Albumin Market Size to Expected to Reach USD 9,799 Mn by 2032 | CAGR of 6.4%
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According to Market.us, The global albumin devices market growth is driven by the increasing use of recombinant dna technology, high demand for albumin in r&d activities, increasing use of nanoparticles, and rise in innovations and product approvals.
New York, April 05, 2023 (GLOBE NEWSWIRE) -- The worldwide albumin market size accounted for USD 5,352 million in 2022 and it will expand to USD 9,799 million by 2032, indicating a CAGR of 6.4% during the period from 2023 to 2032. Albumin is a protein abundant in blood and vital for controlling the osmotic pressure of the blood. The chemical and physical properties of albumin have been used in numerous ways by pharmaceutical companies. Manufacturing facilities have been established in different nations to investigate the product's numerous applications.
By Type in 2022, the human serum albumin segment has generated the highest revenue share in 2022.
By Application, the therapeutics segment has dominated the market and is growing at the highest CAGR from 2023 to 2032.
By End-User, the hospitals & clinics segment held the most significant market share.
In 2022, Asia-Pacific dominated the market with the highest revenue share of 38%.
In 2022, North America the market with the highest revenue share of 21.6%.
North America will grow at a significant CAGR from 2023-2032.
The expansion of new albumin products by numerous key players and an increase in life-threatening disorders, such as cardiac surgeries, infections, and particular liver diseases that may result in hypoalbuminemia, significantly contribute to the expansion of the global albumin market. Also, the development of plant-based albumin, a surge in the production of immunoglobulins and plasma collection, and an increase in the demand for albumin in R&D activities are all drivers of the market. Furthermore, the market is projected to grow because more surgeries for cancer can cause hypoalbuminemia.
Factors affecting the growth of the albumin devices market
There are several factors that can affect the growth of the albumin market. Some of these factors include:
Recombinant DNA technology: The increasing use of recombinant DNA technology will likely facilitate the market's growth.
Increasing Use of Nanoparticles: The primary factor driving the market's growth is the increasing use of nanoparticles.
An Increase in the Demand for Albumin in R&D Activities: An increase in the demand for albumin in R&D activities leads to market growth.
The Development Of Plant-Based Albumin: The development of plant-based albumin is expected to boost the market's growth further.
A Rise in Innovations and Product Approvals: a rise in innovations and product approvals from significant players results in market growth.
Nanotechnology is gradually being used to create new methods in today's biotechnology and pharmaceutical industries. Thus, the industry's major players are using this technology to advance drug delivery methods. Furthermore, nanoparticle-based systems are demonstrating their viability as nanomedicine's clinical excipients. Albumin is a basic template that is a nano-carrier for drug delivery because of its advantages, like its excellent half-life and lyoprotective properties. Also, albumin-based nanoparticles are the best materials for nanotechnology-based drug delivery because they are biocompatible, non-toxic, and biodegradable. Hence, the expansion of the market is likely to be driven by their integration with nanotechnology during the forecast period.
Market Growth
The albumin market is projected to grow during the forecast period because of the rise in vaccine production. Thus, the market's growth is driven by a rise in innovations and product approvals from significant players. But, during the forecast period, the market expansion is predicted to be constrained by stringent government regulations about using albumin products.
Regional Analysis
The Asia-Pacific region accounted for the highest revenue of 38% in the global market. In China, the high drug sales, as well as the development of plasma fractionation services, are the factors that characterize the market in the region. China's dominance is mainly due to rising consumption. Due to the expensive product prices, China has become the largest market, beating other nations. Also, the widespread use of drugs, the enhancement of manufacturing units, and rising investments in R&D in the region are all projected to drive growth in Asia-Pacific during the forecast period. On the other hand, North America's market is projected to grow progressively due to the region's advanced healthcare facilities and drug supply.
The MEA markets are still in their early period. Still, it is likely to develop significantly during the forecast period because of the entry of plasma fractionation facilities to encourage albumin production and initiate additional R&D.
