Pharmaceutical Grade Lithium Carbonate Market Size Worth $197.61 Million By 2032 | CAGR: 3.7%

The global pharmaceutical grade lithium carbonate market size is expected to reach USD 197.61 million by 2032, according to a new study by Polaris Market Research. The report “Pharmaceutical Grade Lithium Carbonate Market Share, Size, Trends, Industry Analysis Report, By Application (Extended Release, Immediate Release); By Purity; By End-use; By Region; Segment Forecast, 2024 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

The pharmaceutical-grade lithium carbonate market is anticipated to witness significant growth during the forecast timeframe, driven by growing neurological disorder cases, primarily bipolar disorders, in the worldwide population. According to the National Institute of Mental Health projections, around 2.8% of the adults in the United States have bipolar disorder. This ongoing trend is necessitating the need for compatible medicines to treat bipolar disorder patients, including pharmaceutical-grade lithium carbonate.

The higher potential of lithium carbonate in stabilizing moods is driving its use in the pharmaceutical space, apart from its use in battery manufacturing. Its fast-acting capability in the brain is enforcing its use by healthcare professionals for bipolar disorder patients with the usual dosage of 600–1,800 milligrams (mg).

The growing collaborative initiatives by the major players in the market to enhance their brand coverage are positively affecting the pharmaceutical-grade lithium carbonate market. For instance, in August 2023, Northern Lithium Ltd. and Evove Ltd. entered into a collaborative agreement to manufacture battery-grade lithium carbonate for industrial activities from saline brine.

Furthermore, growing production of pharmaceutical-grade lithium carbonate is expected to meet ongoing demand in the healthcare sector. For instance, in June 2023, Livent's Manufacturing announced the restart of lithium carbonate production operations, including pharmaceutical grade. These initiatives are likely to stimulate the supply of lithium carbonate in the global market.

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The growing investments in the production of pharmaceutical-grade lithium carbonate by the key market players in the world are anticipated to boost global expansion. For instance, in July 2023, Telescope Innovations, received accelerator funding of $292,333 from Canada to promote battery-grade lithium carbonate. The ongoing efforts by companies to promote their extraction capacity and quality concerns are significantly contributing to the pharmaceutical lithium carbonate market growth. For instance, in October 2023, Recharge Resources announced the 99.99% purity level of lithium carbonate from its pocitos 1 lithium brine project.

Pharmaceutical Grade Lithium Carbonate Market Report Highlights

• Extended-release segment will grow with rapid pace, due to its offering of a lower dose frequency to patients.
• Above 99% purity segment held the largest share, owing to its ability to provide efficient pharmaceutical products with enhanced quality and safety.
• Hospitals segment garnered the largest share due to the significant rise in the admissions of patients with bipolar disorder.
• Asia Pacific is projected to register the fastest growth during the forecast period, attributable to the prevalence of mental illness cases.
• The global players include Albemarle Corporation, American Elements, Blanver, Globe Química, & Jiangsu Lianhuan Pharmaceutical.

Polaris Market Research has segmented the pharmaceutical grade lithium carbonate market report based on application, purity, end-user, and region:

Pharmaceutical Grade Lithium Carbonate, Application Outlook (Revenue - USD Billion, 2019 - 2032)

• Extended Release
• Immediate Release

Pharmaceutical Grade Lithium Carbonate, Purity Outlook (Revenue - USD Billion, 2019 - 2032)

• 99%
• Above 99%

Pharmaceutical Grade Lithium Carbonate, End-User Outlook (Revenue - USD Billion, 2019 - 2032)

• Hospitals
• Clinics
• Retail Pharmacies

Pharmaceutical Grade Lithium Carbonate, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa

Pharmaceutical Grade Lithium Carbonate Market Report Scope