Increase in prevalence of rare diseases, shocks, trauma, burns, and other fatalities is the major factor that contributes toward the growth of the albumin market. Moreover, other factors that fuel the market growth include increase in adoption of albumin products, growth in awareness about recombinant albumin products, and rise in non-therapeutic application of albumin as an excipient and drug formulating agent. In additon, many companies are increasing their market presence, thereby expanding their business across new markets. For Instance, in June 2020, Biotest has achieved a major milestone in its international expansion strategy by recording the first company sales human albumin in China, which is used stabilization of blood circulation in diseases such as chronic diseases of kidney and liver and burns. These aformentioned factors has led to increase the growth of the albumin market.
Furthermore, owing to high demand for albumin in R & D activities, and rising production of immunoglobulins, increasing non-therapeutic applications of albumin has led to boost the growth of the market. According to National Clinical Trial Registry, there are about 294 ongoing clinical trials are related to albumin across different phases of development for different indications. In addition, in March 2020, Curium has received FDA approval for Pulmotech MAA kit for the preparation of technetium Tc 99m albumin aggregated injection. It is a single photon emission agent for lung imaging as an adjunct in the evaluation of pulmonary perfusion. Thus, the advancements in albumin product development are expected to drive the growth of the market.
Conversely, development of cost-effective therapeutics through large scale production and high market potential in untapped emerging economies are expected to provide lucrative growth opportunities for the market are anticipated to hinder the market growth. People, nowadays are more aware of health, which, in turn, compels them to maintain their health condition and increase demand for albumin for drug development. This has further encouraged many key players to enter emerging markets, thus offering a lucrative growth opportunity in the albumin market.
The global albumin market is segmented on the basis of type, usage, material, and, end user, and region. By Type, the market is categorized into human serum albumin, bovine serum albumin, and recombinant albumin.
Depending on application, it is fragmented into therapeutics, drug formulation & vaccines, component of media, and other applications. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Some of the major companies that operate in the global albumin market are Baxter International Inc., China Biologic Products, Inc, CSL Limited, Grifols, S.A, Merck KGaA, Novozymes, Octapharma AG, Takeda Pharmaceuticals Inc, Thermo Fisher Scientific, and Ventria Bioscience.
Key Benefits for Stakeholders
- This report provides an extensive analysis of the current and emerging market trends and dynamics in the global albumin market to identify the prevailing opportunities
- This study presents the competitive landscape of the global market to predict the competitive environment across geographies
- Comprehensive analysis of factors that drive and restrict the market growth is provided
- Region- & country-wise analysis is provided to understand the market trends and dynamics
Key Market Segments
By Product Type
- Human Serum Albumin
- Bovine Serum Albumin
- Recombinant Albumin
By Application
- Therapeutics
- Drug formulation & vaccines
- component of media, and
- Other
By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
KEY MARKET PLAYERS
- Baxter International Inc
- China Biologic Products, Inc
- CSL Limited
- Grifols, SA
- Merck KGaA
- Novozymes
- Octapharma AG
- Takeda Pharmaceuticals Inc
- Thermo Fisher Scientific
- Ventria Bioscience
What is the estimated value of the Albumin Market?
What is the growth rate of the Albumin Market?
What is the forecasted size of the Albumin Market?
Who are the key companies in the Albumin Market?
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | February 2022 |
Forecast Period | 2020 - 2030 |
Estimated Market Value ( USD | $ 4813.5 million |
Forecasted Market Value ( USD | $ 8956.07 million |
Compound Annual Growth Rate | 6.4% |
Regions Covered | Global |
No. of Companies Mentioned | 10 |
Table of Contents
Executive Summary
According to a new report titled, “Albumin Market by Type, Application Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030”, the surgical clamps market was valued at $4,813.5 million in 2020, and is estimated to reach $8,956.07 million by 2030, growing at a CAGR of 6.4% from 2021 to 2030.Albumin is globular protein found in blood plasma. It is most abundant protein in plasma constituting around 50% of the total protein in the blood. It plays a vital role in maintaining proper oncotic blood pressure and transporting hormones, fatty acids, and other compounds throughout the body. It is derived from blood plasma on fractionation, and is widely used to clinically treat variety of diseases. Different types of albumin are used clinically, including human serum albumin, bovine serum albumin, and recombinant albumin.
The factors that drive the growth of the albumin market include increase in prevalence of life-threatening diseases and conditions such as surgical procedures, liver diseases, and trauma & burns cases. Moreover, rise in awareness about recombinant albumin products, upsurge in demand for albumin products, and growth in non-therapeutic application of albumin also fuel the growth of the market. However, stringent governmental regulations and reforms associated with albumin-based therapy impede the market growth. Conversely, the development of cost-effective therapeutic drugs along with large production of albumin and presence of untapped market in emerging economies are expected to provide lucrative growth opportunities for the market.
Increasing use of recombinant albumin in drug delivery, a recombinant DNA technology, has demonstrated a strong impact on human life. It is used to produce proteins and other components in laboratory. Recombinant albumin is preferred by manufacturers for R & D of innovative drugs for the treatment of hypoalbuminemia. For instance, in August 2018, Novartis partnered with Albumedix, specialize in recombinant human albumin. This partnership allowed Novartis to expand its business by developing several therapies for drug delivery applications. Moreover, in March 2021, Aledix announced a partnership with Fujifilm Wako Pure Chemical Corporation for the supply of recombinant human albumin in Japanese and Chinese market. Thus, development of albumin by key players propels the growth of the market.
In the U.S., human albumin is indicated for restoration and maintenance of circulating blood volume where volume deficiency has been reported. The U.S FDA has regulated sales and distribution of albumin as fractionated plasma products. In 2019, the U.S FDA identified two albumin brands such as Albuminex and Kedbumin. In addition, increase in drug development and drug discovery activities in the biopharmaceutical industry drive the growth of the albumin market.
The albumin market is segmented on the basis of type, application, end user, and region. On the basis of type, the market is segmented into human serum albumin, bovine serum albumin, and recombinant albumin.
The human serum albumin segment dominated the market in 2020, and this trend is expected to continue during the forecast period, owing to increase in number of product approvals, advancements in R&D activities in pharmaceutical & medical device industries, and surge in adoption of albumin products.
By application, it is fragmented into therapeutics, drug formulation & vaccines, component of media, and others. The therapeutics segment acquired top position in the market in 2020, and this trend is expected to continue during the forecast period, owing to large number of albumin products offered by key players and increase in use for drug discovery activities.
North America accounted for a majority of the global albumin market share in 2020, and is anticipated to remain dominant during the forecast period. This is attributed to rise in production of immunoglobulins, increase in number of approvals for albumin products, rise in presence of key players, and surge in development of technology for healthcare in the region. Asia-Pacific is anticipated to witness lucrative growth, owing to increase in number of trauma, burns cases, rise in plasma collection, and growth in health care expenditures
Key Findings Of The Study
- By type, the human serum albumin segment was the highest contributor to the market in 2020
- On the basis of application type, the therapeutics segment dominated the market in 2020, and is expected to continue this trend during the forecast period
- Region wise, North America garnered the largest revenue share in 2020, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period
Companies Mentioned
- Baxter International Inc.
- China Biologic Products, Inc
- CSL Limited
- GrifolsS.A.
- Merck KGaA
- Novozymes
- Octapharma AG
- Takeda Pharmaceuticals Inc
- Thermo Fisher Scientific
- Ventria Bioscience.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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