Global Albumin Market Set For Rapid Growth, To Reach Around USD 5.87 Billion By 2024

17-Oct-2018 | Zion Market Research

Zion Market Research has published a new report titled “Albumin Market by Product (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin), by Application (Therapeutics & Diagnostics, Drug Delivery, Vaccine Ingredient, Culture Medium Ingredient & Stabilizer, In-vitro Fertilization, and Others), and by End-User (Pharmaceutical & Biotechnology Industry, Research Institutes, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, global albumin market was valued at approximately USD 3.91 billion in 2017 and is expected to generate around USD 5.87 billion in revenue by the end of 2024, growing at a CAGR of around 6.0% between 2018 and 2024.

Albumin is a type of protein synthesized by the liver, which is present in the blood. Bovine serum albumin and human serum albumin are albumins obtained from bovine and human plasma, respectively. Recombinant albumin is manufactured using recombinant techniques in bacteria and viruses.

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Global Albumin Market

Albumin market is segmented based on application, product type, and end-user. Based on product type, the albumin market is segmented into a recombinant albumin, human serum albumin, and bovine serum albumin. Human serum albumin segment dominates the product segment of the global albumin market due to growing prevalence of diseases leading to hypoalbuminemia, a condition involving depletion of albumin levels in the human body. 

On the basis of application, the albumin market is segmented into therapeutics and diagnostics, drug delivery, vaccine ingredient, culture medium ingredient & stabilizer, in-vitro fertilization, and others. The therapeutics segment is anticipated to dominate the market, owing to the rise in the prevalence of burns cases, trauma, and various surgical procedures.

The end-user segment includes pharmaceutical & biotechnology industries, research institutes, and others. Pharmaceutical & biotechnology industries are anticipated to dominate the albumin market in the forecast period due to the rapid increase in R&D activities to develop advanced products and a rise in government funding. 

Europe, Latin America, North America, Asia Pacific, and the Middle East & Africa are the regional segments of global albumin market. The Asia Pacific is expected to dominate the market in the upcoming years. This is due to increased use of albumin for treatment of diseases, the presence of a high patient pool, increase in research and development using albumin as an excipient, and increase in focus toward enhanced diagnosis are the major factors driving the growth of the albumin market in the Asia Pacific region. North America is the second most lucrative market after the Asia Pacific. The presence of developed healthcare facilities and biotechnology industry and rapid development in the use of albumin for non-therapeutical applications are some of the factors driving the growth of the albumin market in North America. The increase in the R&D related to the use of albumin and the rapidly developing pharmaceutical industries are fueling the growth of the albumin market in Europe. The increase in awareness about the albumin and growth in the use of the albumin for research purpose are some of the factors fueling the growth of the albumin market in the Middle East and Africa and Latin America.

The main players in the global albumin market are Behring LLC, HiMedia Laboratories Pvt. Ltd., Albumedix A/S, Grifols International S.A., Albumin Therapeutics, LLC, InVitria, RayBiotech, Inc., Octapharma AG, Sigma-Aldrich Co., and SeraCare Life Sciences. The major companies focus on expanding their geographical area by manufacturing products in that area. For instance, in November 2017, Grifols inaugurated a new plant of Diagnostic Division in Brazil to expand its presence worldwide.

This report segments the global albumin market as follows:

Global Albumin Market: Product Segment Analysis

  • Human Serum Albumin
  • Bovine Serum Albumin
  • Recombinant Albumin

Global Albumin Market: Application Segment Analysis

  • Therapeutics and Diagnostics
  • Drug Delivery
  • Vaccine Ingredient
  • Culture Medium Ingredient & Stabilizer
  • In-vitro Fertilization
  • Others

Global Albumin Market: End-User Segment Analysis

  • Pharmaceutical & Biotechnology Industry
  • Research Institutes
  • Others

Global Albumin Market: Regional Segment Analysis

  • North America
    • The U.S.
  • Europe
    • UK
    • France
    • Germany
  • Asia Pacific
    • China
    • Japan
    • India
  • Latin America
    • Brazil
  • The Middle East and Africa

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