| The report “Pharmaceutical Grade Lithium Carbonate Market by Application (Extended Release, Immediate Release), Purity (99%, Above 99%), and Region (Asia Pacific, Europe, North America, Middle East & Africa, and South America) – Global Forecast to 2028″, 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 the understanding of mental health conditions like bipolar disorder improves and more accurate diagnostic tools become available, there is expected to be an increased demand for medicines having pharmaceutical grade lithium carbonate that are used to manage these conditions.
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Some of the prominent key players are: · 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) Make an EnquiryDriver: Rising cases of mental illnessThe demand for pharmaceutical grade lithium carbonate is significantly influenced by the increasing number of mental health conditions. The rise in mental illness cases is a major concern that has severe consequences for people, communities, and healthcare systems. The growth can be attributed to some of the factors including growing awareness of mental health, and changes in lifestyle and stress. Having a better awareness of mental illness, for instance, can help identify people struggling with anxiety, depression, or other conditions that have an impact on their mental health. This also leads to a self-realization of mental health issues. Changes in lifestyle and stress can disrupt the brain’s neurotransmitter balance, which can lead to mood disorders. Thus, the rise in the number of mental illness cases is one of the major drivers of pharmaceutical grade lithium carbonate market. Based on application, the extended release was the larger segment in 2022, by volume. The pharmaceutical grade lithium carbonate market is segmented into extended release and immediate release pharmaceutical grade lithium carbonate, based on application. Medical, technological, regulatory, and market-related factors, among others, all have an impact on the development of extended-release pharmaceutical grade lithium carbonate. Extended-release formulations have lower dose frequency which helps to increase a patients’ compliance with their drug schedule. By requiring fewer daily dosages, extended-release drugs can provide patients with additional convenience. People with hectic schedules or those who have trouble remembering to take their medicines several times a day may find this to be especially helpful. Such factors are expected to fuel the demand for extended-release pharmaceutical grade lithium carbonate segment. Based on region, North America is projected to account for the largest market share during the forecast period, in terms of value. North America is home to leading research institutions focused on understanding the causes and treatment of mental illnesses. Governments in the region have also introduced policies and initiatives to increase access to mental health care, increase public awareness, and promote research. The market for pharmaceutical grade lithium carbonate has expanded as a result of rising awareness and bipolar illness diagnostic rates. More than one in five American individuals (57.8 million in 2021), as estimated by the National Institutes of Health, live with a mental disease in the US alone. Thus, the rise in demand of mood stabilizers such as pharmaceutical grade lithium carbonate has fueled the market’s development. |
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