New York, United States , Dec. 01, 2023 (GLOBE NEWSWIRE) -- The Global Pharmaceutical Grade Lithium Carbonate Market Size is to Grow from USD 129 Million in 2022 to USD 175 Million by 2032, at a Compound Annual Growth Rate (CAGR) of 3.1% during the projected period. The growing global prevalence of mood disorders, as well as increased awareness of mental health issues, are driving the pharmaceutical grade lithium carbonate market.
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The global pharmaceutical grade lithium carbonate market refers to the pharmaceutical industry segment dedicated to the manufacture and distribution of lithium carbonate that meets the strict quality and purity criteria necessary for pharmaceutical and medical applications. Lithium carbonate is a chemical molecule made up of lithium, carbon, and oxygen that is used to treat a variety of mental health issues, most notably bipolar disorder and some types of depression. This pharmaceutical grade lithium carbonate is developed and manufactured to be devoid of impurities and pollutants, making it safe and effective for medicinal usage. The growing global prevalence of mood disorders, as well as increased awareness of mental health issues, are driving the pharmaceutical grade lithium carbonate market. Furthermore, continuous pharmaceutical sector R&D activities aim to refine drug formulations and delivery techniques, increasing demand for high-quality pharmaceutical grade lithium carbonate. This market demands strong regulatory standards and quality control methods to ensure patient safety and treatment efficacy. Side effects and safety concerns connected with pharmaceutical grade lithium carbonate are expected to limit market growth. Lithium toxicity is directly proportional to serum lithium levels and can occur at therapeutic doses.
Browse key industry insights spread across 200 pages with 110 market data tables and figures & charts from the report on the “Global Pharmaceutical Grade Lithium Carbonate Market Size, Share, and COVID-19 Impact Analysis, By Application (Extended Release, Immediate Release), By Purity (99%, Above 99%), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032.”
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The extended release segment dominated the largest share of the global pharmaceutical grade lithium carbonate market during the forecast period.
The global pharmaceutical grade lithium carbonate market is divided into two segments based on application: extended release and immediate release. 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% segment accounted for a significant share of the global pharmaceutical grade lithium carbonate market in 2022.
The global pharmaceutical grade lithium carbonate market is divided into 99% and above 99% purity. In 2022, the 99% segment accounted for a sizable portion of the global pharmaceutical grade lithium carbonate market. 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.
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North America is anticipated to hold the largest share of the global pharmaceutical grade lithium carbonate market over the predicted timeframe.
Over the forecasted years, North America is expected to hold the largest share of the global pharmaceutical grade lithium carbonate market. North America, which includes the United States and Canada, has historically had a strong presence in the pharmaceutical industry. Because of the prevalence of mood disorders and the development of advanced medications, the region is expected to have a significant market share in the pharmaceutical grade lithium carbonate market.
During the forecast period, Asia Pacific is projected to expand at a rapid pace in the global pharmaceutical grade lithium carbonate market. The pharmaceutical industry has grown rapidly in the Asia-Pacific region, which includes countries such as China, India, and Japan. The rising prevalence of mood disorders and increased awareness of mental health issues in this region may drive demand for pharmaceutical grade lithium carbonate.
During the forecast period, Europe is projected to expand at a rapid pace in the global pharmaceutical grade lithium carbonate market. Europe, which includes countries such as Germany, the United Kingdom, and France, has a thriving pharmaceutical industry.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Pharmaceutical Grade Lithium Carbonate Market include Livent Corporation, Albemarle Corporation, Jiangsu Lianhuan Pharmaceutical Co., Ltd., American Elements, Globe Química, Jiangsu Nhwa Pharmaceutical Co., Ltd., Panchsheel Organics Ltd (POLTD), Blanver and Others.
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Recent Developments
- In May 2023, Livent agreed to merge with Allkem, a specialty lithium chemicals company, to form NewCo, a market-leading producer of lithium chemicals. The merged company will have a significant footprint of low-cost assets spread across major geographies, products, and customers. The transaction is scheduled to close by the end of 2023.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2032. Spherical Insights has segmented the Global Pharmaceutical Grade Lithium Carbonate Market based on the below-mentioned segments:
Global Pharmaceutical Grade Lithium Carbonate Market, By Application
- Extended Release
- Immediate Release
Global Pharmaceutical Grade Lithium Carbonate Market, By Purity
- 99%
- Above 99%
Global Pharmaceutical Grade Lithium Carbonate Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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