New York, NY, Oct. 22, 2018 (GLOBE NEWSWIRE) -- 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.
Browse through 54 Tables & 28 Figures spread over 110 Pages and in-depth TOC on “Global Albumin Market: By Type, Industry Size, Share, Trends and Forecast, 2017 – 2024”.
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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.
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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.
North America is the second most lucrative market after the Asia Pacific. The presence of developed healthcare and biotechnological industry, use of technologically advanced procedures, and rapid development in albumin use for non-therapeutic applications are some of the factors driving the expansion of the albumin market in North America. The various applications of albumin in clinical situations, such as its use to maintain the osmotic pressure and as a volume replacement therapy and a protein carrier are also contributing to the development of the albumin market in the North America region.
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Europe is anticipated to show a rapid growth in this market and is anticipated to follow the Asia Pacific and North America. The increase in the research & development related to albumin use and rapidly developing biotechnological and pharmaceutical industries are the major factors fueling the expansion of the albumin market in Europe. The prevalence of various diseases and rise in the geriatric population who need albumin as a protein source are some of the other factors contributing to the development of the albumin market in the European region.
The Asia Pacific is anticipated to dominate the albumin market during the forecast period. Asia Pacific region held the largest share of the albumin market in 2017; China was the leading country in the region. 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. In 2016, China imported about 227 metric tons of human serum albumin, which accounted for approximately 60% of the country’s total consumption. This growing awareness of albumin use in countries like China, Japan, India, and Korea is also fueling the growth of the albumin market in the Asia Pacific region. The increase in awareness about the therapeutic potential of immunoglobulin, which is prepared using albumin, is expected to drive the growth of albumin market in this region.
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The Latin American region is expected to show better growth in the forecast period as compared to the Middle East & Africa region. The increase in awareness about albumin by various programs initiated by the government, developing biotechnology industry, and growth in the use of the albumin for research purposes are the factors fueling the growth of the albumin market in these regions.
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.
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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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