Chicago, Nov. 15, 2023 (GLOBE NEWSWIRE) — The Global Pharmaceutical Grade Lithium Carbonate Market is projected to grow from USD 141 million in 2023 to USD 166 million by 2028, at a CAGR of 3.3% from 2023 to 2028, as per the recent study by MarketsandMarkets™. Pharmaceutical grade lithium carbonate is a drug primarily utilized to treat mood disorders such as bipolar disorder and depression. It is a type of lithium, an alkali metal with been shown to have mood stabilizing properties. The most frequently prescribed form of lithium medicine is lithium carbonate.
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List of Key Players in Pharmaceutical Grade Lithium Carbonate Market:
- Livent Corporation (US)
- Albemarle Corporation (US)
- Jiangsu Lianhuan Pharmaceutical Co., Ltd. (China)
- American Elements (US)
- Globe Química (US)
- Jiangsu Nhwa Pharmaceutical Co., Ltd. (China)
- Panchsheel Organics Ltd (POLTD) (India)
- Blanver (Brazil)
Drivers, Restraints, and Opportunities in Pharmaceutical Grade Lithium Carbonate Market:
- Driver: Rising cases of mental illness
- Restraint: Side effects and safety concerns
- Opportunity: Potential for new applications owing to clinical research and innovation
- Challenge: Stringent pharmaceutical standards and regulations
Key Findings of the Study:
- Based on application, the extended release was the larger segment in 2022, by volume.
- Based on region, North America is projected to account for the largest market share during the forecast period, in terms of value.
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Lithium carbonate comes in extended-release forms. These formulations offer benefits including fewer dose intervals with reduced risk of side effects, such as nausea and vomiting. Due to the convenience of taking fewer doses per day, extended-release formulations may result in higher patient adherence. Thus, the need for extended-release pharmaceutical grade lithium carbonate increases as awareness of mood disorders including bipolar disorder and depression rises.
Across the region, there are initiatives to lessen stigma and increase public understanding of mental illness. Initiatives, campaigns, and groups work to encourage people to talk openly about their mental health and to get treatment when required. Thus, the prevalence of these initiatives along with government policies to increase access to mental health care will drive the growth of pharmaceutical grade lithium carbonate market in North America.
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Livent Corporation is engaged in manufacturing good performance product solutions such as energy storage & battery systems, polymers, grease, aerospace, and pharmaceuticals & agrochemicals. Livent operates manufacturing sites in the US, England, India, China, and Argentina. The company is one of the manufacturers of lithium compounds with various performance levels. Its good performance lithium compounds play a crucial role in the manufacture of medicines and polymers as well as existing and future high energy density batteries used in electric car applications. The company has a strong focus in the majority of the global markets for lithium compounds, with significant expansion taking place in Asia, followed by Europe and the US.
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