Global Albumin Market Size to Exceed USD 8.1 Billion by 2031, Demonstrating a Notable CAGR of 6.1%: TMR Report

Wilmington, Delaware, United States, Sept. 13, 2023 (GLOBE NEWSWIRE) -- The global albumin market is projected to flourish at a CAGR of 6.1% from 2022 to 2031. As per the report published by Transparency Market Research, a valuation of US$ 8.1 billion is anticipated for the market in 2031. As of 2023, the market for albumin is expected to close at US$ 5.49 billion.

Albumin is commonly used in hospitals and clinics for treating various medical conditions, including burns, liver disease, and shock. The increasing demand for albumin in the healthcare industry fuels the market demand.

The increasing prevalence of chronic diseases like liver disease, kidney disease, and diabetes are on the rise worldwide. Albumin is used in therapies for managing and treating these conditions, leading to a consistent demand.

Improvements in albumin purification and production technologies have made it more cost-effective and efficient to manufacture, further driving market growth.

Pharmaceutical companies and biotechnology firms are investing in research and development related to albumin-based therapies, leading to the development of new products and applications.

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Market Snapshot:

Key Takeaways from the Market Study

• As of 2022, the albumin market was valued at US$ 5.1 billion
• Based on application, drug delivery is expected to be the most attractive segment during the forecast period.
• In terms of product, the human serum albumin segment is anticipated to account for a major market share during the forecast period.
• Based on end-users, pharmaceutical and biotechnology companies, is expected to generate high revenue during the forecast period.

Albumin Market: Key Trends and Opportunistic Frontiers

• Albumin-based therapies and products receive regulatory approvals in different regions, it opens up new markets and opportunities for growth.
• Ongoing research and development efforts have expanded the applications of albumin in the pharmaceutical and biotechnology sectors.
• Improved albumin purification and production technologies have made it more cost-effective and efficient to manufacture albumin, driving its availability and affordability.
  

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Albumin Market- Regional Analysis

• North America is projected to be a highly attractive market for albumin during the forecast period. A rise in investments in life sciences by a large number of biopharmaceutical companies and research institutes is expected to boost the global market for albumin in these regions throughout the assessment period.
• Asia Pacific is expected to account for a significant share of the albumin market during the forecast period. Growing healthcare expenditure, an aging population, and increased adoption of albumin in clinical applications contributed to the market's expansion. Countries like China, Japan, and India, showed substantial growth potential in the albumin market. The contract manufacturing and export of albumin from some Asian countries played a role in the global albumin supply chain.

Competitive Landscape

The global albumin industry is quite competitive, with the top ten players accounting for a major share of the market and companies focusing on research and development to produce better pharmaceutical and vaccine products for existing diseases. Leading players operating in the global albumin business are

• Albumin Therapeutics, LLC
• Albumedix A/S
• CSL Behring LLC
• Biotest AG
• SeraCare Life Sciences (LGC)
• HiMedia Laboratories Pvt. Ltd.
• Grifols International, S.A.
• Medxbio Pte Ltd.
• InVitria
• RayBiotech, Inc.
• Takeda Pharmaceutical Company Limited (Shire)
• Octapharma AG
• Sigma-Aldrich Co. (Merck KGaA)
  

Key Developments in The Albumin Market

• Octapharma is a Swiss-based company that produces a range of plasma-derived products, including albumin.They have been active in research and development to enhance the safety and efficacy of albumin products.
• CSL Behring is a global biopharmaceutical company known for its albumin products.They have a strong presence in the albumin market, offering both human and bovine-derived albumin products.The company has been focused on research and development efforts to improve albumin-based therapies.
• Grifols, is a major player in the albumin market.They produce albumin products used in various medical applications, including critical care and blood-related disorders.Grifols has been investing in expanding its albumin manufacturing capabilities and global reach.
  

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Albumin Market Key Segments

Product Type

• Human Serum Albumin
• Recombinant Albumin

Application

• Human Serum Albumin Applications
  • Drug Delivery
  • Drug Formulation
  • Medical Device Coating
  • Vaccines
  • Culture Medium & Stabilizer
  • In Vitro Fertilization
  • Diagnostics
• Recombinant Albumin Applications
  • Drug Delivery
  • Drug Formulation
  • Medical Device Coating
  • Vaccines
  • Culture Medium & Stabilizer
  • In Vitro Fertilization
  • Diagnostics

End-user

• Pharmaceutical & Biotechnology Companies
• Research Institutes
• Others
  

Region

• North America
• Latin America
• Europe
• Latin America
• Middle East & Africa
  

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