Market Size –
The albumin market size has grown strongly in recent years. It will grow from $6.03 billion in 2023 to $6.57 billion in 2024 at a compound annual growth rate (CAGR) of 9.0%. The growth in the historic period can be attributed to advancements in biotechnology, increased demand for plasma-derived therapies, expanding applications in pharmaceuticals, high prevalence of liver diseases, regulatory approvals for albumin-based products, and globalization of healthcare leading to wider market access.
The albumin market size is expected to see strong growth in the next few years. It will grow to $9.33 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to the increasing prevalence of liver diseases, expanding applications in regenerative medicine, rising geriatric population, evolving diagnostic techniques, shifting healthcare infrastructure towards outpatient care, and growing awareness about the importance of maintaining optimal protein levels. Major trends in the forecast period include expanding therapeutic applications, rising adoption in drug delivery systems, increasing demand in cell culture media, growth in personalized medicine, advancements in recombinant technology, heightened awareness of hypoalbuminemia treatment, and significant investment in research and development for innovative albumin-based products.
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Scope Of Albumin Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Albumin Market Overview
Market Drivers –
The rising incidence of diabetes is expected to propel the growth of albumin market going forward. Diabetes is a metabolic disease characterized by high blood sugar levels over a prolonged period. The number of diabetes cases is rising because of poor nutrition, a lack of physical activity, hormonal conditions, and obesity. Albumin is an important biomarker in diabetes that can guide insulin therapy, monitor glycemic control, aid in diagnosis, and predict complications such as diabetic ketoacidosis (DKA). Maintaining normal albumin levels is crucial for the overall management of diabetes. For instance, in January 2022, according to the National Library of Medicine, a US-based government library, in 2021, the global prevalence of diabetes was estimated at 10.5%, affecting approximately 536.6 million individuals aged 20-79 years. By 2045, this figure is projected to increase to 12.2%, impacting around 783.2 million people. Therefore, the rising incidence of diabetes is expected to propel the growth of albumin market going forward.
Market Trends –
Major companies operating in the albumin market are developing innovative products, such as an animal- and human-origin-free recombinant albumin, to better serve customers with advanced features. An animal- and human-origin-free recombinant albumin refers to a type of albumin that is manufactured using a non-mammalian expression system, such as yeast, and does not contain any components derived from animals or humans. For instance, in March 2023, Albumedix, a UK-based manufacturer of recombinant human albumin (rHA), and Heartseed Inc., a Japan-based clinical-stage biotech company, partnered to launch Recombin, a critical excipient that will be used in the production of Heartseed’s investigational cell therapy, HS-001, as its first-in-human clinical trial commences. This collaboration marks a significant milestone in the development of HS-001, which is poised to revolutionize the treatment of various diseases. The inclusion of recombination in the manufacturing process ensures the optimal performance and stability of the cell therapy, further solidifying its potential for therapeutic success.
The albumin market covered in this report is segmented –
1) By Type: Human Serum Albumin, Bovine Serum Albumin, Recombinant Albumin
2) By Application: Therapeutics, Drug Formulation And Vaccines, Component Of Media, Other Applications
3) By Sales Channel: Business-To-Consumer (B2C), Business-To-Business (B2B)
4) By End-User: Hospitals And Clinics, Pharmaceutical And Biotechnology Companies, Research Institutes
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Regional Insights –
North America was the largest region in the albumin market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the albumin market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the albumin market are Bristol-Myers Squibb Company, Thermo Fisher Scientific Inc., Takeda Pharmaceutical Company Limited, Merck KGaA, Baxter International Inc., CSL Limited, Grifols SA, Mitsubishi Tanabe Pharma Corporation, Octapharma AG, Kedrion S.p.A., Biotest AG, Jiangxi Boya Bio-Pharmaceutical Co. Ltd., BPL (Bio Products Laboratory), Kamada Ltd., Proliant Biologicals, SeraCare Life Sciences Inc., HiMedia Laboratories, Albumedix Ltd., Medxbio Pte Ltd., Ventria Bioscience Inc., China Biologic Products Holdings Inc.
Table of Contents
1. Executive Summary
2. Albumin Market Characteristics
3. Albumin Market Trends And Strategies
4. Albumin Market – Macro Economic Scenario
5. Global Albumin Market Size and Growth
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31. Albumin Market Other Major And Innovative Companies
32. Global Albumin Market Competitive Benchmarking
33. Global Albumin Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Albumin Market
35. Albumin Market Future Outlook and Potential Analysis
36.Appendix
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