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
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
|
Report Metric |
Details |
|
Market Size Value in 2023 |
USD 141 million |
|
Revenue Forecast in 2028 |
USD 166 million |
|
CAGR |
3.3% |
|
Market Size Available for Years |
2019 to 2028 |
|
Base Year Considered |
2022 |
|
Forecast Period |
2023–2028 |
|
Forecast Units |
Value (USD Million), Volume (Ton) |
|
Segments Covered |
Application, Purity, and Region |
|
Geographies Covered |
Asia Pacific, North America, Europe, Middle East & Africa, and South America |
|
Companies Covered |
The major market players 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 |
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.
Frequently Asked Questions (FAQ):
What is the current size of the pharmaceutical grade lithium carbonate market?
The pharmaceutical grade lithium carbonate market 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.
Which region is expected to hold the largest market share in the pharmaceutical grade lithium carbonate market?
The pharmaceutical grade lithium carbonate market in North America is estimated to hold the largest market share.
Which is the major application of pharmaceutical grade lithium carbonate?
The extended release segment is the major application of pharmaceutical grade lithium carbonate.
Who are the major players operating in the pharmaceutical grade lithium carbonate market?
The major players operating in the 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).
What is the total CAGR expected to record for the pharmaceutical grade lithium carbonate market during 2023-2028?
The market is expected to record a CAGR of 3.3% from 2023-2028. .
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The study involved four major activities in estimating the current market size of pharmaceutical grade lithium carbonate. Exhaustive secondary research was done to collect information on the market, the peer market, and the parent market. The next step was to validate these findings, assumptions, and sizes with industry experts across the value chain of pharmaceutical grade lithium carbonate through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. After that, market breakdown and data triangulation were used to estimate the size of the segments and sub-segments of the market.
Secondary Research
The research methodology used to estimate and forecast the access control market begins with capturing data on the revenues of key vendors in the market through secondary research. In the secondary research process, various secondary sources, such as Hoovers, Bloomberg BusinessWeek, Factiva, World Bank, and Industry Journals, were referred to for identifying and collecting information for this study. These secondary sources included annual reports, press releases & investor presentations of companies; white papers; certified publications; articles by recognized authors; notifications by regulatory bodies; trade directories; and databases. Vendor offerings have also been taken into consideration to determine market segmentation.
Primary Research
The pharmaceutical grade lithium carbonate market comprises several stakeholders, such as raw material suppliers, pharmaceutical grade lithium carbonate manufacturers, and regulatory organizations in the supply chain. Various primary sources from both the supply and demand sides of the market were interviewed to obtain qualitative and quantitative information. Primary sources from the supply side included industry experts such as Chief Executive Officers (CEOs), vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the pharmaceutical grade lithium carbonate market. Primary sources from the demand side included directors, marketing heads, and purchase managers from various sourcing industries.
Following is the breakdown of the primary respondents:
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Market Size Estimation
Both the top-down and bottom-up approaches were used to estimate and validate the total size of the pharmaceutical grade lithium carbonate market. These methods were also used extensively to determine the size of various sub-segments in the market. The research methodology used to estimate the market size included the following:
- The key players were identified through extensive primary and secondary research.
- The value chain and market size of the pharmaceutical grade lithium carbonate market, in terms of value and volume, were determined through primary and secondary research.
- All percentage shares, splits, and breakdowns were determined using secondary sources and verified through primary sources.
- All possible parameters that affect the market covered in this research study were accounted for, viewed in extensive detail, verified through primary research, and analyzed to obtain the final quantitative and qualitative data.
- The research included the study of reports, reviews, and newsletters of top market players, along with extensive interviews for opinions from key leaders, such as CEOs, directors, and marketing executives.
Global Pharmaceutical grade lithium carbonate Market Size: Bottom-Up Approach
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Global Pharmaceutical grade lithium carbonate Market Size: Top-Down Approach
Data Triangulation
After arriving at the overall market size using the market size estimation processes as explained above, the market was split into several segments and sub-segments. To complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both the demand and supply sides in the pharmaceutical grade lithium carbonate sources.
Market Definition
Pharmaceutical grade lithium carbonate refers to a high-purity form of lithium carbonate that meets stringent quality and purity standards set by regulatory authorities. Pharmaceutical grade lithium carbonate is a compound used primarily used as a mood stabilizer in the treatment of certain mental health conditions, particularly bipolar disorder. Due to the critical nature of its application in treating mental health conditions, the quality and purity of the compound are of utmost importance. As a result, pharmaceutical manufacturers adhere to strict guidelines and regulatory standards to produce and distribute pharmaceutical grade lithium carbonate.
Key Stakeholders
- Manufacturers of pharmaceutical grade lithium carbonate
- Manufacturers in end-use industries
- Traders, distributors, and suppliers of pharmaceutical grade lithium carbonate
- Regional manufacturers and chemical associations
- Contract manufacturing organizations (CMOs)
- Market research and consulting firms
- NGOs, governments, investment banks, venture capitalists, and private equity firms
- Environmental support agencies
Report Objectives:
- To analyze and forecast the market size of pharmaceutical grade lithium carbonate in terms of value and volume.
- To provide detailed information regarding the major factors (drivers, restraints, challenges, and opportunities) influencing the regional market
- To analyze and forecast the global pharmaceutical grade lithium carbonate market on the basis of application, and region.
- To analyze the opportunities in the market for stakeholders and provide details of a competitive landscape for market leaders.
- To strategically analyze the micro markets with respect to individual growth trends, growth prospects, and their contribution to the overall market
- To forecast the size of various market segments based on five major regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America, along with their respective key countries.
- To track and analyze competitive developments, such as agreement, joint development, and expansion, in the market.
- To strategically profile the key players and comprehensively analyze their market shares and core competencies.
Available Customizations:
With the given market data, MarketsandMarkets offers customizations according to the client-specific needs.
The following customization options are available for the report:
- Additional country-level analysis of the pharmaceutical grade lithium carbonate market
- Profiling of additional market players (up to 8)
Product Analysis
- Product matrix, which gives a detailed comparison of the product portfolio of each company.
Growth opportunities and latent adjacency in Pharmaceutical Grade Lithium Carbonate Market