Global Albumin Market Overview:
Global Albumin Market is projected to achieve a value of USD 7.74 Billion in 2023, with a linear behaviour in the market growth it is forecasted to achieve a value of USD 11.54 Billion by 2033 with a CAGR of 4.8% during the forecast period 2023-2033.
The most common circulating protein in plasma is called albumin. It is produced by the liver and is essential for controlling the blood’s osmotic pressure. The expansion of the global albumin market is being driven by factors including the rising prevalence of hypoalbuminemia and other medical problems, the growth of plasma fractionation facilities, and the surge in plasma collection.
It is anticipated that the increase in trauma and burn cases will increase demand for albumin, especially for the correction of hypoalbuminemia and as a critical volume expander during burn shock resuscitation
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Market Growth Factors:
Globally, this has recently been a noticeable increase in the need for medicines produced from plasma, particularly albumin. The primary cause of this increase is thought to be the rise in incidences of infections, heart surgery, unique liver diseases, and other life-threatening conditions that result in hypoalbuminemia. A disorder known as hypoalbuminemia is characterized by either decreased albumin production or increased albumin loss through the skin, GI tract, kidneys, or extravascular space. It is the most common disorder among hospitalized and severely ill people. Albumin therapeutics or targeted albumin therapies can be used to treat such life-threatening conditions.
The market for albumin is expanding due to a growing number of campaigns promoting blood donation awareness. Human plasma is a major source of albumin, and its supply is positively impacted by awareness efforts. Additionally, the market is growing as a result of the increased usage of albumin in medication development.
The Most Significant Findings from the Albumin Market Study:
By type, the human serum albumin segment led the market in terms of revenue in 2022 and is expected to increase at the quickest compound annual growth rate (CAGR) over the forecast period.
Based on application, the therapeutics category held the largest revenue share in the market in 2022 and is expected to increase at the quickest compound annual growth rate (CAGR) over the forecast period.
In 2022, the B2B segment held a dominant revenue share of the market based on sales channel. But throughout the course of the projection period, the B2C segment is expected to develop at the fastest CAGR.
In terms of revenue, North America led the world in 2022. Nonetheless, during the projection period, Asia-Pacific is expected to develop at the greatest CAGR.
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Market Segments:
By Product:
- Human Serum Albumin
- Recombinant Albumin
- Bovine Serum Albumin
By Application
- Therapeutics
- Diagnostics
- Research
By End user:
- Hospital & Clinics
- Pharmaceutical & Biotechnology Industry
- Research Institutes
Market Regional Analysis:
With a market share of more than 41%, North America leads the albumin industry and generates the most revenue. The number of aged individuals increasing, the prevalence of chronic illnesses rising, and the increasing usage of treatments based on albumin are the main causes of this increase. The United States is the main participant in this regional market, followed by Canada and Mexico.
With consistent long-term expansion, Europe is expected to overtake North America as the second-largest area in this market. The primary factors propelling expansion in this field are the aging population, the growing prevalence of chronic illnesses, and the growing demand for albumin-based therapies. Germany leads the European albumin market with a sizable market share. Germany, France, and Italy are some of the other leading manufacturers.
Over the course of the forecast period, the albumin market in Asia Pacific is anticipated to develop at the fastest rate. This remarkable development trend is attributed to the rising prevalence of chronic illnesses, the aging population, and the evolving healthcare system. China is by far the largest albumin market in the Asia-Pacific region; South Korea, Japan, and India are the next largest.
Top Key Players Involved in this market are:
- Cargill
- Incorporated
- Archer Daniels Midland Company
- Ingredion Incorporated
- Grain Processing Corporation
- BENEO GmbH
- The Scoular Company
- SÜDSTÄRKE GmbH
- Seducer AG
- Bunge Limited
- Associated British Foods plc
- Tate & Lyle PLC
- Requite Frères and other.
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