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Exploring the Growing Demand for Albumin in the Global Albumin Market
Global Albumin Market
Albumin is a protein that is primarily produced by the liver and is found in human blood plasma. It plays a crucial role in maintaining the osmotic pressure of blood and transporting various substances such as hormones, fatty acids, and drugs. Albumin is widely used in various medical applications such as blood volume expansion, treatment of burns, liver diseases, and hypovolemic shock. With the growing prevalence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, the demand for albumin has been steadily increasing.
In this article, we will discuss the current trends, drivers, challenges, and opportunities in the Global Albumin Market.
Current Trends in the Global Albumin Market
The Global Albumin Market is expected to grow at a CAGR of 6.3% from 2021 to 2028, according to a report. Some of the current trends in this market are:
• Increasing usage of albumin in the pharmaceutical industry for drug delivery and formulation.
• Rising demand for albumin in the treatment of liver diseases and hypovolemic shock.
• Growing awareness about the benefits of albumin in blood volume expansion and wound healing.
• Advancements in albumin purification and production technologies.
Drivers of the Global Albumin Market
Several factors are driving the growth of the Global Albumin Market, such as:
• Increasing prevalence of chronic diseases: With the rising incidence of chronic diseases such as cancer, diabetes, and cardiovascular diseases, the demand for albumin is expected to increase in the coming years.
• Growing geriatric population: The elderly population is more prone to chronic diseases and requires frequent medical intervention, which is expected to drive the demand for albumin.
• Technological advancements: The development of advanced albumin purification and production technologies has led to increased efficiency and reduced costs, which is expected to drive the demand for albumin in the pharmaceutical industry.
• Increasing demand for blood products: With the growing need for blood products in medical emergencies, the demand for albumin is expected to increase in the coming years.
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Market Segmentations:
Global Albumin Market- Segmental assessment
By Type
• Human Serum Albumin
• Bovine Serum Albumin
• Recombinant Albumin
The human serum albumin segment is slated to amass notable gains over the anticipated timeline owing to its high efficacy is facilitating drug delivery.
By Application
• Drug Delivery
• Therapeutics
• Culture Media Ingredient
• Vaccine Ingredient
• Others
By End User
• Hospitals and Clinics
• Pharmaceutical and Biotechnology Companies
• Research Institutes
• Others
The pharmaceutical segment is likely to generate significant returns over the stipulated timeframe due to the widespread use of albumin is vaccine development.
Global Albumin Market- Geographical landscape
The primary regions constituting the geographical ambit of this business sphere are North America, Middle East & Africa, South America, Europe, and Asia Pacific. Among these, North America presently dominates the market in terms of revenue share. This is attributable to the growing pervasiveness of chronic ailments, increase in the geriatric population base, and rising non-therapeutic applications of albumin.
Meanwhile. Asia Pacific is poised to showcase lucrative expansion trends over 2022-2030 owing to the rapid increase in healthcare expenditure and surge in the elderly population base.
Global Albumin Market- Competitive hierarchy
The prominent players defining the competitive terrain of this business vertical are Albumedix Ltd., Amgen, Baxalata Incorporated, Baxter International, Inc., Biotest AG, Celgene Corporation (BristolMyers Squibb Company), China Biologic Products, Inc., CSL Behring LLC, Grifols S.A., HiMedia Laboratories, Kedrion S.p.A., Medxbio Pte Ltd., Merck KGaA, Mitsubishi Tanabe Pharma, Novozymes Biotest AG, Octapharma AG, SERACARE LIFE SCIENCES, Sigma-Aldrich Corporation, Takeda Pharmaceutical Company Limited, Thermo Fisher Scientific Inc., Ventria Bioscience Inc., and Others.
Notably, in July 2020, Grifols announced the acquisition of GC Pharma Group to enhance its offerings in the field.
Report scope
Global Albumin Market: Historical Years- 2018-2021
Global Albumin Market: Forecast Years- 2022-2030
Global Albumin Market 2021- USD 0.81 billion
Global Albumin Market 2030- USD 1.7 billion
Global Albumin Market CAGR-6.3%
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Major segments reported-
• By Type (Human Serum Albumin, Bovine Serum Albumin, and Recombinant Albumin)
• By Application (Drug Delivery, Therapeutics, Culture Media Ingredient, Vaccine Ingredient, and Others)
• By End User (Hospitals and Clinics, Pharmaceutical and Biotechnology Companies, Research Institutes, and Others)
Key regions and countries
• North America (U.S., Canada, and Mexico)
• Latin America (Brazil, Argentina, and Colombia)
• Europe (Germany, U.K., France, Italy, Spain, and Russia)
• Middle East & Africa (UAE, Saudi Arabia, Egypt, and South Africa)
• Asia Pacific (China, Japan, India, Australia, South Korea, and ASEAN)
Top players profiled-Albumedix Ltd., Amgen, Baxalata Incorporated, Baxter International, Inc., Biotest AG, Celgene Corporation (BristolMyers Squibb Company), China Biologic Products, Inc., CSL Behring LLC, Grifols S.A., HiMedia Laboratories, Kedrion S.p.A., Medxbio Pte Ltd., Merck KGaA, Mitsubishi Tanabe Pharma, Novozymes Biotest AG, Octapharma AG, SERACARE LIFE SCIENCES, Sigma-Aldrich Corporation, Takeda Pharmaceutical Company Limited, Thermo Fisher Scientific Inc., Ventria Bioscience Inc., and Others.
Challenges in the Global Albumin Market
Despite the growing demand for albumin, the Global Albumin Market faces several challenges, such as:
• High cost of albumin production: The high cost of albumin production is a major challenge faced by the manufacturers in this market.
• Ethical concerns: Albumin is primarily extracted from human blood plasma, which raises ethical concerns about the use of human resources for commercial purposes.
• Availability of substitutes: The availability of substitutes such as synthetic plasma expanders and other blood products may limit the growth of the albumin market.
• Stringent regulations: The stringent regulations imposed by various regulatory bodies may hinder the growth of the albumin market.
Opportunities in the Global Albumin Market
Despite the challenges, the Global Albumin Market presents several opportunities for the manufacturers and suppliers, such as:
• Emerging markets: The increasing demand for albumin in emerging markets such as Asia Pacific and Latin America presents significant opportunities for the manufacturers and suppliers.
• Development of new albumin-based therapies: The development of new albumin-based therapies for various diseases presents significant growth opportunities in the pharmaceutical industry.
• Collaborations and partnerships: Collaborations and partnerships between the manufacturers and research organizations can lead to the development of innovative albumin-based therapies and increase the efficiency of production processes.
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Conclusion:
The Global Albumin Market is witnessing significant growth due to the increasing demand for albumin in various medical applications. Despite the challenges faced by the market, the manufacturers and suppliers have several opportunities to explore in emerging markets, developing new albumin-based therapies, and collaborating with research organizations. With the growing prevalence of chronic diseases and the advancements in albumin purification and production technologies, the future outlook of the Global Albumin Market looks promising.
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In an insight outlook, this research report has dedicated to several quantities of analysis - industry research (global industry trends) and global market share analysis of high players, along with company profiles, and which collectively include about the fundamental opinions regarding the market landscape; emerging and high-growth sections of global market; high-growth regions; and market drivers, restraints, and also market chances.
Additionally, the analysis also has a comprehensive review of the crucial players on the global market together side their company profiles, SWOT analysis, latest advancements, and business plans.
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