Global Albumin Market Size To Exceed USD 9.6 Billion By 2032 | CAGR Of 4.6%
The Global Albumin Market Size was valued at USD 6.1 Billion in 2022 and the Worldwide Albumin Market Size is expected to reach USD 9.6 Billion by 2032, according to a research report published by Spherical Insights & Consulting. Companies Covered: CSL Behring (CSL), Kedrion S.p.A., Takeda Pharmaceutical Company Limited, Lazuline Bio, InVitria, Biorbyt Ltd., Grifols, S.A., Octapharma AG, Albumin Bioscience, Aspira Chemical, ALBUMEDIX, Cyagen Biosciences, Merck KGaA, Thermo Fisher Scientific Inc., and Others.
New York, United States, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The Global Albumin Market Size is to Grow from USD 6.1 Billion in 2022 to USD 9.6 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.6% during the projected period.
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The most abundant protein in blood plasma is albumin. It is used to replace lost fluids and aid in the restoration of blood volume following trauma, burns, surgeries, infections, and liver diseases. It improves drug stability by lowering aggregation, oxidation, and surface absorption. Various types of serum albumins are widely used in clinical applications. Human serum albumin and bovine serum albumin are derived from human plasma and bovine plasma, respectively. Increased prevalence of hypoalbuminemia and other medical conditions are driving albumin market growth during the forecast period. The global demand for plasma-derived therapies, particularly albumin, has skyrocketed. This rise is primarily due to an increase in the number of cases of hypoalbuminemia caused by various life-threatening disorders, special liver diseases, infections, and cardiac surgeries. Hypoalbuminemia is characterized by decreased albumin production or increased loss of this protein through the kidneys, gastrointestinal tract, skin, or extravascular space. However, several countries have strict government regulations that limit the adoption of new products. A lack of therapeutic products, as well as stringent government regulations, impede their widespread use. Government agencies in both developed and developing countries ensure that all quality, safety, and potency criteria have been fulfilled when plasma is collected and delivered.
*COVID-19 Impact*
The COVID-19 outbreak is anticipated to have a positive impact on the global albumin market. The increased use of albumin for the production of vaccines such as the Covishield and Covaxin for the treatment of COVID-19 infection leads to an increase in albumin usage. According to the National Clinical Trial Registry, there are approximately ten planned and ongoing trials involving albumin for the development of COVID-19 virus vaccines. Thus, increased vaccine production increased albumin usage, which is expected to drive the albumin market during the forecast period.
Browse* *key industry insights spread across 200 pages with 120 market data tables and figures & charts from the report on* *the "*Global Albumin Market** Size, Share, and COVID-19 Impact Analysis, By Product (Human Serum Albumin, Recombinant Albumin, Bovine Serum Albumin), By Application (Therapeutics, Diagnostics, Research), By End-user (Hospital & Clinics, Pharmaceutical & Biotechnology Industry, and Research Institutes), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."*
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*The human serum albumin segment is anticipated to hold the largest share of the global albumin market over the forecast period.*
Based on the product, the global albumin market is classified into human serum albumin, recombinant albumin, and bovine serum albumin. Among these, human serum albumin is expected to hold the largest share of the albumin market during the forecast period. The segmental expansion is mainly due to the introduction of new products into the market and increased sales of hypoalbuminemia-treating drugs.
*The therapeutics segment will grow at a significant CAGR over the forecast period.*
Based on the application, the albumin market is segmented into therapeutics, diagnostics, and research. Among these, the therapeutics segment holds the significant CAGR growth over the forecast period. The rising number of product approvals from national regulatory authorities, increased demand for albumin in R&D activities, resulting in innovative product launches, and a surge in the adoption of these products for therapeutic purposes are all contributing to segmental growth during the forecast period.
*The hospital & clinics segment is witnessing substantial CAGR growth over the forecast period.*
Based on the end user, the albumin market is segmented into hospitals & clinics, pharmaceutical & biotechnology industries, and research institutes. Among these, the hospital & clinics segment is expected to grow at substantial CAGR growth over the forecast period. The rise can be attributed to the increased availability of albumin-based therapeutic treatments and their administration in hospital settings.
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*North America dominates the market with the largest market share over the forecast period.*
North America is dominating the market share over the forecast period. Several research organizations and biopharmaceutical companies are expected to increase their investments in life sciences during the forecast period, which will likely boost the global market in the North American region. The market is expanding as a result of increased use of plasma fractionation facilities, increased R&D activities in this region, and rising albumin demand.
Europe albumin market accounts for the second-largest market share during the forecast period. The introduction of new products, the implementation of critical initiatives such as partnerships and acquisitions, and rising investments will be driving the market. The biopharmaceutical industry's expanding drug discovery and development efforts are expected to fuel the albumin market.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Albumin Market CSL Behring (CSL), Kedrion S.p.A., Takeda Pharmaceutical Company Limited, Lazuline Bio, InVitria, Biorbyt Ltd., Grifols, S.A., Octapharma AG, Albumin Bioscience, Aspira Chemical, ALBUMEDIX, Cyagen Biosciences, Merck KGaA, Thermo Fisher Scientific Inc. and Other Key Vendors.
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*Recent Market Developments:*
· *In July 2023, *Kedrion Biopharma, a global biopharmaceutical company that develops plasma-derived therapeutics, announced the expansion of its human serum albumin products in the Chinese market to treat rare diseases.
*Market Segmentation:*
This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
*Albumin Market, Product Analysis*
· Human Serum Albumin
· Recombinant Albumin
· Bovine Serum Albumin
*Albumin Market, End User* *Analysis*
· Hospital & Clinics
· Pharmaceutical & Biotechnology Industry
· Research Institutes
*Albumin Market, Regional Analysis*
· North America
· US
· Canada
· Mexico
· Europe
· Germany
· UK
· France
· Italy
· Spain
· Russia
· Rest of Europe
· Asia Pacific
· China
· Japan
· India
· South Korea
· Australia
· South America
· Brazil
· Argentina
· Colombia
· Middle East & Africa
· UAE
· Saudi Arabia
· South Africa
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