Global Pharmaceutical Grade Lithium Carbonate Market 2023-2030

Global Pharmaceutical Grade Lithium Carbonate Market 2023-2030

Global Pharmaceutical Grade Lithium Carbonate Market Size, Share & Trends Analysis Report Market by Purity (99%, above 99%), by Application (Extended release, Immediate Release), and by End-User (Hospitals, Clinics, and Retail Pharmacies) Forecast Period (2023-2030)

The global pharmaceutical grade lithium carbonate (Li2CO3) market is anticipated to grow at a considerable CAGR of 4.8% during the forecast period. Pharmaceutical-grade lithium carbonate is a drug used to treat mood disorders such as bipolar disorder and depression. The high prevalence of mental disorders is a key factor driving the growth of the global pharmaceutical grade lithium carbonate market. The global widespread of bipolar disorder is estimated to rise at a certain number and it is more common in women than men. According to a report published by The World Health Organization (WHO), in June 2022, 2019, 40 million people experienced bipolar disorder. According to an article by a US organization NCBI, In 2020, 9.2% (SE=0.31) of Americans aged ≥12 years experienced a past-year major depressive episode. Depression was more common among young adults aged 18–25 years (17.2%, SE=0.78), followed closely by adolescents aged 12–17 years (16.9%, SE=0.84). Depression increased most rapidly among adolescents and young adults and increased among nearly all sex, racial/ethnic, income, and education groups. Depression prevalence did not change among adults aged ≥35 years, and the prevalence of help-seeking remained consistently low across the study period.

Study of the widespread depression 2015-2020

Source: National Centre for Biotechnology Information

The high prevalence of mental disorder along with the growing research in the field of lithium carbonate for its treatment is a key factor contributing to the growth of the pharmaceutical grade lithium carbonate market.

Segmental Outlook

The global pharmaceutical grade lithium carbonate market is segmented based on purity, application, and end-user. Based on Purity, the market is segmented into 99% and above 99% .Based on application, the market is sub-segmented into extended release and immediate release. Based on end-user the market is sub-segmented into hospitals, clinics, and retail pharmacies. Based on application, the extended release segment accounted for the largest share of the global pharmaceutical grade lithium carbonate market in 2022. Medical, technological, regulatory, and market-related considerations, among others, all have an impact on the development of pharmaceutical grade lithium carbonate with extended release. Extended release formulations have a lower dose frequency, which helps patients stick to their medication schedule. People with hectic schedules or who struggle to remember to take their medications several times a day may benefit greatly from this.

The 99.0% purity segment Held a Major Market Share in the Global Market

The segment that held the major market share in the pharmaceutical-grade lithium market in 2022 was the 99% purity segment. High-grade lithium carbonate with a purity of 99% is widely used in pharmaceutical formulations. This purity level ensures that the active ingredient (lithium) is pharmaceutical grade and free of contaminants that could endanger patient safety.

Regional Outlook

The global Pharmaceutical Grade Lithium Carbonate market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, North America holds the largest market share of the market. High awareness among people about mental disorders and availability of treatment drugs is a key factor driving the growth of the regional market.

Asia-Pacific is Expected to Grow at a Significant CAGR in the Global Pharmaceutical Grade Lithium Carbonate Market

Asia Pacific is projected to expand at a rapid pace in the global pharmaceutical grade lithium carbonate market. The growing pharmaceutical industry in emerging economies such as China, India, and Japan is a key contributor to the market growth. The rising prevalence of mood disorders and increased awareness of mental health issues in this region may drive demand for pharmaceutical grade lithium carbonate.

Market Players Outlook

The major companies serving the global Pharmaceutical Grade Lithium Carbonate market include Albemarle Corp., American Elements, Globe Química, Jiangsu Nhwa Pharmaceutical Co., Ltd., and Livent Corp. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, In May 2023, Livent Corporation, a lithium chemicals company agreed to merge with Allkem Limited, another lithium chemicals company. The combined company, called NewCo, will be the world's largest producer of lithium carbonate and hydroxide. The merger is expected to close in the second half of 2023.The combined company will have a significant scale advantage, which will allow it to lower costs and improve profitability.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global pharmaceutical grade lithium carbonate market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.