The growing prevalence of bipolar disorder is a significant factor influencing market demand.
Market Size – USD 103.9 Million in 2018, Market Growth – CAGR of 2.3%, Market Trends – Growing geriatric population
The global lithium therapy market is expected to reach USD 128.6 Million by 2027, according to a new report by Reports and Data. Lithium Therapy is used as an antipsychotic drug for treating bipolar disorder. Sometimes, it may be utilized in other disorders to supplement an antidepressant that is unable to treat depression effectively.
The growing prevalence of bipolar disorder is a significant factor in influencing the market growth. Bipolar disorder is a neurobiological disorder of the brain that currently impacts nearly 2.3 million people in the U.S. or about 1.0% of the total U.S. population. Suicide is the foremost reason for premature death amongst people who have bipolar disorder, with 15.0% to 17.0% committing suicide, owing to negative symptoms that arise from an untreated illness. Individuals who have bipolar disorder were over 25 times more likely to experience panic disorder and around ten times more likely to experience obsessive-compulsive disorder as compared to people in the general population with the condition.
The growing geriatric population is likely to boost the market demand in the forecast period. According to a study, bipolar disorder exists in 6.0% of geriatric outpatient appointments, 8.0%–10.0% of geriatric inpatient admissions, 3.0% of geriatric people admitted in nursing homes, and 17% of geriatric patients referred to psychiatric emergency departments. Hence, the worldwide rise in the aging population will be directly proportional to the number of older adults with the condition.
Leading companies operating in the market and profiled in the report include:
Pfizer, Alkem, Sun Pharma, Apotek Corp., Glenmark Generics, Intas, Taurus Labs, GlaxoSmithKline, Noven Pharmaceuticals, and Cardinal Health, among others.
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Further key findings from the report suggest
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Competitive Landscape:
Dominant key players in the market are adopting various strategies like mergers and acquisition, partnerships, collaborations, joint ventures and product launches to gain a robust footing in the market. Growing demand for various medical products, increasing adoption of home-care settings, point-of-care diagnosis, high demand for vaccines and medication for controlling COVID-19 is expected to benefit the key companies throughout the forecast period.
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Global Lithium Therapy Market Segmentation:
Product Type Outlook (Revenue, USD Million; 2016-2027)
Dosage Form Outlook (Revenue, USD Million; 2016-2027)
Distribution Channel Outlook (Revenue, USD Million; 2016-2027)
The global Lithium Therapy market is broadly divided into 5 major regions, viz. North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Regional Outlook:
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