15-Jun-2022 | Zion Market Research
The global albumin market grasped a market value of USD 4.25 billion in 2021. The market is expected to expand at a CAGR of 6.5 percent to reach around USD 9.55 billion by 2028. The most prevalent protein present in blood plasma is albumin. It is used therapeutically to replenish lost fluids and aid in the restoration of blood volume after infections, trauma, surgeries, burns, and liver illnesses. It helps to keep pharmaceuticals stable by decreasing oxidation, aggregation, and surface absorption. Serum albumin comes in a variety of forms that are commonly employed in therapeutic settings. Human and bovine serum albumins are made from human and bovine plasma, respectively.
The global albumin market is primarily driven by an increase in new drug development and a surge in pharmaceutical research activities. Protein's use in the production of pharmaceuticals has grown in popularity over the years due to a variety of benefits. For example, demand is increasing in Italy, Belgium, and the United States. To maintain the demand-supply balance, several fractionation plants have been established in various nations. Plasma may be fractionated into albumin and other plasma components using the fractionation facilities. It is beneficial for drug producers to design medications since it comprises 60% of total plasma proteins. Plasma fractionation factories are assisting the pharmaceutical and biotechnology sectors in the development of novel medicines, diagnostics, and research items. As a result, albumin market participants will have a huge potential in the next years as demand grows.
The COVID-19 pandemic is projected to have a beneficial influence on the global albumin market's growth. Albumin consumption has increased as a result of the increased use of albumin in the manufacturing of vaccines like Covishield and Covaxin for treating COVID-19 infection. As per the National Clinical Trial Registry, there are around ten planned and ongoing trials including albumin for the development of COVID-19 viral vaccines. As a result of the growing use of albumin in vaccine manufacturing, the market is expected to grow over the projected period.
The global albumin market is segmented by product, application, end-user, and region. Based on product, the global market is segmented into human serum albumin, bovine serum albumin, and recombinant albumin. Based on application, the global market is segmented into therapeutics, diagnostics, drug delivery, vaccine ingredient, culture medium, ingredient & stabilizer, and in-vitro fertilization. The market share for vaccine ingredients is projected to grow extensively during the forecast period. Based on end-user, the global market is segmented into the pharmaceutical & biotechnology industry and research institutes.
North America dominated the global albumin market in 2021 and is expected to continue to do so during the forecast period because of the rise in the number of chronic disorders, the presence of key pharmaceutical players, the launch of new albumin products, and the development of the healthcare sector in the region. The albumin market is rapidly expanding in Asia-Pacific. Improving diagnosis, preventative treatment, and medical research are becoming increasingly important in China, India, Japan, and Korea. Because of these aspects, the market in these nations has a lot of room to develop. China has been a significant driver of Asia's economy in recent years and will continue to do so in the future.
The global albumin market includes key competitors like Baxter International Inc., Akron Biotech, Octapharma AG, HiMedia Laboratories Pvt. Ltd.Grifols, SA, Takeda Pharmaceuticals Inc, Mitsubishi Tanabe Pharma Corporation, Merck KGaA, Thermo Fisher Scientific Inc., China Biologic Products, Inc, Sigma-Aldrich Co. LLC., Novozymes, CSL Limited, Ventria Bioscience, Medxbio Pte Ltd.
Browse the full “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), By End-User (Pharmaceutical & Biotechnology Industry, Research Institutes, And Others), And By Region: Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2028.” Report at https://www.zionmarketresearch.com/report/albumin-market.
The global albumin market is segmented as follows:
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