Competitive Landscape
Several prominent players dominate the market by producing advanced goods. CSL Limited is one of the leading businesses projected to hold majority of the global market share. Its acquisition of Chinese market players has resulted in a greater volume of drug sales and CSL's expansion of its commercial footprint throughout China.
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Scope of the Report
Report Attribute
Details
Market Value (2022)
USD 5,352 Million
Market Size (2032)
USD 9,799 Million
CAGR (from 2023 to 2032)
6.4%
Asia Pacific Revenue Share
38%
North America Revenue Share
21.6%
Historic Period
2016 to 2022
Base Year
2022
Forecast Year
2023 to 2032
Market Drivers
In current years, recombinant DNA technology has significantly contributed to human life. Recombinant techniques can safely produce essential components, like proteins, in the laboratory. It is a technology that can be used in various fields, and that’s why recombinant DNA technology has demonstrated its value in this market. Manufacturers usually choose recombinant albumin to research and develop novel medications to treat hypoalbuminemia, hypovolemia, and other conditions. The product captures the R&D market because it protects the serum's immunological, biological, and biochemical properties.
Market Restraints
The use of albumin is constrained by a lack of therapeutic products and stringent government regulations, although hypovolemia and hypoalbuminemia are becoming more common around the globe. The main factors preventing the market from expanding are the stringent government regulations governing the production of therapeutic products. The issue currently confronting the market is the absence of medications that can treat disorders.
Market Opportunities
Integrating nanotechnology and recombinant DNA technology has created new opportunities for the biotechnology industries with the increased use of protein. Hence, businesses are making significant investments in the market. Moreover, the expansion of the global albumin market has been fueled by the advancement of novel drugs that have increased sales due to their therapeutic potential against hypoalbuminemia. There has been an increase in the use of albumin in manufacturing vaccines like Covaxin and Covishield, which are used to treat COVID-19 infection.
The human serum albumin segment dominated the market and is projected to continue during the forecast period. Due to an increase in pharmaceutical R&D activities, a rise in demand for drug development, and a surge in the adoption of albumin products, However, the recombinant albumin market is likely to develop significantly over the forecast period because of a rise in the number of key players involved in albumin development and a surge in the number of surgeries performed due to hypoalbuminemia.
Application Insight
The therapeutics sector is anticipated to maintain its lead throughout the forecast period owing to an increase in the demand for albumin in drug discovery, an increase in the number of cardiac disorders, and an increase in the prevalence of trauma and burns cases. Also, due to an increase in cancer cases, vaccines & drug formulations are projected to grow considerably over the forecast period.
End-User Insight
The number of prescriptions for drugs to treat related diseases has increased in hospitals and clinics. Moreover, the prevalence of drugs in hospitals has grown due to hypoalbuminemia-related hospital admissions, which results in the segment's dominance. In addition, the pharmaceutical and biotechnology industries will likely grow because of the increasing use of albumin in creating new therapeutic solutions. Thus, the pharmaceutical and biotechnology sector is projected to experience the highest CAGR during the forecast period.
In July 2021- As part of its expansion strategy, Grifols and ImmunoTek agreed to open 21 plasma centers. Sales, innovation, and the market would all benefit from this.
In March 2021- Aledix partnered with FUJIFILM Wako Pure Chemical Corporation to supply recombinant human albumin to the Chinese and Japanese markets. The partnership strengthens Albumedix's commitment to regional biopharmaceutical and advanced therapy developers.
In February 2021- Kamada Ltd. purchased the plasma collection center from the Beaumont, Texas-based privately held Blood and Plasma Research, Inc. (B&PR), along with several related assets and rights. The Anti-D immunoglobulin collection facility at B&PR focuses primarily on collecting hyperimmune plasma.
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Recombinant Human Serum Albumin market is valued at USD 88.19 Mn in 2022 and is projected to increase significantly to USD 276.36 Mn in 2032 at a CAGR of 12.10%.
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