, which is why a single therapeutic session costs a few hundred euros โ the gas itself is the expense. It is chemically inert, biologically it is anything but: it blocks the NMDA receptor, the same target ketamine acts on, and it does so without the dissociative profile.
Soviet and then Russian anaesthesiology took xenon seriously from the 1990s onward, both as a surgical anaesthetic and, at lower concentrations, as a therapy for anxiety, withdrawal, insomnia and fatigue. That tradition never crossed into Western practice โ not because it was tested and rejected, but because the Cold War split medical literature into two libraries that rarely read each other. Europe approved xenon as a general anaesthetic in 2007 under the name LENOXe. The US never did.
Then there is the patent problem. Modern drug approval is financed by the expectation of exclusivity: a company spends hundreds of millions on trials because a patent lets it recoup that. Xenon is element 54. No one can own it. So the trials that would settle the question have no sponsor, and the question stays open indefinitely โ which is not the same as being answered.
Hamilton Morris covered exactly this tension in Hamilton's Pharmacopeia, Season 3, Episode 3 โ "Xenon: the Perfect Anesthetic?" โ examining why a gas with a strong safety profile in surgical use has remained a curiosity rather than a treatment.