Pharmaceutical Grade Lithium Carbonate Market

Updated on : March 20, 2024

Pharmaceutical Grade Lithium Carbonate Market

The global pharmaceutical grade lithium carbonate market size was valued at USD 141 million in 2023 and is projected to reach USD 166 million by 2028, growing at 3.3% cagr from 2023 to 2028. Pharmaceutical grade lithium carbonate is available in two main formulations, namely immediate-release and extended release. These formulations are made to release the active ingredient into the body at various rates, which can have an impact on frequency of a dose, blood pressure stability, and treatment outcomes.

Attractive Opportunities in the Pharmaceutical Grade Lithium Carbonate Market

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Pharmaceutical Grade Lithium Carbonate Market Dynamics

Driver: Rising cases of mental illness

The 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.

Restraint: Side effects and safety concerns

The market is expected to experience restraints due to side effects and safety concerns associated with pharmaceutical grade lithium carbonate. Lithium toxicity is closely linked to serum lithium levels and can occur at doses close to therapeutic levels. Lithium toxicity's neurological symptoms can range from mild to moderate to severe, including clonus, confusion, seizure, coma, and death. Mild symptoms include fine tremor, lightheadedness, lack of coordination, and weakness. Moderate symptoms include giddiness, apathy, drowsiness, hyperreflexia, muscle twitching, ataxia, blurred vision, tinnitus, and slurred speech. Hence, patients and medical professionals can be reluctant to use lithium carbonate due to safety concerns, restraining the growth of pharmaceutical grade lithium carbonate market.

Opportunity: Potential for new applications owing to clinical research and innovation

Beyond its existing usage, pharmaceutical grade lithium carbonate may find new therapeutic indications through clinical research and innovation. This diversification can increase the market presence and offer potential opportunities to address a broader range of mental health disorders. Medical professionals and patients are more likely to use pharmaceutical grade lithium carbonate if clinical data supports its usage. Thus, new uses for pharmaceutical grade lithium carbonate could be discovered through clinical research and innovation, expanding its effectiveness, and addressing a larger range of mental health conditions. These opportunities can spur commercial expansion, improve patient care, and contribute to advancements in the field of mental health treatment.

Challenge: Stringent pharmaceutical standards and regulations

The pharmaceutical grade lithium carbonate market is highly regulated by various protocols and standards such as Regulation (EC) No 1272/2008, The Environmental Protection Agency (EPA), and FDA (U.S. Food and Drug Administration), among others. To prove the safety and effectiveness of pharmaceutical grade lithium carbonate, extensive clinical trials are required to be conducted. This can be costly as well as time-consuming to meet the regulatory agency's demands for evidence. Thus, the pharmaceutical grade lithium carbonate market in particular may face regulatory barriers with regard to clinical trial requirements, safety and effectiveness standards, manufacturing procedures, labelling, and post-market monitoring. This further poses a challenge to the growth of the market.

Pharmaceutical Grade Lithium Carbonate Market : Value Chain

Prominent companies in this market include well-established, financially stable pharmaceutical grade lithium carbonate manufacturers. These companies have been operating in the market for several years and possess a strong product portfolio and strong global sales and marketing networks. Prominent companies in this 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).

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, on the basis of 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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Key Market Players

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), are among the major players leading the market through their geographical presence, enhanced production capacities, and efficient distribution channels.

Pharmaceutical Grade Lithium Carbonate Market Report Scope

This research report categorizes the pharmaceutical grade lithium carbonate market based on application, purity, and region.

Based on application, the pharmaceutical grade lithium carbonate market has been segmented as follows:

• Immediate Release
• Extended Release

Based on purity, the pharmaceutical grade lithium carbonate market has been segmented as follows:

• 99%
• Above 99%

Based on the region, the pharmaceutical grade lithium carbonate market has been segmented as follows:

• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of Asia Pacific
• Europe
  • Germany
  • France
  • UK
  • Rest of Europe
• North America
  • US
  • Canada
  • Mexico
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East & Africa
• South America
  • • Brazil
    • Rest of South America

Recent Developments

• In May 2023, Livent signed an agreement with Allkem, a specialty lithium chemicals company, to merge and form a market-leading producer of lithium chemicals known as NewCo. The combined business will have a substantial footprint of low-cost assets spread across major geographies, products, and customers. The transaction is expected to be completed by the end of 2023.
• In January 2021, Albemarle Corporation announced the capacity expansion of the lithium production facility at Silver Peak, Nevada, and a program to assess clays and other potential Nevada resources for commercial production of lithium.

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