CHICAGO, Sept. 13, 2023 /PRNewswire/ -- 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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By application, extended-release segment is estimated to account for the largest market share in 2023.
Certain mental health disorders can experience fluctuations in symptoms when the drug concentration in the body varies. Extended release medications help to smooth out these fluctuations and provide a more constant effect. Also, extended release formulations can be preferred by healthcare providers because they offer a more controlled and predictable drug release profile, making it easier to tailor treatment plans to individual patient needs. All these factors are expected to enhance the demand for extended release pharmaceutical grade lithium carbonate medicines during the forecast period.
North America was the largest region in the pharmaceutical grade lithium carbonate market in 2022, by value.
The development of technology and innovation across several industries are characteristics of North America. Manufacturers of pharmaceutical grade lithium carbonates in the region make huge investment in the research & development to improve the performance qualities of medicines. The pharmaceutical grade lithium carbonate market in North America is expanding as a result of technological developments in pharmaceutical sector and awareness regarding mental health among people. Awareness campaigns and patient advocacy groups focusing on mental health conditions is contributing to enhance the understanding and acceptance of treatment options related to mental illness. This is expected to drive the market for pharmaceutical grade lithium carbonate in the country.
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Market Players:
The major players operating in the pharmaceutical grade lithium carbonate market include 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), and others.
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