Global Albumin Market Expected to Garner $10,239.0 Million in the 2022-2032 Timeframe, Growing at 6.1% CAGR [250-Pages] | Calculations by Research Dive

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06 Mar, 2023, 11:30 GMT

The albumin market is expected to grow by 2032 due to surge in prevalence of chronic diseases. Therapeutics sub-segment is predicted to have the highest market share. Market in Asia-Pacific to be the fastest growing.

NEW YORK, March 6, 2023 /PRNewswire/ -- Research Dive has added a new report to its offering titled, "Albumin Market by Type (Human Serum, Bovine Serum, and Recombinant HSA), Form (Lyophilisation/Powder and Liquid/Solution), Application (Therapeutics, Drug Formulations, Vaccine, and Others), Grade (Technical and Diagnostic Grade, Research/Reagent Grade, and Food Grade), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2032".

As per the report, the global albumin market is predicted to grow at a stable CAGR of 6.1% in the 2022-2032 timeframe, thereby garnering $10,239.0 million by 2032.

Dynamics of the Market

Drivers: The growing prevalence of chronic diseases such as liver diseases, diabetes, obesity, etc. due to the changing lifestyle of people is predicted to help the albumin market grow in the forecast period. Along with this, extensive use of albumin for treatment of various ailments such as hepatorenal syndrome is anticipated to drive the market forward.

Opportunities: Benefits of human serum albumin are expected to offer numerous growth opportunities to the market in the analysis timeframe. Moreover, increasing use of albumin to treat acute kidney injuries is anticipated to augment the growth rate of the market.

Restraints: Market analysts are however skeptical about the full-paced growth of this market owing to the strict regulations prevalent in developing countries regarding use of albumin therapeutic products, which might prove to be a restraint for the albumin market.

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Impact of Covid-19 on the Market

The novel coronavirus had wreaked havoc in the world. The lockdowns put in place to curb the virus affected various industries and their production cycles. The albumin market, however, has been an exception. The market has witnessed growth during the pandemic years due to increasing use of albumin to develop and manufacture drugs to combat the Covid-19 crisis. In fact, albumin was of great help while development of vaccines such as Covishield and Covaxin. Thus, the growth in development of drugs and vaccines has led to a growth in demand of albumin.

Segments of the Market

The report has divided the albumin market into certain segments based on type, form, application, grade, and region.

  • By type, the human serum sub-segment is predicted to have a dominant market share and is expected to garner a substantial revenue of $9,432.9 million by 2032. Human Serum Albumin (HSA) is one of the most important constituents of blood plasma and is extensively used while performing cell culture procedures. This increasing usage of HSA is expected to help the sub-segment grow in the forecast period.
  • By form, the liquid/solution sub-segment is anticipated to generate a revenue of $6,112.3 million by 2032, thereby becoming the most lucrative sub-segment. Proteins from blood plasma, which are in liquid or solution form, are used to manufacture pharmaceutical albumin. This utility of liquid/solution proteins is predicted to help in the growth of this sub-segment.
  • By application, the therapeutics sub-segment of the is anticipated to be the most profitable sub-segment and garner $4,685.9 million by 2032. The growth in use of albumin for treatment of various illnesses such as liver problems and blood loss is predicted to offer numerous growth opportunities for the sub-segment in the analysis timeframe.
  • By grade, the technical and diagnostic grade sub-segment is anticipated to have the highest market share and generate a revenue of $8,502.1 million by 2032. Increasing use of technical and diagnostic grade albumin in biotechnological applications is estimated to help in the growth of the sub-segment.
  • By regional analysis, the albumin market in Asia-Pacific region is expected to garner maximum revenue and rise with a CAGR of 6.47%. Rapidly growing healthcare infrastructure and growth in the disposable incomes of people across the globe is projected to help the market grow in this region.

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Prominent Market Players

Some of the prominent players of the albumin market are

  • Baxter International Inc.
  • Merck KGaA
  • Takeda Pharmaceuticals Company Limited
  • China Biologic Products Holdings, Inc.
  • Novozymes
  • Thermo Fisher Scientific
  • CSL Limited
  • Octapharma AG
  • Ventria Bioscience Inc.
  • Grifols, S.A.

These players are adopting various business strategies like mergers, acquisitions, and collaborations to gain a prominent position in the market.

For instance, in August 2022, Sartorius, a leading pharmaceutical company, announced the acquisition of Albumedix Ltd., a UK-based recombinant albumin-based solutions developer. This acquisition will help in expanding the pharmaceutical manufacturing capabilities of Sartorius as recombinant albumin is an essential component of various pharmaceuticals. Ultimately, this acquisition will help Sartorius to increase its revenue substantially in the coming period.

Finally, the report also summarizes many crucial aspects of the global market including SWOT analysis, latest strategic developments, financial performance of the key players, and product portfolio.

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